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August 29th, 2011

What is a Simple Trust?

(Estate Planners) - As far as the Internal Revenue Service is concerned, and for the purpose of taxation, there are two types of trusts, simple and complex. If a trust is classified as simple, this merely refers to how the trustee distributes income to the beneficiaries of the trust.

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August 8th, 2011

What is a Crummey Trust?

(Estate Planners) - Don’t let its name fool you; the Crummey trust is a very viable option in estate planning. The Crummey trust can be used to legally avoid the payment of estate or gift tax when transferring money or other assets to someone else. And as a bonus, the grantor (person establishing the Crummey trust) can still specify to a certain degree how the transferred money and assets are used.

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July 11th, 2011

What is a Statutory Will?

(Estate Planners) - One of the simplest wills is the statutory will. The statutory will is a standard legal form that a testator (person making a will) completes by filling in particular information and checking boxes. The statutory will is binding and considering legally valid in only a handful of states, so simply downloading and printing a statutory will form and then filling it out certainly gives no guarantees that it will ever be accepted in the jurisdiction where you live, unless you have checked to be sure that your state recognizes such a form.

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May 16th, 2011

What is a Resulting Trust?

(Estate Planners) - An arrangement where one individual holds property or assets for the benefit of another individual and that is implied by the courts in particular cases where an individual transfers property to another, giving the person legal title to it without the intention of the person having beneficial or equitable interest in the property is said to be a resulting trust.

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April 4th, 2011

What is a Spendthrift Trust?

(Estate Planners) - It is natural to worry about what will become of your children or other heirs when you pass away. After all, you’ve worked hard your entire life and built up your wealth. And now that it is time to consider how your estate will be passed on to your heirs, you may have concerns about its distribution. Hopefully, your heirs are well-grounded, successful and established people who are responsible.

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February 28th, 2011

What is a Charitable Remainder Unitrust with Net Income Make-up Provisions (“NIMCRUT”)?

(Estate Planners) - One estate planning tool that is viable for a number of different donors is the charitable remainder unitrust with net income make-up provisions. This type of trust will allow you to transfer assets to a charitable trust and then receive income from those assets for your lifetime, or for a period of years that you specify.

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January 17th, 2011

What is a Constructive Trust?

(Estate Planners) - One type of trust that no one wants to be involved in is the constructive trust. The constructive trust is basically a legal concept that has been created by the courts against someone who – through wrongdoing, fraud, or other unconscionable act, obtains or holds legal rights to property that he or she is not entitled to keep or enjoy.

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