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13 Cards in this Set
- Front
- Back
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What is a resulting trust? |
A resulting trust is based on the presumption that the person has a share in an asset |
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List some of the reasons of establishing and living trust? |
1. To mandate and protect assets. 2. To avoid disposition upon death. 3. To hold assets in privacy. |
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Can and inter-vivos trust be revocable? |
Yes, they can be either revocable or irrevocable |
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What is a constructive trust? |
A constructive trust may be formed when one person benefits at the expense of another |
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A non-binding declaration of settlers wishes is also referred as to what? |
Letter of wishes |
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Who is the settlor in a trust? |
The person or organization that is transferring the asset to another party |
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They are taxed as if they are a single trust. In other words, the income is added together in text. |
They are taxed as if they are a single trust. In other words, the income is added together in text. |
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A living trust= a trust establish when one is alive Testamentary trust = occurs at the time of death |
A living trust= a trust establish when one is alive Testamentary trust = occurs at the time of death |
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The primary difference between the two is that the advanced healthcare directive are more specific, whereas living wheels are more general in nature. |
The primary difference between the two is that the advanced healthcare directive are more specific, whereas living wheels are more general in nature. |
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What happens if I trust fails due to lack of beneficiaries? |
The trust property revert back to the settlor |
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Our attorney terminates upon the incapacity of the guarantor, unless very specific wording is used, making it an enduring power of attorney |
Our attorney terminates upon the incapacity of the guarantor, unless very specific wording is used, making it an enduring power of attorney |
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Living world and advance, healthcare, proactive provide instructions concerning the type of treatment of person, wishes to receive, or refuse, in an event of terminal, endless or incurable injury |
Living world and advance, healthcare, proactive provide instructions concerning the type of treatment of person, wishes to receive, or refuse, in an event of terminal, endless or incurable injury |
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On a trust, can a settler also be a beneficiary? |
Yes, the settler can also be a beneficiary The settler can also be the trustee The settler can be both the trustee and the beneficiary But the settler cannot be both trustee and a sole beneficiary |
