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WHO ARE THE PARTIES OF A LIVING TRUST?

The parties involved in the creation and administration of a living trust are  Grantor(s) – Person(s) creating the trust – you (and your spouse). Grantor can also be called Creator, Settlor, or Trustor. Trustee(s) – Person(s), who manage the trust now. Usually would be the grantors, you and your souse, and/or a corporate trustee. Successor [..]

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LIVING TRUST ADVANTAGES – PART 2

Today we will continue to explore the living trust advantages and benefits. Part 1 of this post discussed such benefits as avoiding the probate proceedings, minimizing the emotional stress on the family, preventing conservatorship, and preserving privacy. In addition, the living trust advantages include the following: Centralized Management. The assets transferred to a living trust [..]

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ADVANTAGES OF A LIVING TRUST

The first segment of our living trust series explained the concept of a revocable trust. Now, let’s talk about the advantages of having a trust as part of your estate plan. The following is a list of the most significant benefits: Avoids Probate.  Assets placed in a trust are not subject to the probate proceedings and [..]

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WHAT IS A REVOCABLE LIVING TRUST?

 The Living Trust Series Part 1  We all have at least a basic understanding as to the substance and meaning of a will. But the concept of a trust often sounds foreign, complicated, and confusing. This blog post series will attempt to resolve the mystery and explain the most important issues, such as What is a [..]

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WHAT IS THE NUMBER ON YOUR IRS NOTICE

  A Quick Guide to the IRS notice numbers. If you have received a notice or a letter from the IRS,  you most likely have also spotted a number for the correspondence. If you guessed that this number means something, you are absolutely correct. The IRS uses standardized text to address specific issues and numbers most [..]

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U.S. Taxation Basics for Foreigners

Business expansion to the United States will inevitably create tax consequences for foreign investors and enterprises. This post will discuss the basic concepts of U.S. Taxation that foreigners doing business in the U.S. need to be familiar with. In general, foreigners engaged in a trade or business will be taxed on two categories of income: [..]

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WHY DO YOU NEED AT LEAST A WILL

Clients often ask what exactly is estate planning and why do they need at least a will. Clients also wonder whether they need to think about estate planning not being rich or getting close to retirement. The answer to all of those questions is yes. Contrary to a popular belief, all of us need to have [..]

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