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Revocable trusts are often used in estate planning to control and distribute assets as the creator gets older. For example, the creator can name themselves as the trustee and distribute trust ...
SmartAsset: Pros and cons of revocable living trust But you will also have some limitations. That’s because revocable living trusts can be expensive, and they don’t have direct tax benefits.
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 ...
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity , and may include minimizing gift, estate, and generation-skipping transfer taxes .
Revocable living trusts were often touted and marketed as valuable solely because of their ability to "avoid probate" and the costs and complications that surrounded it. Although probate avoidance is certainly a consideration in the use of a "living trust", there are many other estate planning techniques which also "avoid" probate.
The trust's income can, however, be taxed in the hands of either the trust or the beneficiary. A trust pays CGT at the rate of 20% (individuals pay 10%). Trusts do not pay deceased estate tax (although trusts may be required to pay back outstanding loans to a deceased estate, in which the loan amounts are taxable with deceased estate tax). [54]
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