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Upon the grantor’s death, a revocable trust becomes irrevocable and cannot be changed by the trustee or any other party. Irrevocable trusts cannot be changed easily by any party, including the ...
The Internal Revenue Code does not consider the assets in the first spouse's trust includible in the surviving spouse's estate at death for estate tax purposes, because the spouse's rights to the principal of the "credit shelter" trust do not constitute full ownership of the trust assets.
However, a revocable trust can provide language to create sub-trusts upon the death of a grantor (e.g. credit shelter or other irrevocable trusts) that can preserve or reduce future estate tax ...
[2] [3] A testamentary trust is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the ...
Estate planning is a crucial part of any holistic financial plan. As a financial advisor, you could direct your clients to an estate planning attorney for guidance in this area, but while ...
Trust B receives the other portion of the original trust's property in a manner that minimizes taxation, which necessarily prevents it from being accessible to the surviving spouse during his or her life. This trust is meant to pass on property to heirs, usually the spouse's children, on death of the remaining spouse, but in a way that ...