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A revocable trust, also referred to as a living trust, can allow you to manage your assets during your lifetime while providing specific instructions for how they should be managed after you’re ...
I’ve heard that putting the house in a trust is a better plan than making a will and doing a “transfer on death,” because it allows you to avoid probate as well as protects the house from ...
The post Living Trust vs. Will in California: Differences and How to Choose appeared. Today’s choices shape the future for children, great-grandchildren and future descendants. For Californians ...
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
The trustees should administer the trust for the sole benefit of the beneficiaries, against all others who might seek to benefit or profit from trust assets. [54] The first cardinal principle is that the trustee should not personally profit from any transactions that occur with respect to trust property.
The donor may sometimes claim a charitable income tax deduction or a gift/estate tax deduction for making a lead trust gift, depending on the type of charitable lead trust. Generally, a non-grantor lead trust does not generate a current income tax deduction, but it eliminates the asset (or part of the asset's value) from the donor's estate. [19]
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