You are in: Home >

Articles, tagged with "grantor", page 1

Legal

Beneficiary-Controlled Trusts

19th May 2010
Estate planners use trusts to protect beneficiaries from their inability, their disability, their creditors and their predators. Included under "creditors" are the IRS and divorced spouses. Most traditional trusts distribute the assets when the beneficiar...
Author: Julius Giarmarco, Esq.
Estate Planning

Planning Opportunities with Partnership-Owned Life Insurance

26th March 2010
In Estate of Knipp v Commissioner, 25 T.C. 153 (1955), the decedent was a 50% partner in a general partnership that was owner and beneficiary of 10 life insurance policies on his life. The policies were purchased for business purposes. The court ruled tha...
Author: Julius Giarmarco, Esq.
Estate Planning

Spousal Lifetime Access Trusts

25th March 2010
A “Crummey” Trust is a popular device used in making gifts that qualify for the $13,000/ $26,000 annual exclusion from gift tax. Most other forms of gifts that qualify for the annual exclusion require an immediate or at least a very early (i.e...
Author: Julius Giarmarco, Esq.
Estate Planning

Using Trusts to Protect Heirs

25th March 2010
Estate planners use trusts to protect beneficiaries from their inability, their disability, their creditors and their predators. Included under "creditors" are the IRS and divorced spouses. More sophisticated estate planners generally create multi-generat...
Author: Julius Giarmarco, Esq.
Trusts

Qualified Personal Residence Trusts

25th March 2010
A Qualified Personal Residence Trust (QPRT) is an excellent tool for persons with large estates to transfer a principal residence or vacation home at the lowest possible gift tax value. The general rule is that if a person makes a gift of property in whic...
Author: Julius Giarmarco, Esq.
Trusts

Using Trusts to Protect Heirs

19th March 2010
Estate planners use trusts to protect beneficiaries from their inability, their disability, their creditors and their predators. Included under “creditors” are the IRS and divorced spouses. More sophisticated estate planners generally create m...
Author: Julius Giarmarco, Esq.
Taxes

Tax Tip on The Gift Tax: Use It or Lose It

16th December 2009
One of the least-understood tax rules is the federal gift tax. Gift taxes are paid by the grantor, not the recipient. But taxes are seldom owed, even on substantial gifts, because everyone gets a credit that exempts up to $1 million of taxable gifts over...
Author: versatile
Trusts

Protect Your Welfare With A Beneficiary Trust.

25th November 2009
If you consider protecting your wealth, take into account creating a beneficiary trust. This trust is an irrevocable process since you agree to give up control over your welfare in your beneficiary's behalf. A beneficiary can be anyone you wish. This pers...
Author: Klik Sail
Trusts

Features And Advantages That Work With Irrevocable Trusts

24th November 2009
A good thing to use when it comes to getting assets protected for someone is that of a trust. Irrevocable trusts can be even more beneficial for many reasons. It can work to keep assets secure and to reduce estate taxes. It can also help to get a benefici...
Author: FrankRod
Legal

Creating a Trust in Canada

28th July 2009
A trust is a device used to store assets and divvy them out under certain rules. Trusts contain any asset type a trustor (the person forming the trust, also referred to as grantor) chooses to put in it. Many trusts are setup with loved ones in mind, provi...
Author: Kevin Johnson
Taxes

The Importance of a Tax ID Number

10th July 2009
New businesses spring up each and everyday, and while the product or service you plan to provide might be revolutionary, there are risks with all business ventures. Generally speaking, it is ideal to separate your personal finances and assets from that ...
Author: businessfundingrevealed
Legal

THINGS TO DO BEFORE DYING

03rd August 2005
The only difference between dying and living is that when one is alive you tend to do things one at a time but when the time comes for you to die you do things all at one time. So the best thing is for you to take care of everything while well and in good...
Author: Jinky Mesias