Make tax payments due before December 31st.Payments made on behalf of beneficiaries and receipts.Here are things to review, determine, and do before the end of the year: Prepping for filing taxes is easier when recordkeeping duties are completed at the end of each year. Your legal professional can assist you in updating your trust documents before the end of the year.Ĭomplete annual record-keeping duties- Recordkeeping may involve professionals to help ensure the trust is administered correctly, minimizing taxes, distributing capital gains to beneficiaries, and so on. Update any changed information, including if you designate a new trustee. Review and update your trust document- Always keep a copy of your original trust document for your records and the latest trust document. Here is a checklist to help you complete your trust and year-end planning: The end of the year is a great time to review your trust document, update information, buy or sell assets or even cancel your trust if you choose. For assets you want to preserve and transfer, it’s essential to list them in a trust so they can avoid going through probate, a court process to transfer your assets retroactively, which can be expensive and public. Trusts can hold many different assets, such as cash and bank accounts, real estate, securities, ownership interests in business entities, and other assets. When you set up a trust, you transfer assets from your name into your trust’s name while you still retain control of the assets until you die. A trust is a legal vehicle that protects your assets that contains instructions for your assets when you die or become incapacitated.
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