Inter-Vivos Trust

(redirected from Living 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.
References in periodicals archive ?
The Estate Plan's independent studies have shown there is more misinformation online regarding living trusts than correct information available for three primary reasons.
Chapters present basic information about living trusts and their advantages and disadvantages; how to make decisions about property distribution; common questions about living trusts; what types of trusts are needed by people in different life situations; property that can and that should not be put in the trust; trustees; how to choose beneficiaries; issues to consider when leaving property to minors; how to transfer different types of assets to the trusts; registering the trust; and preparing a backup will.
The Powers family purchased it for $340,000 in June 2002 from Richard and Patricia Elimon's namesake revocable living trusts.
For example, preprinted forms of living trusts are not valid in Louisiana because the Louisiana Trust Code requires that all trusts be in authentic act form.
Every year, many people have revocable living trusts drafted, but never properly funded.
The lawsuit, brought by the offices of Attorney General Bill Lockyer and Insurance Commissioner John Garamendi, contends that the defendants engaged in unlawful business practices, fraud and deception in a scheme to lure elderly Californians into buying living trusts they didn't really need.
The American Bar Association (Chicago, IL) has published The Funding of Living Trusts, a paperbound book that attempts to explain why a lawyer should supervise trust funding and the steps involved in transferring the ownership of a wide variety of assets from the client to the trust.
For the past several years I have been studying wills and living trusts.
More and more individuals are using living trusts to avoid probate court and transfer their property to named beneficiaries upon their death.
As a result, those with living trusts usually also have a will to direct any extra property into the trust.
For another, public acceptance of Living Trusts has been slow, and lawyers not specializing in estate planning tend to disregard Living Trusts altogether.