It provides your loved ones a better chance to flex with ease; while giving a bit of social responsibility bra setting perimeters limiting them from turning into complete useless tits.This quote is hidden because you are ignoring this member. Show Quote
Updated: March 10, 2022
My list of random For Sale (some free) stuff
The trustee can be anyone, but if you pick one of them thar fancy pants companies they do indeed make a good penny from sending you a yearly report on the status of the fund.
Haven't read this book, butThis quote is hidden because you are ignoring this member. Show Quote
I have been advocating the "die broke" philosophy.
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If you get to 8.2 maybe you have enough to give some to your family.
#eightpointtew is not a part of my current plan.
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I'm saying IF you get to 7.2, then you have excess capacity after that!
Easy, there.This quote is hidden because you are ignoring this member. Show Quote
You're about to get outted as a WFG rep.
There's a couple of WFG reps in beyond. At least one of them is a good dude, although I think I offended him last time we chatted.
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Hehehe. WFG. Buster. Hehehe
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
fact.This quote is hidden because you are ignoring this member. Show Quote
I also can't recall having a particular issue with them, but there was a thread in the last couple years that was a full-on jihad against any and all MLM's, no ifs ands or buts. It was pretty funny for the irrational fear.This quote is hidden because you are ignoring this member. Show Quote
ugh, I'm outted.This quote is hidden because you are ignoring this member. Show Quote
If anyone needs insurance, @ me
Well don't think I have learned much in this thread, but I am reassured that I'm not missing something obvious. Thanks beyond!
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One thing that hasn't been clarified is if the accounts are inside a formal Trust, or are simply "In Trust" accounts. A formal Trust (in this case it would likely be a Family Trust) is a distinct legal taxable entity created with a Settlor (person putting capital into account), Trustee (different person who administers the Trust) and beneficiaries. These shift taxation of undistributed gains, dividends and income into the Trust, and can be carried on indefinitely (with a deemed realization of all assets for tax purposes every 21 years).
In Trust accounts are simply investment accounts created, where capital is invested into the account, taxable to the account owner who manages the account on behalf of the minor children beneficiaries until the beneficiaries reach age of majority (18 in AB), at which point they're entitled to the funds. The account is taxed in the owner's hands until the kids turn 18.
A lawyer is required to set up a Family Trust, and it typically isn't cheap.
There are no costs to set up an In Trust account, aside from whatever typical Advisory costs a Advisor (if involved) charges on investment management.
I guess sign me up for the WFG crew? Yearly Renewable Universal Life and AGF investment loans for everybody!
Hey back to original question, or maybe it was my second question. How does tax work for trust accounts?
Just received T3's addressed to:
Parent name
In trust for kid name
So I assume that goes on someones tax return. Kids or Parent?
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Parent.
It's the "Why the Liberals hate Harper so much" rule.