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As the April 18 tax deadline nears and state returns are filed, many Pennsylvania taxpayers will likely be -- or are already -- wondering how long it'll take to get their refunds this year. The...
However, a revocable trust can provide language to create sub-trusts upon the death of a grantor (e.g. credit shelter or other irrevocable trusts) that can preserve or reduce future estate tax ...
A trust is an estate planning tool that you may consider using if you want to go beyond drafting a last will and testament. One key thing to decide is whether to establish a revocable or ...
Tax returns, in the more narrow sense, are reports of tax liabilities and payments, often including financial information used to compute the tax. A very common federal tax form is IRS Form 1040 . A tax return provides information so that the taxation authority can check on the taxpayer's calculations, or can determine the amount of tax owed if ...
The trust will escape all transfer taxes when the children die and will pass tax-free to the grandchildren. The trust may be protected from the claims of creditors and, to some degree, from claims of ex-spouses. Had the trust property been left to the children outright, the property would be subject to such claims.
the beneficiary(s), who will receive the benefits of the trust; Although not a party to the trust itself, the probate court is a necessary component of the trust's activity. It oversees the trustee's handling of the trust. A testamentary trust is a legal arrangement created as specified in a person's will, and is occasioned by the death of that ...
If you want an extra layer of security and peace of mind, you can create a revocable living trust. A trust would have helped Pete’s family avoid probate, protect their privacy, and minimize ...
Tax attorneys believe the government may have reduced what Trump was able to claim as a loss without requiring him to pay any additional taxes. [321] [322] It is unknown whether the I.R.S. challenged Trump's use of the swaps because he has not released his tax returns. Trump's lawyers advised against Trump using the equity for debt swap, as ...