This article will explore key considerations and actionable insights for business owners to reduce their tax burden, protect their assets and facilitate a smooth wealth transition.
Trust distributions might be taxable, with the tax liability potentially varying based on factors, such as the type of trust, the kind of distributions and a beneficiary’s tax bracket.
However, settling the second spouse's affairs was more complex, even with advance planning. Everything from wills to banking to tax returns became more complicated.
For those who want to avoid the court-controlled process that takes place after a person’s death (known as ‘probate’)—using a Revocable Living Trust is typically the best way to do so.
