Monthly Archives: November 2013

Estates, Trusts and Wealth Transfer

Some major fundamental characteristics you need to know about Estates, Trusts and Wealth Transfers are as follows:
 
Gross Estate – includes the FMV of all property, real or personal, tangible or intangible.  Included are items such as cash, dividends, interest CD’s, stocks, dividends, annuities, insurance proceeds, personal resident, real estate, and business interests in a sole proprietorship, partnership, and corporations.  The estate tax return is due within 9 months after the date of the decedent ‘s death. An extension of up to 6 months may be granted.
 
Trust – law confidence placed in a person by making that person the nominal owner of property to be held or used for the benefit of one or more individuals. The trust requires current distribution of all income, requires no distribution of the principal, and provides for no charitable contributions by the trust.
 
Gift – is a form of Wealth transfer. The amount of a gift is the FMV of what was given.  A gift is complete when the given has given over dominion and control with legal power to change its disposition.  An annual exclusion of $ 14,000 is allowed from taxable gift.  A married couple can exclude up to $ 28,000.
 
For more information on Estates, Trusts and Wealth Transfer, contact Robert Burch At (773) 779-4447. 
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November 11, 2013 · 1:50 am