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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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April 25th, 2011

What is a Life Insurance Trust?

(Estate Planners) - When planning an estate, many people assume that if they have adequate life insurance coverage that their heirs will be well provided for. This is not always the case as federal estate tax can eat as much as fifty-five percent of the wealth of your estate before your heirs receive a dime. The life insurance trust is a type of trust that is established specifically for the purpose of owning life insurance. If the owner of the life insurance policy is also the insured, the proceeds of the insurance policy will be subjected to the federal estate tax when the insured passes away.

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March 7th, 2011

What is a Charitable Split-Interest Trust?

(Estate Planners) - A split-interest charitable trust will allow you to pass the wealth that you accumulate during your lifetime to your heirs in a manner that promotes tax efficiency while also allowing you to support your favorite charity, either now or on down the road. The split-interest charitable trust’s name is derived because the financial interest from these trusts is split between a charity and a non-charity (your heirs).

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February 28th, 2011

What is a Charitable Remainder Unitrust with Net Income Make-up Provisions (“NIMCRUT”)?

(Estate Planners) - One estate planning tool that is viable for a number of different donors is the charitable remainder unitrust with net income make-up provisions. This type of trust will allow you to transfer assets to a charitable trust and then receive income from those assets for your lifetime, or for a period of years that you specify.

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February 21st, 2011

What is a Charitable Remainder Unitrust (“CRUT”)?

(Estate Planners) - When planning an estate, the charitable remainder unitrust or CRUT is often a popular choice. This type of trust allows for you to transfer your assets to a charitable remainder trust now and receive income for the rest of your life or for a period of years. When you die, the charity of your choice will receive the assets wholly and fully. This type of charitable trust is often chosen by those donors who need an income for life or for a particular time period and who desire a rise in income as the value of the trust increases.

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January 24th, 2011

What is a Credit Shelter Trust?

(Estate Planners) - A credit shelter trust is sometimes referred to as a bypass trust. The credit shelter trust is intended to allow married couples to take full advantage of the lifetime exemption for estate taxes and minimize federal tax on their combined estates. This trust allows each individual a one-time exemption from estate or so-called death tax and gift tax.

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