How Does a Revocable Living Trust Affect My Income Tax?

Описание к видео How Does a Revocable Living Trust Affect My Income Tax?

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So this video is part five of a playlist regarding why americans create revocable living trusts. Let’s face it – taxes can be complicated. So many people hear tidbits of information about trusts and taxes and these tidbits are often half-truths or they don’t represent the big picture of trusts and income taxes. People here things like, “Trusts save taxes,” or “Trust tax rates are so high” or “Assets in a trust are not subject to tax” or “If you set up a trust, you must be saving lots of taxes” or “Trusts are only for rich people who want to avoid taxes.”

So let’s address the basics of trusts and income taxes, particularly the most common type of trust which is the revocable living trust. The RLT is so common not necessarily for tax purposes but setting up a RLT the right way can make it easier for survivors to access and inherit your assets when you pass away with little or no court or attorney involvement.

0:00 Revocable Living Trusts and Income Tax
0:20 Trust Tax Partial Truths
0:52 The Most Common Form of Trust
1:22 Income Tax and the RLT
2:30 Settlor's SSN is the Tax Identification Number
3:02 Internal Revenue Code Grantor Trust Rules
4:00 Other Trust Income Tax Rules

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