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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 22nd, 2011

What is a Grantor Trust?

(Estate Planners) - One type of grantor trust that is useful in estate planning is a grantor trust. This trust allows the grantor (the individual who establishes the trust) to have control over the trust assets and receive income that is created from the trust. The grantor trust is often called a living trust or a revocable trust.

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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 18th, 2011

What is a Grantor Retained Income Trust (“GRIT”)?

(Estate Planners) - A grantor retained income trust, which is also known by the acronym of GRIT, is a frequently used trust that can help to reduce the amount of estate tax that is due when a person passes away with a large estate. The Grantor retained income trust can also provide an income stream for the creator of the trust that provides a steady flow of money during their lifetimes while allowing their heirs to benefit from their wealth upon the trust creator’s death. Thus, the reason for the name, grantor retained income trust.

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