Trusts and Income Tax

Trusts and Income Tax: Who Pays? Trusts are an incredibly useful estate planning tool, and they’re becoming ever more popular. But, as Trusts gain popularity, a question comes up more and more often: who pays the income tax on a Trust? It seems like a simple inquiry....

Do you need a Will and a Trust?

Everyone wants to protect their families, even after they pass away. That’s the purpose of estate plans. But how do you know if the plan you have in place will actually be effective? The first step is understanding the difference between a will and a trust....

What are Estate Taxes?

Estate taxes – and the related gift taxes – are simply limits on how much one can inherit and how much one can give another before taxes are imposed. In essence, these taxes try to limit the transfer of wealth, favoring the distribution of wealth through...

How to Use Trusts to Manage Family Wealth

Many people fail to realize how easy it is to use trusts to manage family wealth. This is probaby due to a lack of knowledge. But trusts are easy to understand. A trust basically establishes a legal entity that holds funds or assets for the person who created the...

What is a Life Insurance Trust?

irrevocable trusts A life insurance trust is a form of irrevocable trust that invests the proceeds of a life insurance policy into a trust with designated beneficiaries. Most life insurance policies are owned by the insured. The money is paid when the insured dies,...