What Is a Declaration Of Trust?

A declaration of trust is a document that establishes a trust. The document specifies the terms of the trust, including the trustees, the beneficiaries, and the assets. The declaration of trust can be used to create a variety of different types of trusts, including charitable trusts, living trusts, and irrevocable trusts. Does a declaration of … Read more

What Is Gifted Stock?

Gifted stock is stock that has been given by the owner to another person as a gift. The gifted stock may be given outright or it may be placed in a trust for the benefit of the recipient. The recipient will then have the right to sell the stock, hold onto it, or use it … Read more

Rabbi Trust Definition.

A rabbi trust is a trust created by a corporation for the benefit of its employees. The trust is named after the first person to use it, Rabbi Irving Kristol. A rabbi trust is used to hold assets for the benefit of employees. The assets in the trust are not considered part of the corporation’s … Read more

What Is an Account in Trust?

An account in trust is an account that is held by a trustee on behalf of a beneficiary. The trustee has a fiduciary duty to manage the account in the best interests of the beneficiary. The account may be used for the beneficiary’s benefit, but the trustee has discretion over how the funds are used. … Read more

What Is a Step-Up in Basis for Tax Purposes?

The term “step-up in basis” refers to the increase in the tax basis of an asset that occurs when the asset is inherited by a new owner. The new owner’s tax basis in the asset is equal to the fair market value of the asset at the time of the inheritance. This is important because … Read more

Trust Property Definition.

The term “trust property” refers to the assets that are held in a trust. The trust property can be real estate, cash, stocks, bonds, or other assets. The trust property is held by the trustee for the benefit of the beneficiaries. The trustee has a fiduciary duty to manage the trust property for the benefit … Read more

Understanding Reverse Morris Trusts (RMTs).

A Reverse Morris Trust (RMT) is a type of trust often used in estate planning. It is created by transferring property from an individual or corporation to a trust, with the trustee then distributing the property back to the individual or corporation after a specified period of time. The individual or corporation may also receive … Read more

Gift.

A gift is a voluntary transfer of property from one person to another without consideration. In order for a gift to be legally binding, it must be made with the intention of giving up ownership of the property. This can be done through a written contract or by making a physical transfer of the property. … Read more

Heir.

An heir is a person who is entitled to inherit property, titles, or offices upon the death of another person. What is the best way to leave money to a child? There are many ways to leave money to a child, and the best way depends on the child’s age, needs, and relationship with the … Read more