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Dear Penny, I’ve recently purchased a house; it’s only in my name and really my only asset. I have three grown children; two who live with me and pay rent and one who’s married and owns her ...
The trust may be responsible for paying income tax on undistributed gains. The beneficiary may also pay income taxes on money withdrawn from the trust after your death.
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The trustees should administer the trust for the sole benefit of the beneficiaries, against all others who might seek to benefit or profit from trust assets. [54] The first cardinal principle is that the trustee should not personally profit from any transactions that occur with respect to trust property.
Estate in land can also be divided into estates of inheritance and other estates that are not of inheritance. The fee simple estate and the fee tail estate are estates of inheritance; they pass to the owner's heirs by operation of law , either without restrictions (in the case of fee simple), or with restrictions (in the case of fee tail).
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