Quote:
Originally Posted by Descant
I doubt Mr. Bahre files only a Form 1040 and a few supplement pages. Trying to make his taxes relate to those filing a 1040-EZ just won't work. Skim through the assessment data base for lakeside properties and see how many are owned by trusts of various types, LLC's, other corporation types and partnerships. Many, many. Must be some reason, not all part of the attorney- CPA-CFP relief program.
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In the simplest of terms...
These are legal maneuvers people are taking to legally protect an asset such as a piece of property or any asset of significant value. It does NOT free them from tax liability or make the taxes being paid any less. The trust, LLC, LLP, corporation or owner in whatever legal format it is defined must pay the same taxes as everyone else at the same rate. In fact most trusts are established simply for the purposes of augmenting a will to pass assets to beneficiaries avoiding any kind of probate or lawsuit claiming a right of ownership outside what is defined within the trust itself. Nothing nefarious here, in fact in today's overly litigious society it's almost a necessity.