SimplyTrust Knowledge Base

A: Their tax professional failed to identify the PFIC status for years, potentially leading to punitive tax implications.

A: Including grandchildren in your estate plan is a meaningful way to support their futures—financially and emotionally. It also gives you the flexibility to shape that support based on your goals and their needs. Some grandparents help with college costs. Others ensure there's money for a wedding, first home, or career change. And some leave behind personal treasures—like journals, letters, or cherished keepsakes—that carry family stories forward.

A: Separate property refers to assets you own individually, not jointly with your spouse. It remains yours, unless it becomes mixed with marital property—a concept called commingling. Here’s a general list of things can qualify as separate property. Assets owned before the marriage. Gifts given to you alone. Inheritances received individually. And personal injury settlements (in most cases).

A: Community property generally refers to assets acquired by a married couple during the course of their marriage. In community property states, both spouses are considered equal owners of these assets—each holding a 50% interest.