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Hear this out loud PauseIn most situations, the trust creator is aiming to transfer the assets to younger children or grandchildren. To accomplish this, the creator will often transfer the assets to the trust in exchange for a promissory note.

Hear this out loud Pause(5) Trust assets (including any appreciation) generally will not be includible in the grantor's estate and grow inside the trust free of federal estate and gift taxes. (6) Trust distributions generally can be made to beneficiaries free of federal estate and gift taxes.

In a beneficiary-grantor trust an individual (the grantor) creates a trust for another individual's benefit (the beneficiary). For example, parents create a trust for their child, permitting distributions for the child's health, education, maintenance and support.

Hear this out loud PauseBy gift or by a part gift and part sale?A grantor can make a gift of assets to the IDGT. If the assets transferred are less than the lifetime gift and estate tax applicable exclusion amount, gift tax would not have to be paid out of pocket, but the applicable exclusion amount would be reduced by the amount of the gift.

CT appears to have a higher income tax rate than RI. You owe CT's tax rate, because that's your state of residence, but you get a credit for what you actually paid to RI. As an example, suppose CT's rate was 7% and RI's rate was 5%. You'd pay RI the 5%, but then you'd owe CT the difference of 7% - 5% = 2%.

Called "covered electronic products" in the law, they include: computers (CPUs), computer monitors (CRT and flat panel), combination units (CPUs with monitors), laptops (with a screen greater then 9 inches diagonally), televisions (including CRT, LCD and plasma with a screen greater then 9 inches diagonally), and ...