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Trust Basics: Discretionary Trusts vs. Non-Discretionary Trusts

Trust Basics: Discretionary Trusts vs. Non-Discretionary Trusts There are two basic types of trusts: discretionary and non-discretionary. Depending on your individual circumstances, understanding the key differences between the two types of trusts can be significant. Discretionary Trust Beneficiaries of discretionary trusts generally have no control over any of the assets within the discretionary trust and/or…
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Tax Implications of Transferring Capital Property into a Trust

If I transfer capital property into a trust will it be subject to capital gains tax and/or recaptured depreciation? That depends. Generally speaking, when you transfer capital property into a trust you are deemed to have disposed of it at fair market value. This triggers the payment of any unrealized capital gains and/or recaptured depreciation.…
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What are the advantages of incorporating?

1. Limited Shareholder Liability Unlike sole proprietorships, corporations are separate legal entities that amongst otherthings, can enter into contracts, commence litigation and hold property in their own name. As a result, shareholder liability is limited unless a personal guarantee is provided. 2. Continued existence As a corporation is a separate legal entity, unless structured otherwise,…
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