living trust

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Related to living trust: living will, Irrevocable trust

Living trust

A trust that an individual establishes during the individual's lifetime, enabling the person to control the assets contributed to the trust. Also known as an inter vivos trust.

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.

living trust

A trust created for the trustor and administered by another party during the trustor's lifetime. The living trust may be formed because the trustor is either incapable of managing or unwilling to manage his or her assets. The trust can be revocable or irrevocable, depending upon the trustor's wishes. Also called inter vivos trust.

living trust

A trust that goes into effect during the lifetime of the person who created it,called the settlor.Contrast with a will that goes into effect after the settlor's death,called a “testamentary trust.” See inter vivos trust.

References in periodicals archive ?
The broker's "speculative trading in the Living Trust was reckless and Respondent's failure to supervise was grossly negligent," the claim contends.
These living trusts are also legal arrangements that transfer assets--from real estate to jewels to cash--from one person to another for the benefit of a third.
For example, George Roberts transfers an apartment building to a revocable living trust, the income from which is paid to his niece.
Establishing a revocable living trust, which is sometimes called a revocable trust or living trust, is more involved than creating a traditional will, though.
After consumers agreed to purchase the revocable living trust plans, the defendants then persuaded them to exchange or convert their investments for various types of annuity contracts, even if that move had a negative financial impact or tax consequence, the suit alleged.
Property that is excluded includes that held in joint tenancy with right of survivorship, or tenancy by the entirety, your spouse's one half of the community property, property held in a living trust and life insurance and retirement plan proceeds.
Alternatively, the grantor may execute a will to distribute assets not in the trust and name the trustee of the living trust as the will's executor.
Post, Chief Operating Officer, Provident Senior Living Trust, +1-609-720-0825 x-101
If an individual is going to name a charity as a beneficiary, he should name the charity directly rather than naming his estate as the beneficiary and providing for the charity in his will or living trust.
A living trust directs how your assets and affairs are to be managed according to your wishes.
It may be appropriate to create one funded revocable living trust for the law firm partner and another one of these trusts for the less vulnerable spouse.
18 million more than two years ago from The Leung Living Trust, led by Yuen and Amelia Leung.