Search for: "The General Income Trust "
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1 May 2009, 11:18 am
I generally do not recommend choosing a family member as a Trust Protector, because, depending on how close the kinship is, a family member serving in that role could create income and estate tax problems due to attribution rules. [read post]
8 May 2017, 5:00 am
Some of the primary tools used to accomplish this include gifting, grantor to retain annuity trust, sales to intentionally defective grantor trust, and qualified personal residence trust. [read post]
15 Oct 2018, 6:16 am
Chang, Asymmetries in the Generation and Transmission of Wealth, forthcoming Ohio St. [read post]
22 Jan 2016, 8:08 pm
For deaths before 2016, these income amounts are taxed in the trust. [read post]
6 Nov 2015, 9:38 am
” The sentence preceding that one, however, provides the context: “[A] payment from a trust is any disbursal from the corpus of the trust or from income generated by the trust which benefits the party receiving it. [read post]
12 Aug 2011, 2:52 pm
On account of both the passage of Senate Bill 64 and a lack of state income tax, Nevada is a leading dynasty trust jurisdiction for Nevada residents and non-residents alike. [read post]
18 Jan 2016, 11:04 am
In other words, the trust does not eliminate all taxes in that the grantor still pays the income taxes generated by the asset that is the corpus of the trust, but it does eliminate estate tax liability. [read post]
13 Nov 2013, 6:28 pm
Planners may want to consider scaling back from mandatory income, significant unitrust, and/or HEMS distributions after a generation or two to help the trust maintain its assets – perhaps limiting distributions to health and education purposes. [read post]
20 Oct 2021, 11:02 am
The trust is generally not outside the client’s taxable estate due to the various powers retained by the client to receive distributions of trust property. [read post]
6 Apr 2018, 6:36 am
Farmers’ Loan & Trust Co. [read post]
12 Mar 2021, 5:12 pm
The Italian beneficiary of the trust treated himself as the beneficial owner of the trust and reported his interest in the trust on his own income tax return. [read post]
7 Mar 2024, 4:00 am
Just because a trust is established for someone’s benefit does not mean that the beneficiary automatically has ownership or control of the assets in the trust, or even the right to income generated by those assets. [read post]
26 Nov 2012, 1:08 pm
While this is a general rule, it is not always true. [read post]
29 Jun 2020, 8:30 am
That’s why it’s generally a bad idea to give assets, either as a gift or inheritance, directly to a loved one who receives government assistance. [read post]
31 Mar 2011, 7:45 am
Since you still control the assets while you are alive, the IRS considers income from trust assets to be income for you, for tax purposes. [read post]
9 Mar 2013, 6:21 am
If you donate the asset to a charity today you will enjoy the tax deduction but you will miss out on the income the asset could generate. [read post]
27 Aug 2012, 2:33 am
For example, it may be important that income generated in the trust not be taxed to the settlor. [read post]
11 May 2009, 2:27 pm
Generally, the modification should usually include a direction that all the income taxes on the trust will be paid by the grantor, without reimbursement or payment by the trustee, to avoid having the payment of these taxes constitute a taxable gift to the beneficiaries. [read post]
7 Jul 2010, 10:16 am
Delaware and New Hampshire do not tax trust income for out-of-state beneficiaries. [read post]
9 Aug 2020, 4:50 pm
Maryland law generally favors spousal support that lasts for a fixed and limited time only. [read post]
