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A residuary estate, in the law of wills, is any portion of the testator's estate that is not specifically devised to someone in the will, or any property that is part of such a specific devise that fails. [1] It is also known as a residual estate or simply residue.
A general power of appointment is a key element of a type of marital deduction tax law as prescribed in Internal Revenue Code §2056(b)(5). It is a trust that qualifies for the marital deduction, provided that the surviving spouse is given the income at least annually and the surviving spouse has a general power of appointment over the trust ...
Allows marital deduction to be taken advantage of. Special Needs Trust: A trust designed to provide for the care of someone who has a disability or is otherwise unable to care for themselves. Can help in the avoidance of estate tax and ease the transfer of assets at the time of the death. Blind Trust
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Preparing for the future is always wise in terms of protecting your assets, but setting up a living trust vs. a will can be time-consuming and costly when you factor in fees for legal advice or ...
Trusts can be a useful estate planning tool for couples, including those who are getting married for a second time. A marital trust, for example, goes into effect when the first spouse dies. This ...
The trust instrument must be either in existence at the time when the will with the pour-over clause is executed, or executed concurrently with the will to be a valid pour-over gift. However, the trust need not be funded inter vivos. The pour-over clause protects property not previously placed in a trust by pouring it into the previously ...
An AB trust is a legal arrangement for married couples that can minimize estate taxes by splitting assets between two separate trusts when one spouse dies. While a federal provision that went into ...
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