Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year.My friend and colleague, Tereina Stidd, an estate planning expert, has written on this issue. Read on to learn more
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