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5. Distribution during the grantor's lifetime. Living trusts can also distribute assets during the grantor's lifetime. In some cases, such as the Medicaid trust, that can be for the grantor's benefit.
The grantor can add or remove beneficiaries, add or remove assets from the trust or terminate the trust completely. Once the grantor dies, the trust then becomes set in stone and can no longer be ...
A living trust can distribute assets to anyone who is named as a beneficiary when the grantor dies. Living trust beneficiaries can include family, friends, charities, alma maters, pets and others.
The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
A living trust is a legal document that directs the transfer of ownership of your assets to a trust, from which a trustee distributes them according to your instructions after your death. Also ...
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
Image source: Getty Images. Putting a living trust in place can be costlier and more time-consuming than a typical will. But there's a good reason to make that investment.