|
Use Of Estates And Trusts
from: Wikipedia
Another major factor in trusts and estates law may be to minimize one's tax exposure. After an applicable exempt amount, the United States federal estate tax very quickly approaches 50% of one's taxable estate. The proper use of trusts may reduce one's tax burden. The applicable exempt amount is currently one million dollars in 2003, and is scheduled to increase each year until the estate tax is temporarily repealed for one year in 2010. The year after, the estate tax is scheduled to be reinstated, with the previous exemption of one million dollars.
Trusts may also allow people a certain limited amount of control of how the amount held by the trust is handled. For example, one could leave money for somebody who may not be mature enough to handle money, and state that the money can only be used for health, education, support and maintenance of that person until the age of 35, upon which time the remaining income and principal will be distributed. One can also distribute one's assets to charitable purposes by creating an irrevocable charitable trust that may distribute the principal or the income of the trust much in the same manner as a private foundation.
Wikipedia the free encyclopedia. A free content encyclopedia written collaboratively by contributors from all around the world. The site is a wiki, which means that anyone can edit articles, simply by clicking on the edit this page link.
This article was posted on January 5, 2005
|
The opinions, statements and information contained and expressed in the foregoing article are solely those of the author. No position for or against, agreeing with or disagreeing with anything contained in said article is taken by US Attorneys Directory.com.
We do not assume or accept any liability for the use of the information contained herein. This article is published solely as a service to attorneys, lawyers and the internet community. Anyone who does not accept this disclaimer is not authorised to read or use this article in any way.
To browse articles see pages 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
To view articles indexed by subject see Subject
To view articles indexed by author see Author
We need well written informative legal articles for our site. If you have articles that you have written regarding the law or the practice of law, and would like to see them published in this website at no charge, please go to Article Submission . Thank you.
Home | About Us | Contact | Resources | Article Submission
Attorney Directories | Process Servers | Court Reporters
|