A Beginner’s Guide To Irrevocable Trusts
BY Admin | April 22, 2023Let's discuss how irrevocable trusts work. Firstly, there are three parties involved: the grantor, the trustee, and the beneficiary. The grantor establishes the trust and places assets in it. The trustee is responsible for managing the trust after the grantor's passing and allocating the trust's assets in accordance with their instructions. Once assets are transferred…
Why Are Year-End Estate Planning Assessments Important
BY Admin | April 19, 2023Estate planning assessments are an essential aspect of managing your assets and ensuring that your wishes are carried out after you pass away. These assessments, which are typically conducted at the end of the year, help you to review and update your estate plan, so that it remains current and effective. It is important to…
What is a Land Trust?
BY Admin | April 16, 2023In the legal sense, a trust is an agreement where a settlor or a grantor transfers ownership of property or an asset to another party for care and holding. The asset being held is the principal, and the person overseeing it is the trustee. A beneficiary is anyone who gains something from the assets that…
Trust Tax Rates and Exemptions for 2022
BY Admin | April 16, 2023Trusts are legal entities that allow individuals to manage and distribute assets for the benefit of beneficiaries. Trusts can be subject to federal and state taxes, making it important to understand the rules and regulations surrounding trust taxation. In this post, we will explore the trust tax rates and exemptions for 2022. Trust Tax Rates…
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