@originaldohnthornton: Horses are expensive.
Boarding.
Training.
Competitions.
Horse trailers.
Veterinary bills.
Equipment.
Travel.
And most families involved in equestrian activities are paying for all of it with completely non-deductible money.
So first they earn the income…
then Uncle Sam takes a huge cut…
then they spend what’s left on the equestrian lifestyle.
But when equestrian-related expenses are paid through a contract law spendthrift trust for beneficiaries…
those expenses become trust expenses that are tax deductible to the trust.
And since the money is already being spent anyway…
why not run it through the trust first and create the deductions?
Plus, the trust provides powerful lawsuit protection, far greater privacy, and no taxable events.
Same horses.
Completely different financial outcome.
(Info purposes only; not a licensed tax, legal, or accounting professional) #taxdeductions #taxsavings #taxreduction #horse #equestrian
