Although trusts are effective estate-planning tools used to avoid probate and minimize estate and gift taxes, their income-tax implications must also be considered to ensure that there are no unintended tax consequences. The drafting attorney should point out the advantageous and disadvantageous fiduciary income-tax implications for the type of trust being considered and then determine which trust is the best fit for the client.
WealthCounsel Staff
Recent Posts
The Often Forgotten Fiduciary Income Tax Obligations of Trusts
By WealthCounsel Staff on May 28, 2021 10:00:00 AM
Navigating the Trust Administration Journey
By WealthCounsel Staff on May 21, 2021 10:00:00 AM
Navigating a postdeath trust administration can be daunting, and attorneys must have the necessary skills, knowledge, and competence to diligently and effectively provide legal services to fiduciary clients during this process.
Current Developments in Estate Planning and Business Law: May 2021
By WealthCounsel Staff on May 14, 2021 10:00:00 AM
From the proposed elimination of stepped-up basis to new grants for restaurants and live venues harmed by the COVID-19 pandemic, we have recently seen significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we have highlighted a few noteworthy developments and analyzed how they may impact your estate planning and business law practice.