Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Nongrantor trusts are trusts which are not grantor trusts. But, what is the tax reporting for grantor and nongrantor trusts? Read on to learn more. … [Read more...] about Tax Reporting with Trusts
Taxation of Nongrantor Trusts
“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. Read on to learn more. … [Read more...] about Taxation of Nongrantor Trusts
Advantages of Using a “Grantor Trust” in Planning
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. Read on to learn more. … [Read more...] about Advantages of Using a “Grantor Trust” in Planning
What Does It Mean to Be a Trustee?
Although once used almost exclusively by wealthy families, trusts are now commonly found in the average person’s estate plan. If you are contemplating the addition of a living trust to your estate plan, one of the most important decisions you will need to make when creating your trust is who to appoint as your Trustee. To choose the right person as your Trustee, you need a better understanding of what it means to administer a trust. To get you started the North Andover trust administration … [Read more...] about What Does It Mean to Be a Trustee?
5 Things that Should Be Found in Any Estate Plan
Until you sit down to work on your plan most of the components of an estate plan remain a mystery. Not surprisingly, this leads to several questions. What do each of the estate planning tools accomplish? Which tools and strategies should be included in a plan? What are the most common components of an estate plan? The North Andover estate planning attorneys at Legacy Care Law Firm explain five things that should be in any estate plan. Contact a North Andover Estate Planning Attorney If … [Read more...] about 5 Things that Should Be Found in Any Estate Plan
Why You May Wish to Reconsider Putting Your Home in Your Child’s Name
If you own real property, and you want to keep that property out of probate after you are gone, you may have considered putting the property in your adult child’s name. Creating the right type of co-ownership with your adult child may be a better option. While you will get probate avoidance benefits by creating a joint tenancy, there are other factors you should consider before using that strategy for your real property. The Woburn estate planning attorneys at Legacy Care Law Firm discuss … [Read more...] about Why You May Wish to Reconsider Putting Your Home in Your Child’s Name
Can I Refuse the Job of Trustee?
Did you recently learn that someone named you as the Trustee of a trust they created? If so, and you have never before served as a Trustee, the prospect of doing so may be a bit intimidating. In fact, you may not want the job. The North Andover trust attorneys at Legacy Care Law Firm discuss the ability to refuse the job of Trustee. What Is a Trust? A trust is a separate legal entity that owns and holds property for the benefit of one or more beneficiaries. A trust is created by a Settlor, … [Read more...] about Can I Refuse the Job of Trustee?
Roth IRAs Can Be a Great Planning Strategy: Advanced
This is the second in a two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. Read on to learn more. … [Read more...] about Roth IRAs Can Be a Great Planning Strategy: Advanced
It’s Important to Have a Coordinated Estate Plan
There are many parts to an Estate Plan. The Revocable Trust is just one part. It’s important to coordinate the various parts of the Estate Plan. Read on to learn more. … [Read more...] about It’s Important to Have a Coordinated Estate Plan
Revocable Trusts Are Not Always Treated the Same as an Individual
A revocable trust is treated the same as the individual for most purposes. But for some narrow purposes it can be treated differently. Read on to learn more. … [Read more...] about Revocable Trusts Are Not Always Treated the Same as an Individual
