Alternative minimum tax
Among the characteristics of administration of a living trust that a person may find desirable are:Privacy. alternative minimum tax Irs-office-locations. The terms of a living trust are contained in a private document, while the terms of a will, including beneficiary designations, become a matter of public record once the will has been filed with the probate court. In addition, other information filed with the court during the probate process, such as the inventory of assets and the written account of all receipts and disbursements of the estate, also become matters of public record. The administration of a living trust is generally not made public. alternative minimum tax Federal income taxes. Control. The absence of any requirements to file a will or any other reports with a court increases the independence and control of the trustee, relative to an executor. Lower costs. alternative minimum tax State income tax forms. Some publications make extravagant claims about the extent of the costs of the probate process. The typical components of cost in the probate process are:Court costsAppraisal feesExecutor. s commissionsAttorney feesWhile court costs will vary with the activity in the estate, presently a typical cost range will be $150-$225. A living trust would not bear these costs. Appraisal fees will typically be incurred in probate for real property, and may be incurred for other . hard to value. assets, such as expensive artwork or closely held corporations. These costs would typically not be required by a living trust. If, however, the decedent. s assets are of such value that an estate tax return must be filed (which will almost always be the case), it may be prudent for the trustee of a living trust to secure appraisals of those assets to help establish value for estate tax purposes. Appraisals also aid in establishing the basis of the assets for federal income tax purposes. Executor. s commissions are set by state law and are based, generally, on a percentage of the value of the assets of the estate. At present, the commission varies between one and four percent of the value of the assets (combined with the income on those assets) depending on the nature, amount and title of the assets at death. However, surviving spouses and other family members often serve as executor and may waive these commissions.
Alternative minimum tax
Refunds || New jersey department of taxation || Property-tax-rates || Tax-planning