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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 ...
Revocable vs. Irrevocable Trusts. Revocable trusts, as the name implies, can be altered or canceled the creator (grantor) of the trust at any time up until the person’s death. The grantor can ...
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 ...
Inter vivos trust (or 'living trust'): A settlor who is living at the time the trust is established creates an inter vivos trust. Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in ...
This may even include situations where there may be a conflict in the grantor's direction and the actual terms of the trust. [15] In an irrevocable trust, there has developed a growing use of a so-called trust protector. This is generally an unaffiliated, third party (often a lawyer or an accountant) who is granted the power to amend or change ...
Insurance trust: In this kind of irrevocable trust, a life insurance policy is an asset. The trustee becomes the holder of the policy and upon the trustor’s death, pays all necessary taxes on ...