Under the new federal estate tax law, individuals with estates valued at $5.25 million or above are subject to the changed tax laws.
Articles about Tax Planning
How Taxes Play A Role In Why You Should Be Naming Your Spouse as Primary Beneficiary for an IRA Account explained by Orange County Estate Planning Attorney.
You must do a trust modification if you recently moved to Anaheim after previously living out of state.for more info read here.
How can I tell if my estate will have to pay federal estate tax when I die?
Once you have accepted your appointment as successor trustee of a trust in Orange County, you must begin the process of administration. One task that you may be faced with is to obtain a tax ID number, or Employer Identification Number, specifically for the trust. While the creator of the trust was alive, he or she may have used a social security number instead. Once the grantor or settlor passes away, it usually becomes necessary to obtain an official tax ID number for the trust. A tax ID number is needed for several purposes, including filing taxes and opening up bank accounts. Fortunately, an experienced Anaheim trust lawyer can assist you with this process.
Generally, the process for obtaining a tax ID number includes the following steps:
Obtain a form SS-4. This can be done either from the IRS website or from visiting a local IRS office.
Obtain the social security number for the grantor of the trust.
Complete the form by filling out the boxes, indicating that the entity is a trust in the process.
In the alternative, complete the form online by following the EIN assistant. Answer each of the questions as they are presented in order to complete the application process.
If applying online, be sure that you complete the process within 15 minutes from start to finish, or you will have to start over.
Mail or fax the form to the IRS if you completed the form manually.
If you completed the form online, save and print your ID number and confirmation notice.
For assistance carrying out the administration of a trust in Orange County, including the obtaining of a tax ID for the trust, contact our office of experienced Anaheim trust attorneys today. Call us at (714) 459-5481 for a consultation.
A loophole in the tax code, a grantor retained annuity trust (GRAT), allows the affluent to transfer their wealth without tax consequence.