A dynasty trust is a type of trust that is designed to last for multiple generations. The trust is typically set up so that thetrustee has the discretion to distribute the trust assets among the beneficiaries according to the terms of the trust. The trust can be structured so that it pays out income to … Read more
A qualified domestic trust (QDOT) is a special type of trust that is used to hold assets for the benefit of a non-U.S. citizen spouse. The QDOT must meet certain requirements in order to qualify for certain tax benefits, such as the deferral of estate taxes. A QDOT can be used to hold any type … Read more
A remainderman is the person who is entitled to receive the property that is left in a trust after the death of the trust’s primary beneficiary. The primary beneficiary is the person who is entitled to receive the income from the trust during their lifetime. Are remainderman beneficiaries? A remainderman beneficiary is someone who is … Read more
A living trust is a legal document that establishes a trust fund to hold assets for the benefit of specified beneficiaries. The person who creates the trust, known as the grantor, can name themselves as the trustee, or they can appoint someone else to manage the trust. The trustee has a fiduciary duty to manage … Read more
Escheat is the process by which property or assets that have been abandoned by their owner are transferred to the state. This usually happens when the owner dies without any heirs or when the owner cannot be located. The state then becomes the owner of the property or assets and is responsible for their management … Read more
A trust receipt is a document used in trust and estate planning. It is used to transfer assets from one party to another, while retaining some control over the assets by the first party. The first party is typically the trustee, who holds the assets on behalf of the second party, the beneficiary. The trust … Read more
A trust is a legal arrangement in which one person, called the trustor, gives property to another person, called the trustee, to hold for the benefit of a third person, called the beneficiary. The trustee has a legal duty to manage the trust property for the benefit of the beneficiary, and the beneficiary has a … Read more
A trustor is an individual who creates a trust. The trustor transfers legal title of property to a trustee, who then manages the property for the benefit of a third party, known as the beneficiary. How do you tell if a trust is a grantor trust? The main difference between a grantor trust and a … Read more
A charitable remainder trust is an irrevocable trust that provides income to one or more non-charitable beneficiaries for a period of time, after which the trust’s assets are distributed to one or more charitable beneficiaries. The most common type of charitable remainder trust is the charitable remainder annuity trust, which pays a fixed annuity to … Read more
A conservatorship is a legal proceeding in which the court appoints a person to manage the financial affairs of another person who is unable to do so. The conservator is typically a family member, friend, or professional fiduciary. The conservatorship proceeding is initiated by the filing of a petition with the court. The court will … Read more
