Common estate planning myths

The CPA Journal | October 1, 2001| | Copyright

Estate planning is complex, and keeping current with every regulation and planning technique can be difficult. The pervasive incorrect information communicated at some technical seminars compounds the problem, even for professionals. What follows is a deconstruction of some of the common estate planning myths, along with the reality behind each.

Myth: Revocable living trusts can save taxes.

Reality: Revocable living trusts are "grantor trusts" for income tax purposes: the grantor is required to report all the income and take all the deductions and credits on form 1040. Because these trusts ...

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