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According to the Economic Growth and Tax Relief Reconciliation Act of 2001, the applicable exclusion increased to $3,500,000 in 2009, and the estate tax was repealed for estates of decedents dying in 2010, but then the Act was to "sunset" in 2011 and the estate tax was to reappear with an applicable exclusion amount of only $1,000,000.
The tax liability associated with these distributions will depend on whether the entity is a grantor trust or a non-grantor trust. With the former, the person who created the trust is considered ...
Trusts are often used as a tool to minimize estate taxes. Also, while assets transferred via a will usually have to go through the probate process, trusts can usually bypass that step, speeding up ...
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 ...
If the trust property is not subject to estate tax at the child's death (by reason of a general power of appointment, e.g.), a GST tax will be imposed when the child dies. This is called a "taxable termination". In that case, the trustee is responsible for filing a GST tax return and paying the tax.
Trusts are often created pursuant to an estate plan for wealthy individuals to avoid the effects of the federal estate tax. Under current federal estate tax law, in 2008, individuals that own interests in any property (individually owned, jointly held, or otherwise) which exceeds a fair market value of $2 million is subject to the estate tax at ...
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