Currently viewing the tag: "grantor"

In Trusts We Trust: Day 48

January 25, 2012 by admin

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 admin

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 admin

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 44

January 19, 2012 by admin

Qualified Personal Residence Trust (“QPRT”) A Qualified Personal Residence Trust places a grantor’s primary or secondary residence in a trust either for beneficiaries of the grantor’s choosing.  The trust could benefit any designated beneficiary, including but not limited to a spouse, children, grandchildren or any heirs, or for a foundation, religious organization, or charity. A […]

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In Trusts We Trust: Day 43

January 18, 2012 by admin

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 42

January 17, 2012 by admin

Public Trust A Public Trust is another name for a Charitable Trust. As the name implies, a Public Trust or Charitable Trust is an Irrevocable Trust established for charitable purposes.  This type of trust has one or more charitable beneficiaries, and may be set up during a donor’s life, or as a part of a […]

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In Trusts We Trust: Day 41

January 17, 2012 by admin

Private Trust Over the course of the past forty days we’ve covered trusts from the A/B Trusts to the Personal Injury Trusts and everything in between. Today we’re covering Private Trusts; these are Trusts created for the benefit of one or more private beneficiaries; they are not Trusts that are created for the benefit of […]

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In Trusts We Trust: Day 39

January 13, 2012 by admin

Offshore Trust Offshore Trusts are also known as Asset Protection Trusts. These trusts are quite popular among the rich because they shield assets from creditors, from litigation, from bankruptcy and from divorce.  Many have been known to use them for tax evasion as well. When a person is really committed to personal privacy and asset […]

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In Trusts We Trust: Day 38

January 11, 2012 by admin

Living Trusts If you were reading the blog a couple of weeks ago, you’ll remember we covered Inter Vivos Trusts.  The phrase “Inter Vivos” is Latin; it means “Between the living.”  In the estate-planning world, Inter Vivos is assigned to gifts that are given during the lifetime of the person giving the gift. Here in […]

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In Trusts We Trust: Day 37

January 10, 2012 by admin

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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