by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Coverdell Education Savings Account (ESA)?A Coverdell Education Savings Account is a tax-advantaged trust account for savings to cover educational expenses for beneficiaries. The beneficiaries of the savings account must not be over 18 years, except for some...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Charitable Lead Trust?A charitable trust is a form of irrevocable trust which is developed to mitigate or cause a decline in the taxes to be paid by the beneficiary of an inheritance in the advent of a transfer of property.How Does a Charitable Lead Trust...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Charitable Remainder Annuity Trust?A Charitable Remainder Annuity Trust (CRAT) is a form of a gift transaction in which a contributor (which is the taxpayer) donates assets or financial securities to a charitable organization which pays annuity designed to...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is a Bequest?Bequest is the term used to refer to giving personal property or financial assets to a person, business entity, or an organization via the provisions of a will or an estate plan. This personal property or financial assets can include stocks, bonds,...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
What is an Irrevocable Trust?In an irrevocable trust, the terms and conditions of the trust cannot be changed, amended, or terminated without the order or permission of the grantors beneficiary or named beneficiaries. In such a trust, the grantor legally transfers all...
by TheBusinessProfessor | Feb 23, 2025 | Inheritance, Estates, and Trusts
Back to: INHERITANCE, ESTATES, & TRUSTS What is a Blind Trust?A blind trust is a type of trust in which the beneficiaries of the trust are not aware of the holdings of the trust; instead, the trustees have full knowledge or discretion over the holdings of the...
