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Say you’re in a position to give your grandson a $500,000 inheritance, but you don’t want to go through his mother — your daughter — to pass along that wealth.
Inheritance trusts take on critical importance in wealth management, particularly for multi-generational families. The term might come across as complex but in essence, inheritance trusts involve ...
The process of probate in Ontario is a legal process where a court approves the validity of a will and grants authority to the executor named in the will to distribute the deceased person's assets according to the instructions in the will. The process involves several steps. [3]
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 ...
Grandparents often want to contribute to their grandchildren's futures in the form of money toward college savings, such as contributing to a 529 plan (an education investment account allows for...
A lineal or direct descendant, in legal usage, is a blood relative in the direct line of descent – the children, grandchildren, great-grandchildren, etc. of a person.In a legal procedure sense, lineal descent refers to the acquisition of estate by inheritance by parent from grandparent and by child from parent, whereas collateral descent refers to the acquisition of estate or real property ...
In 2009, each taxpayer enjoyed a $3,500,000 exemption from the generation-skipping tax. That meant that only aggregate gifts and bequests to grandchildren or younger beneficiaries (or generation-skipping trusts) in excess of $3,500,000 (potentially $7,000,000 for a married couple acting in concert) would be subject to the GST tax.
Image source: Getty Images. Putting a living trust in place can be costlier and more time-consuming than a typical will. But there's a good reason to make that investment.
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