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.

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A living trust or durable power of attorney may give the child the authority to handle the parent's tax matters, but the IRS is not a party to the trust or POA.

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However, living trusts are likely to be considerably more expensive than normal wills.

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It's also possible for a married couple to create both a shared living trust for the communally owned property as well as separate trusts for their individual property.

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Example 3: When Beth creates her living trust, she names her son Rick as successor trustee.

Pros and cons of living trusts

Living trusts are established by a person called the grantor or settler and take effect during that person's life.

Trusting in trusts

Howard Marshall II made his revocable living trust irrevocable.

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However, they should generally be viewed as a supplement to--and not a substitute for--a living trust.

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Bennett, the founder for the National Center for the Avoidance of Probate, has assembled this guide on how to create a living trust to avoid probate after you have died.

How to avoid probate by creating a living trust; a simple yet complete guide, rev. ed

THE ADVICE: Draft and execute a will, revocable living trust, and durable power of attorney for healthcare.

Sowing seeds for financial freedom: our experts helped financial fitness contest winners grow their assets

Chapters address why an estate plan is necessary, how to select, prepare for and sign a will, preparing and changing a living trust, preparing a designation of primary physician, organ donation form, or quitclaim deed, and much more.

Estate Planning Simplified

Sales pitches also are used by promoters of estate planning services, such as living trust seminars, or the ever-growing number of firms and advisers that are pitching a particular estate or other tax planning techniques, such as the private annuity trust, which is a hot trend.

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In 2005, Ventas initiated a $1.2 billion deal to acquire Provident Senior Living Trust in part due to the CEO's rock-hard negotiating skills.