Hello everyone and welcome to this month's webinar today we're going to be doing an old one that I did a few years ago I thought I'd refresh it it's all about a family trust and how you can use a family trust to save you some tax so very popular when I'm doing it the first time so I thought I just updated and hopefully everyone can that can get a lot out of it so moving like a movie on let's get started thing so that's me I'm Derek Nolan I'm the owner of twelve child accountants been doing these webinars for a number of years now really enjoy them so if you haven't seen any of the other ones I've done they're mainly focused on small business and they're on my website at www.nyhabitat.com fused between a solicitor's or a real estate agents trust account and things like that nothing to doing that I'll explain what a trustee is particularly what a family trustees so there's different types of trusts we'll go through those I like to make sure this family is it a number of other ones where it can be used for different purposes we've talked about what the family trusts beneficiaries are and who they are very very important and we're going to talk about the advantages of having a family trust now some will be tax on for asset protection and things like that we'll go into that with a bit more detail and then finally is really should you have one because that's what ultimately people are ringing up for and they say Derrick I need a family trust and my response is why normally we'll get to that so what isn't what's a trust now a trust is very similar to...
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The benefits to making a section 645 election include Form: What You Should Know
Mar 29, 2024 — If the executor dies leaving the revocable trust in the child's name, then all the tax advantages and exemptions provided by the Code will continue to be available, and the child will not become liable for federal estate tax or state federal and local income taxes until the revocable trust has been treated as a surviving child trust or the Code §645 Election To Treat Revocable Trust as Part of an A Revocable trust will be entitled to these tax advantages if, upon the granter's death, a Code §645 election is properly made. Should the executor (if any) do not file, such trust will not be subject to tax, and all the tax advantages and exemptions provided by the Code will continue to be available until the revocable trust has been treated as a surviving decedent trust or the Code § 645 Election To Treat Revocable Trust as Part of an Estate. Mar 30, 2024 — Should the executor not be available when a decedent's estate arrives at the decedent's federal estate tax filing date of the estate is deemed, by section 707(a)(28) of the Code, to have qualified for the §645 Election. If any trust other than an electing trust makes a Code § 645 Election that it will not be subject to tax or to any related state or local taxes, it is Not considered a revocable trust. Thus, it is not a qualifying trust. The individual who is the decedent's deceased parent will, upon a death of a qualified principal, be qualified to claim a §634 election under section 707(a)(1) of the If any trust other than an electing trust makes a § 645 Election that it will not be subject to tax or to any related state or local taxes, it is Not considered a revocable trust. Thus, it is not a qualifying trust.
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