As we formed the Leavitt Lunch trust in our first article of this series, we (the grantor/trustor) gave direction to our son(trustee) to buy lunch for the group, and to return and distribute the food among identified beneficiaries, and close the trust by accounting to the grantor (me) and return any remaining funds to the […]
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Who Should I Make My Trustee?
Embed from Getty Images One of the first questions to be asked is who is going to be the trustee. Or in other words, “Who do you trust?” It really all depends on the purpose of the trust. As we spoke last week about a very short term, limited purpose trust, the answer was almost […]
Income Tax Basis
Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning.
Use Trust Protectors for Added Protection and Flexibility
Trust Protectors are increasingly popular in trusts. This article examines how Trust Protectors can add flexibility to your trust. This flexibility helps achieve your goals and can protect the beneficiaries and Trustee.
What is a Trust?
A trust is actually a quite simple concept, though it is often couched in such mystery as to make it look very complicated and difficult to understand. As we do things, we create trusts, manage them, and terminate them often, often in a single day. Let us imagine we take our family to the beach […]
