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What is an inter vivos trust called?
Inter Vivos Trusts. Also known as a living trust, an inter vivos (sometimes written with a hyphen or as ‘intervivos’) trust is created for the purpose of estate planning while an individual is still living.
How to use an inter vivos trust to increase tax efficiency?
Here are two of the ways you can use an inter vivos trust to increase tax efficiency: Place assets in trust for yourself: Dr. Lemieux 3 is nearing his 75th birthday. He has a significant amount in a non-registered investment portfolio, which he is finding more and more difficult to manage.
Are the terms of an irrevocable living trust permanent?
The terms of an irrevocable living trust are for the most part considered permanent. Irrevocable living trusts are commonly used for tax purposes, and for setting aside assets according to a court order, or a settlement. This guarantees the trustor cannot take those assets back.
What are the objectives of a living trust?
The objective of this type of trust is usually to provide an income for the beneficiaries; to provide funds for the housing, care, maintenance, education, general welfare, recuperation, health, entertainment or pleasure, or the advancement of the life of any beneficiary.
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What is a living trust called?
n. a trust created by a writing (declaration of trust) which commences at that time, while the creator (called a trustor or settlor) is alive, sometimes called a “living trust.”
Who are the parties to a revocable living trust?
A living trust is typically established as a revocable trust and essentially becomes an irrevocable trust after the death of the trustor. Establishing an Inter-Vivos Trust In establishing a trust, the grantor names the trust parties, which include the grantors, typically the husband and wife; the beneficiaries; and the trustee.
What is an irrevocable living trust?
An irrevocable living trust is a trust document that cannot be changed after it has been signed. Designated trustees, beneficiaries or provisions within the trust remain the same from the time the trust is established until it is no longer applicable or no longer funded. 1