Moving is tough.
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The process gets even more complicated when your move takes you to a new country, especially when that country operates in a language other than your native tongue.
Not only is it difficult to move your belongings to a new home in a strange place, but having to re-establish your life (i.e. visas, passports, school registration, utilities, vehicle registration, drivers licenses, etc.) can be a major hassle.
In order to accomplish this government entities in countries like the United States require that essential documentation like birth certificates be translated into English in order to be processed. Furthermore, documents cannot be translated by just any bilingual friend or relative, they must be translated by a certified individual or translation agency.
Only certified translations of birth certificates and any other official documentation will be accepted by agencies and the copies also need to be notarized. Translation companies that are registered as providers for state government agencies will almost always offer a certified and notarized copy as this is how they were put on the list in the first place.
It's possible for professional translation individuals to be granted the same privileges but if the individual isn't a public notary, it may take Click here! a little longer for them to return the translated copy as they'll have to visit a notary after translation is complete.
In addition to the actual translation of the document, professional translators use specialty desktop publishing programs to reproduce a certified copy that is nearly indistinguishable from the original. Cost of the service varies and most reputable companies will charge between $55-75 for the translation, reproduction, certification and notarization of the document.
Typically the time frame to complete a professionally certified birth certificate or other similar document takes between 2-3 business days. If you need the translated copy sooner than 48 hours, most companies and individual translators will offer a "rush" option for translation but beware, this can come with a hefty increase in fees and some places will charge up to double to have it done on short notice.
The best bet is to plan ahead and budget plenty of time when filing for a drivers license or other important documentation. This will make the process of obtaining a translated birth certificate, filing the paperwork with the government agency, and correcting any mistakes that may have occurred, a lot easier.
An irrevocable trust is a trust which, once set up, cannot be changed or canceled without first getting the permission of the beneficiary. The grantor may not withdraw contributions from the trust. There are certain tax advantages accruing when the trust is irrevocable. Using this type of trust a person is allowed to give away his or her assets or money even before death, which is not possible in the case of a revocable trust. Thus, an irrevocable trust is a trust that becomes permanent after being established and may not have changes made to it or be revoked once formed.
There arrangement must be set up per the grantor's wishes. In establishing the arrangement for estate planning purposes, the goal of the trust would be to minimize federal estate tax. If passing on real estate or other property, the grantor will be giving away the property to the beneficiary permanently. This would mean that the grantor no longer owns the property and so it does not qualify as part of the total estate and no federal estate taxes need to be paid. In the event the grantor takes out a life insurance to pay for the federal estate taxes, this may then be the only asset of the trust and it would be possible for the policy to be separate from the grantor's estate and not subject to taxation.
The most ideal situation is one where the trust is formed prior to taking out a life insurance policy. The trust is named as the owner and beneficiary of the life insurance policy. The trust purchases the policy instead of the estate owner. This makes it separate from the estate of the grantor and therefore not subject to federal estate taxes.
A typical irrevocable trust agreement will have the following components:
* Date, name & address of the grantor and name & address of the trustee
* Agree to transfer of trust
* Disposal of principal and income
* Any additions to the trust
* Compensation paid to trustee
* Successor trustees
* Laws that govern trust
* Witness
* Signatures of grantor, successor trustees, trustees
* Notarization
For the purpose of taxation, an irrevocable trust is a taxable entity quite unique and different from the grantor. If a grantor places his or her assets into an irrevocable trust before his death, the assets no longer form a part of the estate of the grantor and so do not qualify for consideration as part of the grantor's estate.
In case an estate or irrevocable trust does not have a FEIN (federal employer identification number), then there is no need to enter the decedent's or trustees social security number in the identification number entry on Form 593-B.
A well created and carefully drafted agreement is necessary because once drawn up, it cannot be changed without the approval of the beneficiaries. An irrevocable trust is very frequently used for charity, especially by organizations or by millionaires (high net worth people) for managing inheritances. A trust may also be the central cog for institutions founded by individuals or groups, existing for the sole purpose of ensuring long-term financial feasibility of the beneficiary.