trusts

(Wex page)

The failure of a bequest from a will because the property is no longer in the estate. For example, if the decedent leaves "My car to my niece", but owns no car at the time of death.

What the beneficiary actually receives in these situations...

(Wex page)

A trust fund in which the trustee controls the trust corpus, until the beneficiary reaches a certain age (as stated in the trust). When the beneficiary reaches said age, the trust funds will be transfered to the beneficiary.

(Wex page)

A form of bypass trust limited to an amount no larger than the personal federal estate tax exemption for the year of death; the personal exemption protects this property from the estate tax. Additional property is directed to the surviving spouse,...

(Wex page)

See Pot Trust

(Wex page)

See Nondiscretionary Trust

(Wex page)

A bypass trust funded with an amount limited by the federal estate tax exemption for the year of death.

(Wex page)

The transfer of property into a trust.

(Wex page)

A form of trust designed to minimize estate taxes in which the property is transferred from an individual to their grandchildren, skipping over the children (and thus avoiding the transfer taxes that would occur when the property moved from the...

(Wex page)

A form of Grantor-Retained Trust, the Grantor-Retained Income Trust (commonly referred to as GRIT) is set up when a donor makes a donation to a trust. During the fixed period of time, the donor will receive income payments. At the end of the time the...

(Wex page)

These are irrevocable trusts that reduce estate taxes. With each, income from the trust propriety is kept for a fixed period of years, and then the property is transferred to a beneficiary. These trusts are for wealthy people who are prepared to give...

Pages