Regarding trusts and taxation, three main types of taxes often come up: income taxes, estate taxes, and generation-skipping taxes. For this discussion, we’ll focus solely on how trusts are taxed for income tax purposes, as this is often the most relevant and frequently misunderstood aspect of trust taxation.Read More
Understanding the tools available for managing your estate is crucial when planning for the future. Two common tools in estate planning are revocable and irrevocable trusts. Both types of trusts help individuals manage their assets during their lifetimes and provide for the distribution of these assets after death. However, each type of trust serves different...Read More
The word “trust” gets used quite broadly, creating potential confusion. While a “living trust” is a widely discussed instrument for estate planning, it’s crucial to understand that not every trust is a living trust. We’ll break down the key distinctions. What is a Trust? Simply put, a trust is a legal arrangement where someone (the...Read More