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A living trust is an excellent way to manage your money and help protect your family and your wealth, both now and in the future. Unlike a will, which goes into effect only upon your death, a you can manage a living trust during your lifetime. If you create an irrevocable trust you may benefit from tax advantages, but will have a hard time making changes to the living trust should you rethink your estate plan.
→ Read MoreA QPRT, qualified personal residence trust, is a form of grantor retained income trust. The purpose of this type of trust is to place assets into an irrevocable trust and only grant the income from the trust to the trustor. The actual asset in the trust will eventually pass to a listed beneficiary such as a child or grandchild. The advantage to a QPRT is that it freezes the value of the asset in the trust allowing it to pass with fewer tax consequences for the beneficiary.
→ Read MoreThe term fixed trust is commonly used to refer to two different types of trusts. The first type of fixed trust is an actual form of trust with very specific instructions for the trustee. The second type of fixed trust can also be referred to as a fixed investment trust, a type of mutual fund.
→ Read MoreA Totten trust is not actually a type of trust at all. In fact, it is a type of payable on death account that is payable to another after the demise of the account owner. The Totten trust earned its name from a landmark case in which the court found in favor of the named person on the account over the actual family of the deceased person. Not all states recognize the Totten trust, so it is always best to speak with an attorney before using this method for your estate planning.
→ Read MoreA trust is a entity frequently used in estate planning to help a person distribute property or provide for a loved one after they have passed away. Setting up a trust has multiple benefits and is done for many different reasons.
→ Read MoreA revocable living trust is created for the purpose of avoiding probate proceedings. Revocable living trusts remain in the control of the trustor during their entire life and can be canceled (revoked) at any time.
→ Read MoreAssets in a dynasty trust are continuously manged and disbursed without being transferred to a specific beneficiary. A dynasty trust allows successively younger individuals, usually family members, access to the assets of the trust without fully disbursing the funds. As the trust earns income, their children, grandchildren, and other descendants can draw upon the assets according to the terms of the dynasty trust.
→ Read MoreTrust beneficiaries have certain rights under the law, including the right to written reports of the administration of the trust and accountings of the trust from the trustee. Read on for more information about the rights of trust beneficiaries.
→ Read MoreHow long it takes to settle a trust after the creator or grantor dies depends on what needs to be done. It usually takes a few months, but it could take much longer. If the trustee has to value and sell numerous assets, if creditors have made demands on the trust, or if there is a complicated tax situation, the process can take some time.
→ Read MoreAn irrevocable trust is one that can not be changed or terminated after it has been established. The person creating the trust no longer has rights in use of funds or assets of the trust. Irrevocable trusts are generally used for tax purposes. This article will explain more about uses of irrevocable trusts, how they are different from revocable trusts, and when and how to set one up.
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