Alabama Pot Testamentary Trust
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FAQ
Testamentary trusts are discretionary trusts established in Wills, that allow the trustees of each trust to decide, from time to time, which of the nominated beneficiaries (if any) may receive the benefit of the distributions from that trust for any given period.
Currently, taxable income earned in a testamentary trust is subject to the same graduated tax rates as an individual taxpayer (this is subject to change after December 31, 2015).
Currently, taxable income earned in a testamentary trust is subject to the same graduated tax rates as an individual taxpayer (this is subject to change after December 31, 2015).
The main benefits of testamentary trusts are their ability to protect assets and to reduce tax paid by beneficiaries from income earned from the inheritance.
Testamentary Trusts and TaxesTrusts are taxed at a flat rate of 45% also the highest rate applicable to individuals. Special trusts are taxed at a sliding scale from 18% to 45%, the same as natural persons.
A testamentary trust is set up in a person's will and starts upon their death. It holds and protects all, or some, of the person's assets such as property and investments. The trust looks after the assets for the beneficiaries. Beneficiaries are the people or organisations that will benefit from the trust.
A testamentary trust is created to manage the assets of the deceased on behalf of the beneficiaries. It is also used to reduce estate tax liabilities and ensure professional management of the assets of the deceased.
How does it save tax? A testamentary trust allows the person who controls it to split the income generated by the trust between family members. Importantly, children who receive income from a testamentary trust are taxed at adult tax rates, instead of penalty rates (up to 66%) which apply to other types of trusts.
The trust can also be used to reduce estate tax liabilities and ensure professional management of the assets. A disadvantage of a testamentary trust is that it does not avoid probatethe legal process of distributing assets through the court.
