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Blind trusts are designed so that the beneficiary cannot control the management of, or see the value of the corpus within the trust. Often, in the case of public servants, or other individuals with notable fiduciary responsibility, assets are placed into a blind trust wherein they are the grantor and the beneficiary so their decisions are not ...
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Private and public trusts: A private trust has one or more particular individuals as its beneficiary. By contrast, a public trust (also called a charitable trust) has some charitable end as its beneficiary. To qualify as a charitable trust, the trust must have as its object certain purposes such as alleviating poverty, providing education ...
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice Hartnett of the Delaware ...
A family trust is an estate planning tool that can preserve your family's wealth across generations. Here's how they work and how to set one up.
Family trusts are meant to live beyond the grantor's life. A family trust has an extended lifespan that enables it to distribute assets based on designated milestones (ie., marriage, having children).
More recently, Kentucky adopted an optional community property system in 2020, allowing residents and non-residents to establish community property trusts. [4] Finally, Florida adopted a similar law in 2021, allowing citizens and noncitizens to establish community property trusts. [5]
Residence trusts in the United States are used to transfer a grantor's residence out of the grantor's estate at a low gift tax value. Once the trust is funded with the grantor's residence, the residence and any future appreciation of the residence are excluded from the grantor's estate, if the grantor survives the term of the trust, as explained below.
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