Trusts
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qualified terminable interest trust
used when you want to ensure that money goes to particular people
funds may be subjeect to an estate tax
usually divorce
Irrevocable life insurance trust
can remove life insurance from taxable estate
tax free to kids
can't change beneficiary
can't borrow against it
Qualified personal residence trust
give your home as a gift to your family
keep it for a period of years - longer the term the less value the gift has
must outlive the term otherwise it is taxed at full market value
Generation skipping trust
transfer funds to anyone two generations less than you
your kids can be trustee's and spend for their kids benefit
if you go over the amount - unlikely then you will get a large tax
credit shelter trust - bypass trust
gives money to your spouse - can use both your exclusions
exclusion can be lost if spouse re-marries
Revocable trust
does not decrease your estate
you own it
you can change it as much as you want
asset protection trust
charitable trust
need a charitable purpose
can exist forever
special needs trust
if someone is disabled
spendthrisft
if somoene is bad with money
totten Trust
take title to property - in trust for; payable on death to; as trustee for
qualified terminable interest trust
used when you want to ensure that money goes to particular people
funds may be subjeect to an estate tax
usually divorce
Irrevocable life insurance trust
can remove life insurance from taxable estate
tax free to kids
can't change beneficiary
can't borrow against it
Qualified personal residence trust
give your home as a gift to your family
keep it for a period of years - longer the term the less value the gift has
must outlive the term otherwise it is taxed at full market value
Generation skipping trust
transfer funds to anyone two generations less than you
your kids can be trustee's and spend for their kids benefit
if you go over the amount - unlikely then you will get a large tax
credit shelter trust - bypass trust
gives money to your spouse - can use both your exclusions
exclusion can be lost if spouse re-marries
Revocable trust
does not decrease your estate
you own it
you can change it as much as you want
asset protection trust
charitable trust
need a charitable purpose
can exist forever
special needs trust
if someone is disabled
spendthrisft
if somoene is bad with money
totten Trust
take title to property - in trust for; payable on death to; as trustee for