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What is a Grantor Trust in New York? - Seth Schlessel
From Schlessel Law PLLC – What is a Grantor Trust in New York? delves into the intricacies of how these trusts function within the state's legal framework. A grantor trust is a legal arrangement where the individual who establishes the trust, known as the grantor, retains certain powers or benefits, resulting in the trust's income being taxed to the grantor rather than the trust itself. This taxation approach can offer advantages, such as potentially lower tax rates compared to those applied to trusts.In New York, grantor trusts are commonly utilized in estate planning to maintain control…
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