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7 Cards in this Set
- Front
- Back
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power of appointment 4 types
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general, special, Release of power, Lapse of Power
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general power
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no restrictions of donor’s choice of appointees
grants the holder of the power very broad power w/out restrictions to appoint assets |
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Special Power
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Restricts the power holders choice of appointees. ( not herself) It is limited by an ascertainable standard relating to HEMS
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Release of power
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Formal statement that donee is giving up power
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Lapse of Power
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Termination of power w/out doing anything. Inaction caused the time period to exercise the power to expire or hasn’t met the condition to enable him to exercise the power
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revocable trust
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can change anytime but assets still in your name so no protection from creditors if you are sued
avoid probate so your privacy is protected from heirs - becomes irrevocable when trustmaker dies |
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irrevocable trust
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not changeable- person no longer owns assets when put in trust so not taxable when person dies and protected form creditors..
types are Life insurance trusts, AB trusts |
