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Beneficiary

What is a beneficiary?

A beneficiary is a person or entity who receives income or assets from a trust, estate, retirement fund or life insurance fund.

In a trust, income distributed to beneficiaries is usually taxed in the hands of the beneficiary, not the trust (based on the “conduit principle”).

In the case of an estate, the estate pays tax before the inheritance is passed on, so the beneficiary usually does not pay extra tax.


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