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Trusts & Estates is a wealth management journal published by Informa which covers trust law and estates.It was first published in 1904 (as a periodical called Trust Companies) under the direction of Christian A. Luhnow, who was the editor, publisher and owner of the magazine at the time.
Many trusts allow for additional deposits (cash, securities, real estate, etc.) at the direction of the settlor or others, provided the trustee is willing to accept those assets. It can even be funded after death by a "pour-over" provision in the grantor's last will, specifying his or her intent to transfer property from the estate to a trust.
The trust's income can, however, be taxed in the hands of either the trust or the beneficiary. A trust pays CGT at the rate of 20% (individuals pay 10%). Trusts do not pay deceased estate tax (although trusts may be required to pay back outstanding loans to a deceased estate, in which the loan amounts are taxable with deceased estate tax). [54]
The designation TEP after a member's name is the only widely recognised mark for professionals in the trust and estate administration industry. [ 3 ] [ 4 ] All STEP members are subject to a Code of Professional Conduct requiring them at all times to act with integrity and in a manner that inspires the confidence, respect and trust of their ...
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
The mission of the college is to maintain an association, international in scope, of lawyers skilled and experienced in the practice of trust and estate law and the related practice areas mentioned above, and to: serve as an educational source in those areas; study, improve and reform probate, trust, and tax laws, procedures, and professional responsibility; bring together qualified lawyers ...
The modern view is that where a beneficiary was intended to inherit part of the residuary estate who predeceases the testator, and that beneficiary is not covered by the anti-lapse statute, then that beneficiary's inheritance will return to the residuary estate, to be inherited by the other beneficiaries to whom the residue has been willed.
It is also known as a residual estate or simply residue. The will may identify the taker of the residuary estate through a residuary clause or residuary bequest . The person identified in such a clause is called the residuary taker , residuary beneficiary , residuary legatee , or residuary devisee . [ 2 ]
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