living trust

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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 ?
Irone Hass Revocable Living Trust, to Postles Annabelle; 1064 Fillmore St, Eugene; $177,000.
All the client's assets (such as life insurance, pension plan, IRA, and personal property) can be "poured over" into a revocable living trust. The trust serves as a unifying receptacle for the collection of assets from a variety of sources and makes it easier to coordinate life insurance with other sources of financial security.
In the typical revocable living trust, the client retains too many rights over the trust assets to put those assets beyond the reach of creditors.
Randy J Lodge Revocable Living Trust, to Berggren Marilyn E; 136 E 34Th Ave, Eugene; $315,000.
Often, however, attorneys have drafted wills or revocable living trusts for couples with formula provisions that, due to the estate tax repeal, may cause the decedent's estate to be distributed entirely to a trust that will benefit the spouse and the decedent's children.
The revocable living trust (RLT) is a will substitute that can accomplish many estate planning objectives.
A Revocable Living Trust (RLT) or a Special Needs Trust (SNT) may also be advised.
A living trust, also known as a Revocable Living Trust or a Family Trust, is a viable financial planning tool for anyone--not just the rich and famous.
Two months prior to her death, Ruth Kimbell created an FLP with her revocable living trust as its 99 percent partner and an LLC as its 1 percent partner.
After your death, the revocable living trust allows your property to be transferred--privately and outside of probate--to your named beneficiaries.
Revocable and irrevocable trusts are both "living," but the term living trust means a revocable living trust. "It's private, it's smooth--there's no court involvement--and it's quick," says Deborah Malkin, a Soquel, California-based estate lawyer.
One of the most frequent mistakes made with any strategy is to assume that certain vehicles are "must-haves." This issue provides an overview of the Revocable Living Trust, a strategy that may work for some, but isn't useful for everyone.