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The custodian is often the minor's parent. In the U.S., this type of account is often structured as a Coverdell ESA, allowing for tax-advantaged treatment of educational expenses. Another form is a trust account owned by an individual or institution, managed by a named party for purposes of rapid distribution of funds in that account. This is ...
A trust-fund tax is a type of tax or debt where (absent a personal guarantee) the management or responsible employees of a corporation or other entity with limited liability can be held personally liable for its non-payment. Trust-fund taxes include fuel taxes, sales taxes, excise taxes, and certain payroll taxes.
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When you hear the word "trust" in financial or business terms, you probably think of either Teddy Roosevelt or rich kids who drive Range Rovers in high school. The truth, however, is that trusts...
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
An inherited IRA is an individual retirement account opened when you inherit a tax-advantaged retirement plan (including an IRA or a retirement-sponsored plan such as a 401(k)) following the death ...
A trust fund is a legal entity that holds and manages assets on behalf of another individual or organization. A will, on the other hand, is a legal document that directs the distribution of assets ...
On the other hand, in most cases if the owner lives at least 2/3 of his or her life expectancy, the trust will receive additional tax benefits. [citation needed] The investment of the pre-tax proceeds potentially gives private annuity trusts the ability to generate substantially more money over the long run than a direct and taxed sale.