The financial stability to leave our grandchildren an inheritance is something we all aspire to be able to do. We want our loved ones to have something to remember us by and leaving a sum of money is a common choice. Setting up a trust is often overlooked in the planning process. There are tax benefits that gift-giving via a trust can have on your estate including but not limited to:
- No gift taxes are due with the transfers up to $15,000 (in 2019)
- The trustee retains control of the trust
- The trust pays taxes on any earned income
Creating a Trust for the Gifts you Give Your Grandchildren
This article is for informational purposes only and shall not be construed as legal advice. No attorney-client relationship between the reader and Brennan & Rogers, PLLC, or its attorneys is intended. This article should not be used as a substitute for legal advice. Laws may vary from state to state, and the educational materials found in this article may not apply in all jurisdictions.
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