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However, a revocable trust can provide language to create sub-trusts upon the death of a grantor (e.g. credit shelter or other irrevocable trusts) that can preserve or reduce future estate tax ...
Successor Trustee: A second person who can take over for the trustee if the trustee is incapable of fulfilling the duties or has died There are two kinds of living trusts: revocable and irrevocable.
The Code permits the use of such third parties to amend or alter even an irrevocable trust. [17] The trustee is to act in accordance with such powers unless "the attempted exercise is manifestly contrary to the terms of the trust or the trustee knows the attempted exercise would constitute a serious breach of a fiduciary duty that the person ...
There are four types of trusts that might suit your needs: irrevocable trusts, revocable trusts, testamentary trusts and living trusts. Living trusts and revocable trusts can be established while ...
Chart of a trust. Trustees [2] have certain duties (some of which are fiduciary). These include the duty to: Carry out the expressed terms of the trust instrument. [3] Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the ...
Inter vivos trust (or 'living trust'): A settlor who is living at the time the trust is established creates an inter vivos trust. Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in ...
As the grantor, you will designate the trustees who have a fiduciary duty to manage the trusts’ assets in accordance with the terms and guidelines of the trust itself. One of the trustee’s ...
Estate planning is a crucial part of any holistic financial plan. As a financial advisor, you could direct your clients to an estate planning attorney for guidance in this area, but while ...
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