Common Trust Fund Questions for Beginners
Are you considering a trust fund? Trust funds are a very useful tool for saving and investing money, but a lot of people aren’t totally sure how to use a trust or even how they work. Trust funds essentially hold assets, like property, a business or money, for the benefit of another person, a group of people or even an organization. There are several common questions regarding trusts, so let’s take a look at some of them.
- How are trust funds structured – a trust fund is a specially created entity that is held in the state where it was formed. In some states you can create perpetual trust funds, which never end, while other states only allow trusts with a termination date.
- What are the reasons to use a trust fund – there are many reasons to set up a trust, but one of the best reasons is that they can protect your assets from creditors. Another reason to use a trust is to protect your assets from untrustworthy family members. You can use a trust to save thousands or even millions of dollars from taxes by donating the trust assets to a charity.
- When is the right time to form a trust – this is a wide-open question because every situation is unique. It depends on your reason for setting up the trust, how much you will be putting into the trust and who will be the beneficiary. It’s best to speak with a professional to determine when the right time is for you.
If you think you are ready to create a trust then come talk with us at GROCO for more ideas and information. One of the biggest factors to consider is how your trust will affect your taxes. We will help you look at all your options and make sure that your trust is set up to be as tax-friendly as possible. Just give us a call at 1-877-CPA-2006, or click here to learn more.
Attributes of True Leaders
Attributes of True Leaders Leaders come in many different molds and what make a good leader in one industry might be completely different in another industry. Likewise, while many leaders possess a lot of the same attributes, not every lme. So, what attributes make true leaders? The answers will depend on the setting and upon…
California Budget Surplus Could Have Adverse Effects
California Budget Surplus Could Have Adverse Effects By Rose Lu Chen, CPA Greenstein, Rogoff, Olsen & Co. Posted: 7/2/10 If you hire a household employee, you will have federal and California tax obligations with respect to your household employment. Household Employee A household employee is someone you hire to do your household work, and you…
Behind In Your Tax Debt to the IRS? Try Negotiating
Tax Debt to the IRS? Try Negotiating Do you remember that part in the movie A Christmas Story where Ralphie, as the narrator, proclaims in reference to his father: “The old man loved bargaining as much as an Arab trader…and he was twice as shrewd”? Well, if you enjoy a good bargain or barter, then…
Could This Be the End to an American Icon in the U.S.?
Could This Be the End to an American Icon in the U.S.? Samuel Adams was one of our great Country’s founding fathers and an American statesman. However, despite his political accolades and contributions to the United States, his name might be better known as a brand of beer. That right; if you asked who Sam…