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If a trust is part of your estate plan, your assets will need to be transferred into it at some point. Most of the time, this is a fairly simple process that requires nothing more than listing the ...
A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property that the owner holds identifiable property as trustee; or (3) exercise of a power of appointment in favor of a trustee. [76]
A Smartly Written Trust Is the Key To Transferring Property. You can leave property to your heirs in a will, but then the inheritance will go through a potentially long and costly legal process ...
Standby Trust (or 'Pourover Trust)': The trust is empty at creation during life and the will transfers the property into the trust at death. This is a statutory trust. Statutory Business Trust: A trust created pursuant to a state's business trust statute used primarily for commercial purposes.
A resulting trust is an implied trust that comes into existence by operation of law, where property is transferred to someone who pays nothing for it; and then is implied to hold the property for the benefit of another person. The trust property is said to "result" or revert to the transferor (as an implied settlor).
The post The Tax Consequences of Transferring Stock to a Trust appeared first on SmartReads by SmartAsset. There are significant tax implications associated with this strategic decision that you ...