@originaldohnthornton: Most families pay for vacations and travel with fully taxed money.
Flights.
Hotels.
Resorts.
Activities.
So first they earn the income…
then Uncle Sam takes a huge cut…
then they spend what’s left trying to enjoy time with their family.
That’s backwards.
When family members are beneficiaries of a contract law spendthrift trust…
many family travel-related expenses paid through the trust 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 family trip.
Completely different financial outcome.
(Info purposes only; not a licensed tax, legal, or accounting professional) #taxdeductions #taxreduction #taxsavings #lawsuit
