Need help with ACC317 Advanced Federal Taxation

Accounting
Tutor: None Selected Time limit: 1 Day

When would you recommend a living trust? Discuss other trusts that you would consider for your own family?

Dec 10th, 2015

Thank you for the opportunity to help you with your question!

I would recommend a living trust when grantor is still young and the properties are not too much. this is because the trust will help him during his lifetime and will be passed on to his next of kin when he dies.

Revocable trust is good for a family because the grantor can reserve the right to revoke the trust after it becomes effective, including the right to change any of the terms or provisions of the trust. it is recommended because a beneficiary can die or even fail to be in need of the properties due to independence.

Qualified terminable interest property trusts-you may want to direct your assets to particular relatives through a qualified terminable interest property trust. Your surviving spouse will receive income from the trust, and the beneficiaries you specify like the grandchildren. this mostly applies to families where there has been divorces and remarriages.

Generation skipping trusts. A generation-skipping trust  allows you to transfer a substantial amount of money tax-free to beneficiaries who are at least two generations your junior  for instance your grandchildren

Please let me know if you need any clarification. I'm always happy to answer your questions.
Dec 10th, 2015

this mostly applies to families where there has been divorces and remarriages. You need to rewrite this sentence.

Dec 10th, 2015

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