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
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Reasons to Consider a Pet Trust
Just the same as your “human loved ones,” you want to make sure your pet is cared for after your passing. Rather than hope that someone steps in, give yourself peace of mind by creating a pet trust. With this, you can be rest assured that your pet receives the appropriate care and attention, based on your wishes. In addition to peace of mind, here are some other things a pet trust can do: Specify care: Does your pet eat a particular type of food? Does it follow a specific exercise … [Read more...] about Reasons to Consider a Pet Trust
Dangers of Do-It-Yourself Estate Planning
Occasionally, those who are not Estate Planning attorneys will attempt to do their own Estate Planning. Perhaps they’ll go online and get a document to use. Unfortunately, Estate Planning is about far more than a cookie-cutter document. Read on to learn more. … [Read more...] about Dangers of Do-It-Yourself Estate Planning
Trust Distribution Standards May Be Very Broad
Trustee distribution standards could be very broad. “Health, education, maintenance, and support” is such a standard, which has its origin in tax regulations. Read on to learn more. … [Read more...] about Trust Distribution Standards May Be Very Broad
When Is a Will the Wrong Choice?
You may think that you can draw up a simple will when you are old and gray you will be all set from an estate planning standpoint. In fact, this is a shortsighted point of view, and we will look at some reasons why you may want to use a different asset transfer vehicle in this post. Special Needs Planning Everyone should have health insurance, but it is absolutely essential for individuals with disabilities. Unfortunately, many of these folks cannot work, so they do not get coverage through … [Read more...] about When Is a Will the Wrong Choice?
