Inter-Vivos Trust

(redirected from Inter-Vivos Trusts)

Inter-Vivos Trust

A trust into which the grantor deposits certain assets for the management by another party while the grantor is still living. That is, the inter-vivos trust is created and maintained before the grantor dies. Generally speaking, an inter-vivos trust exists to help avoid estate taxes after death and other taxes while still living. One may also set up an inter-vivos trust to facilitate long-term property management. It is also called a living trust.
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On the other hand, the legislation's revised "portability" eligibility allows the surviving spouse to use the remainder of the decedent's $5 million at a later time--and portability is automatically available to persons by making an election and filing an estate tax return in cases where, previously, a system of inter-vivos trusts and sub-trusts were needed to employ this feature.
7) This duty runs to the entire group of interested persons, including estate creditors as well as beneficiaries of the estate and any inter-vivos trusts created by the decedent.

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