Tag: Estate Planning
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Bahamas Foundations
Bahamas Foundations The Bahamas Foundation was introduced with the enactment of The Foundations Act, 2004. As with all legislation, it has undergone some amendments, principally in 2005 and 2007. There is great flexibility under the Foundations Act, 2004 as to who can act is these capacities. As an example, the Foundation Council does not have…
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Fiduciary
Fiduciary Fiduciary, person standing in a special relationship of trust, confidence, or responsibility to another. For information on Fiduciary: * persons who control property for the benefit of others, see Trust; Executor * persons authorized to represent others, see Attorney; Principal and Agent * persons entrusted with the care of others because of age, inability…
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What is a Section 645 election?
What is a Section 645 election? Under Section 645, if both the executor (if any) of an estate and the trustee of a qualified revocable trust (“QRT” ) elect the treatment provided for in Section 645, the trust is taxed for income tax purposes as part of the estate (and not as a separate trust)…
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Should Trusts file income tax returns to the IRS?
Should Trusts file income tax returns to the IRS? Trusts must file a Form 1041, U.S. Income Tax Return for Estates and Trusts, for each taxable year where the trust has $600 in income or the trust has a non-resident alien as a beneficiary. However, if the trust is classified as a grantor trust, it…