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If a trust of this nature is established, and assets are transferred into it five years before your loved one applies for Medicaid's long-term care benefits, those assets will not impact their ...
The trust names a trustee to handle the assets according to your wishes, the beneficiaries of your estate and conditions for your beneficiaries to fulfill to receive the wealth. For example, you ...
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust, such as property or investments you own.
One of the most important responsibilities for a trustee is to prudently manage the trust's assets. The Uniform Trust Code presumes that trustees will be held to the same standard as that adopted by the Uniform Law Commissioners in the Prudent Investor Act [UPIA]. A trustee must invest and manage trust assets as a "prudent investor" would, by ...
Under IRC § 1014(a), which applies to an asset that a person (the beneficiary) receives from a giver (the benefactor) after the benefactor dies, the general rule is that the beneficiary's basis equals the fair market value of the asset at the time the benefactor dies. This can result in a stepped-up basis or a stepped-down basis.
The descriptive "death tax" emphasizes that death is the event that invokes a tax on the deceased's former assets. An estate tax is levied on the deceased's assets before they are distributed by the federal government and twelve states; Connecticut, Hawaii, Illinois, Maine, Maryland, Massachusetts, Minnesota, New York, Oregon, Rhode Island ...
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust: for example, a house or money from ...
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.
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