In this lesson, discover the ins and outs of grantor trusts with Nick Palazzolo, CPA. He elucidates the principles behind a grantor trust, where the one who creates and funds the trust keeps certain powers or benefits, resulting in the trust's income being taxed as their own. The explanation covers how this arrangement can impact taxation, potentially allowing the grantor to claim deductions for trust losses on their personal tax returns. Nick demystifies the complexities of grantor trusts with practical examples, making this taxing topic a bit easier to grasp.
This video and the rest on this topic are available with any paid plan.
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