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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 ...
The trust's income can, however, be taxed in the hands of either the trust or the beneficiary. A trust pays CGT at the rate of 20% (individuals pay 10%). Trusts do not pay deceased estate tax (although trusts may be required to pay back outstanding loans to a deceased estate, in which the loan amounts are taxable with deceased estate tax). [54]
By contrast, family trusts are designed to benefit only the family members of the grantor. Should You Create a Trust for Your Estate? Yes, a trust is a good choice in almost every situation.
Many trusts allow for additional deposits (cash, securities, real estate, etc.) at the direction of the settlor or others, provided the trustee is willing to accept those assets. It can even be funded after death by a "pour-over" provision in the grantor's last will, specifying his or her intent to transfer property from the estate to a trust.
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
To decide if a living trust is the best option for you and your family, consult with an estate planning specialist who can help you carefully weigh your estate planning alternatives.
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