Estate & Trust Resources

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How Are Income Distributions from Trusts and Estates Taxed?

How Are Income Distributions from Trusts and Estates Taxed?

As separate legal entities, estates and nongrantor trusts must file their own federal tax returns, just like individual taxpayers. Unlike individuals, however, these entities may distribute income to beneficiaries, which can shift tax liability. Beneficiaries, heirs, trustees, executors and those devising plans to transfer their assets need to understand how different types of distributions are […]

When is a gift not a gift?

There’s been a lot of discussion in the press about estate taxes and potential changes the current administration is considering. As we all know, estate planning can be complicated. One of the tools in the estate planner’s toolbox is a trust designed to avoid estate taxes. However, many trusts are irrevocable meaning once you create […]

Estate and gift tax changes under the Tax Cuts and Jobs Act

On December 22, 2017 the Tax Cuts and Jobs Act (the “Act) was signed into law. The new tax bill has several significant impacts to the Estate and Gift Tax law. Some of those changes include the following items:  Estate, Gift and GST (Generation Skipping Transfers) Tax exemptions were increased from the inflation adjusted amount of […]

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