“Nongrantor” trusts are trusts which aren’t taxed to a substantial owner pursuant to the grantor trust rules. Such a trust must file its own tax return and the income of the trust would be taxed to it, unless distributed. Read on to learn more.
Compliments of the McGee Law Firm, Attorney Brandon McGee What is an estate plan? An estate plan is a plan that passes your assets to whom you want and in the manner you want after your death. However, an estate plan is more than just documents. For example, some of your assets may not even … Read more
Grantor trusts are trusts which are income taxed to the “substantial owner” of the trust. Usually, the substantial owner is otherwise known as the “grantor” or “trustor.” Grantor trusts can be quite useful in tax planning. Read on to learn more.
Trustee distribution standards could be very broad. “Health, education, maintenance, and support” is such a standard, which has its origin in tax regulations. Read on to learn more.
Compliments of the McGee Law Firm, Attorney Brandon McGee In today’s electronic age, it seems that things are changing faster and faster. Every time we turn around, there’s a new technology and more and more information to keep in mind and safeguard. Now, increasingly people have “electronic assets,” such as website domain names and accounts … Read more
This is the second in a two-part series on Roth IRAs. The first part reviewed the basics of Roth IRAs. Read on to learn more.
A revocable trust is treated the same as the individual for most purposes. But for some narrow purposes it can be treated differently. Read on to learn more.
Compliments of the McGee Law Firm, Attorney Brandon McGee When the inhabitants of Gilligan’s Island went out for their three-hour tour aboard the S. S. Minnow, chances are they were not prepared for what was about to befall them. Of course, Thurston and Eunice “Lovey” Howell (being the money-savvy individuals they were) probably had a … Read more
An outdated estate plan isn’t something you should let linger. It requires immediate attention to ensure that you make the right changes for both you and your family. Of course, that doesn’t help answer the key question: what’s the best way to approach an outdated estate plan? While you should always do what’s best for … Read more
There are many parts to an Estate Plan. The Revocable Trust is just one part. It’s important to coordinate the various parts of the Estate Plan. Read on to learn more.