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 ?
He describes living trusts, probate, and estate taxes; issues like second marriages, single people, disinheriting a child, and same-sex couples; common questions related to topics like gift taxes, real estate, wills, and trust property; types of trusts; the tax-saving AB trust; choosing property to put in the trust; trustees; choosing beneficiaries; property left to minor children or young adults; preparing the living trust document; transferring property from the trust; copying, storing, and registering the document; amending the trust; what happens after a grantor dies; other aspects of an estate plan; and wills.
Critique: Enhanced with a profusion of charts, examples, and checklists, including a Personal and Financial Organizer that will help you prepare to meet with your attorney, "Understanding Living Trusts " has the added benefit of saving you considerable time and money by avoiding the necessity to have an attorney.
Client couples who are considering establishing a living trust should know what their options are, and to those with existing shared living trusts may also appreciate hearing about the benefits of a shared trust.
Living trusts have been promoted as a means to bypass probate at your death.
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.
Living trusts are powerful estate planning tools that can help many people.
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.