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FAMILY & BUSINESS FINANCIAL STRATEGY PLANS WILL ALLOW YOU TO:
REDUCE
YOUR TAX LIABILITY
A FINANCIAL STRATEGY PLAN IS: A "Financial Blueprint" for you to follow to achieve your goals.
The "Blueprint" for your particular plan will depend on your goals.
TOOLS USED MAY BE ONE OR MORE OF THE FOLLOWING: Revocable
Living Trust
"Don't put your trust in money, put your money in trust'" Oliver Wendell Holmes 1858
BUSINESS TRUSTS: FOUR WAYS TO CONDUCT BUSINESS SOLE
PROPRIETORSHIP THE SOLE PROPRIETORSHIP HAS: L F
NO LIABILITY PROTECTION A PARTNERSHIP HAS: L F
NO LIABILITY PROTECTION
A CORPORATION HAS: J F
LIMITED LIABILITY PROTECTION
A BUSINESS TRUST HAS: J F
LIMITED LIABILITY PROTECTION
( A BUSINESS TRUST MAY CARRY ON ANY LAWFUL BUSINESS ACTIVITY THE SAME AS AN INDIVIDUAL PARTNERSHIP OR CORPORATION. A BUSINESS TRUST IS A LEGAL ENTITY ESTABLISHED BY THE LAW OF CONTRACTS.
AN IRREVOCABLE HOLDING TRUST IS A LEGAL ENTITY ESTABLISHED BY THE LAW OF CONTRACTS, AND WILL: Pass
100% of its assets to the beneficiaries!
PARTIES TO THE TRUST: CREATOR
HOW A TRUST IS ESTABLISHED: 1.) THE CREATOR CREATES A DOCUMENT [a contract, the governing instrument] 2.) YOU SELECT A TRUSTEE 3.) YOU NAME THE BENEFICIARIES 4.) YOU CONVEY THE ASSETS INTO THE TRUST
YOU MAY BE A GENERAL MANAGER AND BANK AGENT YOU GIVE UP LEGAL OWNERSHIP OF THE ASSETS IN EXCHANGE FOR BENEFICIAL UNITS
Lord & Carter Internation Institute of Economic Research Services: Profesional Trustee Services Private
Consultation & Planning
Seminars: Record
Keeping
Training: Professional
Trustee Training
Trust Language: Definitions Revocable Trusts: Family trusts which do eliminate probate, protect
[from federal estate taxes] up to a $750,000 for a single person or
a $1.5 million estate for a married couple. All income is reported on
the 1040 form so that there are no tax benefits while you are living.
It is essentially a death plan document or 'super will' which has many
advantages over an ordinary will. Irrevocable Trusts: Trusts which have their own EIN numbers, file their own tax returns and separate all assets from a family's estate for planning purposes. There are many benefits to the beneficiaries while they are still living. The main disadvantage is finding an unrelated trustee in whom the beneficiaries have enough trust and confidence because the specified assets are under the control of that unrelated trustee. The IRS defines certain irrevocable trusts as follows: Simple Trusts: Trusts which distribute all funds to beneficiaries annually thus passing on all tax liability. Complex Trusts: Trusts which do not distribute all funds to beneficiaries annually and may accumulate funds for retirement, medical services and education. Children's Trusts: May be established simply as an educational trust based on Section 170 of Title 26, the IRC Code or under Sections 2503 (b) or ©) of the code. In any case the primary purpose is to defer taxes from family income to this trust until it is disbursed to the designated individual. Blind Trust: Established by the "Ethics in Government Act of 1978" which basically provides a tool and, in some cases actually requires, politicians elected to office to create "Blind Trusts" to hold their assets so that it will appear that there is no "conflict of interest" in the decision making process of Congress. The I.R.S. names other trusts according to the specific purposes designed in each trust. A few of such trusts are the Mesabi Trust, the Chappell trusts, the rabbi trust. These are statutory trusts and must establish the rules set forth by the I.R.S. Government Trusts: A list of trusts created by the United States Government can be found in Chapter 98 of Title 26, the Internal Revenue Code book.
If you would like more information, please fill out the following form.
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Types of Trusts
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