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Wednesday, 28 November 2012 13:58
A Family Bank Trust, or Lifetime Bypass Trust, is a type of irrevocable trust that provides complete asset protection for your spouse and descendants, and removes the trust assets from your estate and the estates of your spouse and descendants for estate tax purposes. This type of trust is very similar to a "bypass" trust (one that bypasses federal estate tax) at death.

With a Family Bank Trust, you irrevocably transfer assets (typically up to $240,000, but no more than $5.12 Million for...

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Wednesday, 28 November 2012 09:58
The Grantor Retained Annuity Trust (“GRAT”) is a type of trust specifically authorized by the regulations interpreting the Internal Revenue Code. This type of irrevocable trust permits you to make a lifetime gift of assets to an irrevocable trust in exchange for a fixed payment stream for a specified term of years.

At the end of the term of years, the balance of the trust property (the “remainder interest”) is transferred to the beneficiaries of your choice, typically children or...

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Thursday, 22 November 2012 18:49
Life insurance is a unique asset in that it serves numerous diverse functions in a tax-favored environment. Life insurance proceeds are received income tax free and, if properly owned by an Irrevocable Life Insurance Trust, life insurance proceeds can also be received free of estate tax.

Some of the frequent uses for life insurance include: Wealth Creation: Where age or other circumstances have prevented one from accumulating a desired level of wealth, life insurance can create instant...

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Thursday, 22 November 2012 14:49
A “grantor” trust is a trust that contains certain provisions set forth in the Internal Revenue Code, which defines these types of trusts. With a carefully drafted irrevocable grantor trust, the income is imputed to you as the creator of the trust, but the trust assets are not included in your estate for estate tax purposes. In other words, as trust maker you must pay the income tax on all trust income, but trust assets will not be subject to estate tax at your death. The effect of paying...

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Thursday, 22 November 2012 10:49
Under the Internal Revenue Code, when someone sells an asset they must pay income tax on the amount above their “basis” in the property. In its most simplified sense, basis is the amount you paid for an asset when you purchased it, or if you received it by gift, it is the donor’s basis in the property. For example, if you purchased 100 shares of Microsoft stock for $10 per share, your basis would be $1000. If you sold these shares today you would pay income tax (at capital gain rates)...

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