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  2. The ultrawealthy use trusts to pass on wealth and motivate ...

    www.aol.com/finance/ultrawealthy-trusts-pass...

    Trusts can also help estates avoid probate—a legal process that can take months or even years—and, in the case of the ultrawealthy, they can help avoid estate taxes. A trust comes into being ...

  3. Inheriting a Trust: What You Need to Know About Taxes - AOL

    www.aol.com/pay-taxes-trust-inheritance...

    The income tax rates for trusts runs from 10% to 37% in 2023, depending on income level. Long-term capital gains are taxed at between 0% and 20%, based on total gains. Trusts and their ...

  4. How the Rich Avoid Paying Taxes (& You Can, Too) - AOL

    www.aol.com/news/rich-avoid-paying-taxes-trusts...

    Crummey trusts can be a useful estate planning tool for high-net-worth individuals who are hoping to minimize gift and estate taxes. The Crummey power confers the right to withdraw assets from the ...

  5. Tax avoidance - Wikipedia

    en.wikipedia.org/wiki/Tax_avoidance

    e. Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. A tax shelter is one type of tax avoidance, and tax havens are jurisdictions that facilitate reduced taxes. [1] Tax avoidance should not be confused with tax evasion ...

  6. United States trust law - Wikipedia

    en.wikipedia.org/wiki/United_States_trust_law

    t. e. United States trust law is the body of law that regulates the legal instrument for holding wealth known as a trust. Most of the law regulating the creation and administration of trusts in the United States is now statutory at the state level. In August 2004, the National Conference of Commissioners on Uniform State Laws created the first ...

  7. Estate planning - Wikipedia

    en.wikipedia.org/wiki/Estate_planning

    t. e. Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift, estate, and generation-skipping ...

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