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A trust is an entity, which may be formed the particular U.S. or abroad, for many different legal functions. Trusts most often hold funds as well as other assets for individuals, called “beneficiaries.” Annual U.S. trust tax returns are required if a U.S. taxpayer holds a fine ownership from the trust. And, of course, income tax must be paid on income to the trust assets, either along with recipient bugs trust, for the way the trust is planned.
The hard truth often that debt, exactly like assets, are included in the neighborhood estate. Whatever your own moral compass may register regarding your and your spouse’s debt, Texas case law establishes rules may surprise . First, debt incurred during the marriage is presumed to be community loan. See Cockerham v. Cockerham, 527 S i9000.W.2d 162, 171 (Tex. 1975). There should be a sufficient amount of evidence to rebut this presumption.
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