In California, a trust does not have to be recorded to be legal unless it holds title on real estate. If a trust does not hold title on real estate property, all assets held in the name of the trust are kept private. … After the trust grantor dies, theRead More →
When specifically devised property is no longer in the testator’s estate, the beneficiary’s gift fails. Abatement: A proportional diminution or reduction of legacies (gifts) when the funds or assets of the estate are insufficient to pay them in full. Is the settlor of a trust the same as the beneficiary?Read More →
The trustee of an irrevocable trust has discretion to distribute income, including capital gains. The trust has the following 2020 sources of income and deduction: Interest income — $20,000. Who pays taxes on an irrevocable trust? Trusts are subject to different taxation than ordinary investment accounts. Trust beneficiaries must payRead More →
The trustee of an irrevocable trust has discretion to distribute income, including capital gains. The trust has the following 2020 sources of income and deduction: Interest income — $20,000. Who pays taxes on an irrevocable trust? Trusts are subject to different taxation than ordinary investment accounts. Trust beneficiaries must payRead More →