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Credit - Luiz C. Ribeiro—Daily News, L.P. W hen Christin Carter found out she was becoming a mother in 2002, she decided it was time to buy a home. While many families make the same calculation ...
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.
For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the ...
These trusts are known as Domestic Asset Protection Trusts (DAPTs). Usually, a DAPT must comply with the following requirements: the trust must be irrevocable and spendthrift; at least one resident trustee must be appointed; some administration of the trust must be conducted in respective state; the settlor cannot act as a trustee. [citation ...
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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 ...