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A living trust is a common solution for many people with estate planning needs. However, few people know about its tax-filing requirements. Generally, any trust with at least $600 in annual income ...
The nice thing about a living trust is that you maintain control over your assets while you're alive. If you change your mind about a given asset after placing it into your trust, you can remove it.
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 ...
Capital gains tax is a levy imposed by the IRS on the profits made from selling an investment or asset, including real estate. Primary residences have different capital gains guidelines than ...
Living trusts are great for people with complex estates, high-value assets, or notable individuals who benefit from the extra privacy. Using one if one or multiple of those applies makes sense and ...
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
Another example is a qualified personal-residence trust, which removes a home from an individual's estate. ... growing value being subject to estate tax. In other words, it is considered to be ...
It's an option worth looking into, but it may not be ideal for you.