When people create estate plans, they typically focus on distributing their money and property to loved ones. For those interested in multigenerational wealth transfer, consider dynasty trusts.
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The beneficiary of a blind trust also has no knowledge of what goes on with the trust. However, in most cases, the trust-maker is also the beneficiary. That is, the trust contains their personal money and property, and the trustee manages that money and property for the benefit of the trust-maker-beneficiary—the trust-maker-beneficiary just has no knowledge of, or control over, the activities of the trust.
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surprised young business woman looking through binoculars on yellow background.
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When choosing trusted decision makers, select individuals based on their strengths. In other words, consider which characteristics or traits each decision-making role requires.
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The Internal Revenue Service (IRS) describes S corporations as “corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.”
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The news that you will be receiving an inheritance is often bittersweet. Sadly, it means that somebody close to you died. However, you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or inherited property.
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An annual itemized deduction is available for payment of state and local property, income, and sales taxes. This deduction cannot exceed $10,000, however.
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With a nongrantor trust, the trust maker has given up all power over the trust and has no right to any of the trust’s accounts or property. In many circumstances, the trust maker may not even be a trust beneficiary.
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Unfortunately, some trustees fail to comply to inform. This leaves beneficiaries in the dark about their trust. The reasons for this failure to communicate vary. Some trustees fail to understand their duties.
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n willing (and able) to do what you are asking of them. A complete estate plan includes not only a first choice, but two backups for each of these positions.