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Who Owns the Property in a Trust?
Posted in asset protection,trust,trust funds on September 15, 2022
In a trust, the trustee is officially responsible for the assets. While the individual who established a living trust might retain ownership, in all other cases, the trustee controls the assets. They are tasked with maintaining records, distributing assets according to the trust document, and reporting to beneficiaries until full ownership is transferred to the… (Keep reading)
Should Your Bank Accounts Be in Your Trust?
Posted in asset protection,trust,trust funds on September 8, 2022
Yes, you can include bank accounts in your trust, but you should consider how often you use them. For example, transferring ownership of a checking account that you use daily might cause issues with bill payments. Other accounts like safety deposit boxes or annuities can also be included and may be more manageable to transfer…. (Keep reading)
What Happens to Your Pets Once You Pass Away?
Posted in trust,trust funds on January 12, 2022
Do you have a plan for what happens to your pets once you pass away? There are options. Though you can’t leave money to a pet when you die you can care for your pet still. One way is to leave your pet to someone in your trust or will. You can choose the person and make sure that… (Keep reading)
Posted in Firm News,IRS,tax planning,trust funds on August 21, 2013
When it comes to employee tax withholdings, business owners can be sentenced to jail if they aren’t careful. In July, Richard Whatley of Salt Lake City was sentenced to a maximum 51 months on federal prison for willful failure to account for payroll taxes. On top of that, he must pay $540,000.00 in restitution. This… (Keep reading)
