Abstracts - faqs.org

Abstracts

Business

Search abstracts:
Abstracts » Business

Living trusts may provide tax benefits

Article Abstract:

A living trust can provide tax benefits, operational flexibility, financial confidentiality and significant savings on probate costs. The advantages that can be derived from the transfer of assets to a living trust depends on the particular situation of the grantor and on whether the living trusts selected are revocable or irrevocable. Assets transferred to a living trust are managed by a trustee designated by the grantor. Typically, the trustee is a financial professional working on behalf of the grantor's adviser. Occasionally, however, the trustee is a family member or a close friend of the grantor. The role of the trustee is to manage the trust during the duration of the grantor's life, after which management or distribution of the living trust passes on to a designated successor trustee who operates the trust according to the terms specified for remaining beneficiaries.

Author: Pozzuolo, Joseph R., Mittleman, Audrey
Publisher: Warren, Gorham & Lamont, Inc.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1993
Trusts, not elsewhere classified, Living trusts

User Contributions:

Comment about this article or add new information about this topic:

CAPTCHA


IRS explains medical savings accounts

Article Abstract:

The IRS has issued Notice 96-53, 1996-51 IRB 8 to explain medical savings accounts (MSAs). Under these accounts, certain medical costs not paid or reimbursed under a high-deductible health plan can be satisfied on a pre-tax basis starting Jan. 1, 1997. Like individual retirement accounts, MSAs are established as a tax-exempt trust or custodial account with a qualified trustee or custodian. Aside from being portable, they do not require the approval of the IRS. MSAs may be created by any employee working for a company with an average of 50 or less employees during one of the two preceding years, and which maintains an individual or family 'high-deductible health plan.' MSA contributions must be made in cash and those made by unqualified individuals or that exceed the prescribed limits are non-deductible.

Publisher: Warren, Gorham & Lamont, Inc.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1997
Medical care, Cost of, Health care costs, Savings accounts

User Contributions:

Comment about this article or add new information about this topic:

CAPTCHA



Subjects list: Management, Laws, regulations and rules, Trusts and trustees, Trustees, Trusts (Law)
Similar abstracts:
  • Abstracts: Investment and mortgage interest still provide tax benefits despite increased restrictions. Distributions through related corporations may still produce unfavorable results
  • Abstracts: Filling the GAAP for small companies. Implementing FRS 8: some practical aspects
  • Abstracts: Lotus Notes allows many practitioners to share documents. Software programs help you keep track of due dates. Electronic services can accelerate and simplify tax research
  • Abstracts: Stock options can furnish tax benefits even in corporate takeovers, but timing is crucial
  • Abstracts: IRS issues final rules on grantor-trust reporting. Estate can be ended by IRS if it continues too long
This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.
Some parts © 2025 Advameg, Inc.