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To escape valuation under Code section 2702 (i.e., retained interest valued at zero), a PRT must comply with the following two primary requirements: (i) the trust may hold only one residence which must be used as the grantor's personal residence during the term of the trust; and (ii) the trust may not allow the sale of the residence during the term of the trust.
For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the ...
With a revocable living trust, the grantor who created it has the power to change the terms of the document or to get rid of the trust entirely (similar to being able to update your will).
A charitable remainder unitrust (known as a "CRUT") is an irrevocable trust created under the authority of the United States Internal Revenue Code § 664 [1] ("Code"). This special, irrevocable trust has two primary characteristics: (1) Once established, the CRUT distributes a fixed percentage of the value of its assets (on an annual or more frequent basis) to a non-charitable beneficiary ...
Will in California: Differences and How to Choose appeared For Californians, navigating the landscape of living trusts and wills is paramount in ensuring a seamless asset transition and ...
Living trusts are private, changeable, and efficient. Are they right for you?
An inheritance trust – also known as a family or testamentary trust – is a legal arrangement designed to manage and protect assets for the benefit of heirs or beneficiaries after the grantor ...
A family business can be operated through a discretionary family trust, with the beneficiaries of that trust being paid a share of the profits made. This allows for the income made to be divided between family members, who then may each pay a lower rate of taxation than otherwise would be due. [6]
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