revocable trust. not Retirement It does not Plans. With avoid estate general tax--not assignment, anymore than a you want to will, anyway. transfer land Does not to the trust provide asset before the protection. will because it will be bad trying to transfer title to trust later. It cannot be Can create SAME, but Corporate Whenever the terms of the trust revoked by the during life or no general or dictate. Some are settlor. Perhaps upon your Individual you are making death. Inter . serving as trusts. a gift to Vivos or trustee. somebody, but Corporate when you do is not want them expensive, to receive that but gift all at once. There are also can be tax reasons. idiots. There are asset protection reasons. Settlor should not be trustee or beneficiary. Assorted Vocabulary Codicil: Amendment to a will Community Property with Right of Survivorship CPWRS: Community property passes to surviving spouse Principal: lump sum you begin with, the trust estate or the corpus res Income: Dividends generated from stocks and bonds Income Beneficiary: Guy who gets paid money from trust Remainder Beneficiary: Guy who gets trust after a death Trustee gets about 1% of trust’s assets each year. Mandatory distribution: Trustee must pay out
revocable trust. It does not avoid estate tax--not anymore than a will, anyway. Does not provide asset protection. not Retirement Plans. With general assignment, you want to transfer land to the trust before the will because it will be bad trying to transfer title to trust later. It cannot be revoked by the settlor. Perhaps you are making a gift to somebody, but when you do not want them to receive that gift all at once. There are also tax reasons. There are asset protection reasons. Settlor should not be trustee or beneficiary. Can create during life or upon your death. Inter Vivos or SAME, but no general Corporate or Individual serving as trustee. Corporate is expensive, but can be idiots. Whenever the terms of the trust dictate. Some are trusts. Assorted Vocabulary Codicil: Amendment to a will Community Property with Right of Survivorship CPWRS: Community property passes to surviving spouse Principal: lump sum you begin with, the trust estate or the corpus res Income: Dividends generated from stocks and bonds Income Beneficiary: Guy who gets paid money from trust Remainder Beneficiary: Guy who gets trust after a death Trustee gets about 1% of trust’s assets each year. Mandatory distribution: Trustee must pay out .
Wills_and_Estates.docx