Currently viewing the tag: "beneficiaries"

In Trusts We Trust: Day 53

February 2, 2012 by

Tax By-Pass Trust Tax By-Pass Trusts are trusts that are irrevocable, meaning they can’t be changed once they are created, and the terms must be carried out.  In some cases where circumstances make carrying out the terms of the trust uneconomical or too difficult a court may step in to allow the terms to be […]

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In Trusts We Trust: Day 52

February 1, 2012 by

Standby Trust A Standby Trust is an investment plan created by the owner of the trust and carried out by the executor of the trust at the direction of the creator.  The trust is created during the lifetime of the creator and then is carried out per the creator’s directions at the time of his […]

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In Trusts We Trust: Day 48

January 25, 2012 by

Simple Trust A simple trust is a trust where the trustee’s only duty is to distribute the assets to the beneficiaries according to the terms of the trust.  Simple trusts are aptly named, because they are in fact simple trusts to deal with.  They do not include charitable gifts and they do not include assets […]

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In Trusts We Trust: Day 47

January 25, 2012 by

Revocable Trust A revocable trust is a trust that can be changed at any time or canceled if the grantor desires. They are also referred to as living trusts, or revocable living trusts.  If you decide to change or alter your revocable trust, you will need to do so through a trust amendment, where you […]

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In Trusts We Trust: Day 45

January 20, 2012 by

Qualified Terminable Interest Property Trust  (“QTIP Trust”) A Qualified Terminable Interest Property Trust—also known as a QTIP Trust—is a type of trust that enables the grantor to provide for a surviving spouse while still maintaining control of the way in which the trust’s assets are distributed once the surviving spouse passes away. The QTIP trust […]

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In Trusts We Trust: Day 43

January 18, 2012 by

Purpose Trust Like an Incentive Trust, in a Purpose Trust, assets can be held in trust for a particular purpose, like paying for a person’s education. What separates a Purpose Trust from any other type of Trust arrangement is that the beneficiaries must adhere to specific requirements set out by the grantor in order to […]

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In Trusts We Trust: Day 37

January 10, 2012 by

Incentive Trusts, Day Two What separates an Incentive Trust from any other type of Trust arrangement is that the beneficiaries must adhere to specific requirements set out by the grantor in order to receive assets from the trust.  In this type of trust, specific language is put into the Trust that incentivizes a beneficiary to […]

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In Trusts We Trust: Day 36

January 9, 2012 by

Incentive Trusts, Day One What separates an Incentive Trust from any other type of Trust arrangement is that the beneficiaries must adhere to specific requirements set out by the grantor in order to receive assets from the trust. Sure, like all Trusts, an Incentive Trust is a legally-binding legal tool in which a designated trustee […]

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In Trusts We Trust: Day 35

January 7, 2012 by

Life Insurance Trust A Life Insurance Trust is often chosen because it allows a grantor to exclude their life insurance from their taxable estate.  In addition, a Life Insurance Trust, can assist your heirs by providing them with an immediate influx of un-taxable cash, as well as helping to pay estate fees.  The proceeds from […]

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In Trusts We Trust: Day 34

January 6, 2012 by

Irrevocable Trust As you might guess from the name, an Irrevocable Trust is a legal instrument that cannot be altered, changed, modified or revoked after its original execution. In contrast to a Revocable Trust, which can be changed at will, an Irrevocable Trust is iron clad; once the grantor funds assets into the Trust, there […]

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