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Asset-protection trust: The concept of an asset-protection trust encompasses any form of trust that provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts may be proscribed or limited in their effect by ...
A trust that cannot be modified or dissolved without the consent of the beneficiary. The grantor effectively relinquishes all rights to any assets put into the trust. Assets are removed from the grantor's taxable estate. The grantor is also relieved of any tax liability from income generated by assets that are placed into the trust.
A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.
A trust can also determine how your assets are distributed at death. However, it does not always require that you pass away to go into effect. Instead, a trust takes effect when you transfer ...
A trust lets you determine when and to what extent your kids and other heirs will get access to your financial resources. For instance, in most states, children can take control of assets that ...
The asset-protection trust is a trust that splits the beneficial enjoyment of trust assets from their legal ownership. The beneficiaries of a trust are the beneficial owners of equitable interests in the trust assets, but they do not hold legal title to the assets.
If you use these to pay monthly bills, you may run into financial complications unless you’re the trustee and granted full control of trust assets. There's a much easier route to take: Keep ...
A trust created by an individual for his or her own benefit is sometimes called a "self-settled trust", and may be a kind of asset-protection trust. If the creator of a self-settled trust is also a beneficiary of the trust, particular problems arise regarding the protection of assets from creditors, and the prevention of fraud, that is, the ...