meppwc asked:
I found out that I can establish my checking account under my name or under the name of our family trust. Does it matter which way I set up the account? Note, the primary beneficiary of this checking account is the trust.
Josiah Werlinger
I found out that I can establish my checking account under my name or under the name of our family trust. Does it matter which way I set up the account? Note, the primary beneficiary of this checking account is the trust.
Josiah Werlinger
For the checking account pays interest you do not want to pay taxes on income that it is for the trusts name.
The checking account pays interest you do not want to pay taxes on income that it is for the trusts name.
Buddy, you do not want trouble with the IRS.
If you mix funds between the two legal entities (you and your trust), it may be called ‘co-mingling”. You would be better off bleeding in front of a shark.
The guy above is entirely correct.
Open two accounts and you have solved the difficulty. And you can remain out of jail. This is one time you do not want to live in a gated community.