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Archive for August, 2011

August 29th, 2011

What is a Simple Trust?

(Estate Planners) - As far as the Internal Revenue Service is concerned, and for the purpose of taxation, there are two types of trusts, simple and complex. If a trust is classified as simple, this merely refers to how the trustee distributes income to the beneficiaries of the trust.

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August 22nd, 2011

What is a Grantor Trust?

(Estate Planners) - One type of grantor trust that is useful in estate planning is a grantor trust. This trust allows the grantor (the individual who establishes the trust) to have control over the trust assets and receive income that is created from the trust. The grantor trust is often called a living trust or a revocable trust.

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August 15th, 2011

What is a Dynasty Trust?

(Estate Planners) - A dynasty trust is a type of generation-skipping trust that can provide substantial savings on estate tax. When you consider the fact that estate tax can climb to a rate that is as much as fifty-five percent, and that each generation will have to pay estate taxes, you could hypothetically save up to eighty percent of your estate throughout the course of three generations.

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August 8th, 2011

What is a Crummey Trust?

(Estate Planners) - Don’t let its name fool you; the Crummey trust is a very viable option in estate planning. The Crummey trust can be used to legally avoid the payment of estate or gift tax when transferring money or other assets to someone else. And as a bonus, the grantor (person establishing the Crummey trust) can still specify to a certain degree how the transferred money and assets are used.

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August 1st, 2011

What is a Complex Trust?

(Estate Planners) - All trusts must be classified in one of two ways for the purpose of paying federal income taxes – as a simple trust or a complex trust. Basically, a complex trust is one that cannot be classified as simple. In a nutshell, the complex trust is one that contains provisions for charitable gifts, an income stream, or concerns other types of wealth distribution.

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