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Dealing with trusts and their tax implications can seem like a labyrinth of legal terms and financial jargon. Trust distributions might be taxable, with the tax liability potentially varying based ...
A trust is a legal entity that holds money and assets for future distribution or management. For example, you might create a trust for your children's college education, putting money into it ...
A charitable remainder unitrust (known as a "CRUT") is an irrevocable trust created under the authority of the United States Internal Revenue Code § 664 [1] ("Code"). This special, irrevocable trust has two primary characteristics: (1) Once established, the CRUT distributes a fixed percentage of the value of its assets (on an annual or more frequent basis) to a non-charitable beneficiary ...
The post The Tax Consequences of Transferring Stock to a Trust appeared first on SmartReads by SmartAsset. There are significant tax implications associated with this strategic decision that you ...
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
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