Senior Financial Planner Thomas Pontius, CFP® shared insights on how to build a quality trust. Thomas emphasizes that while it’s acceptable to fund trusts with assets and open a bank account in the name of the trust, all trust income still needs to be reported on the appropriate tax return. For more, read the Financial Advisor Magazine article here: https://bit.ly/3sJe6gu
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The information provided here should not be considered legal or tax advice and all investors should consult their legal and/or tax professional about the specifics of their own legal and tax situation to determine any proper course of action for them. KAR does not provide legal or tax advice and nothing herein should be construed as legal or tax advice, and information presented here may not be true or applicable for all legal and income tax situations. Tax laws can and frequently do change, and KAR does not undertake to update this should any changes occur.
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