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Does the estate include assets that are deemed transferred via a grantor trust whereby both the decedent and surviving spouse are the grantors?
Wiki User
∙ 9y ago
No. Assets that were transferred to a valid trust are not included in the estate of the decedent.
Wiki User
∙ 9y ago
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Who is the Grantor in a testamentary trust?
The grantor is the person who declares the trust and then transfers property to the trustee. In a testamentary trust the decedent is the grantor. That person can also be called the testator.
At the conclusion of a GRAT what is the cost basis of the stock for the beneficiary grantors original cost or grantors cost on the date GRAT started or cost on the date of transfer to the beneficiary?
Cost basis is equal to cost basis of original grantor plus any gift tax paid (the same as if the beneficiary had received the stock directly as a gift)
What is the grantor of a trust?
The grantor of a trust is the owner of property who transfers that property to the trustee of the trust. The grantor no longer owns the property. Once transferred the property is owned by the trust and the trustee has the authority to manage the property according to the provisions of the trust.
When a grantor does not wish to convey certain property rights?
Those rights must be reserved by the grantor if the property is transferred to a new owner. This is often an issue in certain regions in cases involving mineral rights.
Explaining the Quitclaim Deed?
A quitclaim deed is a legal document that is used to transfer real property, such as homes, land, and roads, from one entity to another. The entity who is signing over the property to another is referred to as the grantor; the grantee is the entity that receives the property. Since quitclaim deeds do not make any guarantees to the grantees, they are very rarely used to transfer property that has been sold. Quitclaim deeds are most often used to transfer property between people who are familiar with each other, and they can also be used to transfer private property to a business. The quitclaim deed form is the document that must be filled out to create a quitclaim deed.What a Quitclaim Deed Form ContainsBefore property can be transferred from one owner to another, a written document must be created. Many quitclaim forms are created by lawyers, but some grantors create their own forms. A quitclaim deed should contain the names of the grantor and grantee, the date the document was created, a legal description of the property, and a habendum. The habendum describes the rights the grantee will receive. There may also be a consideration added to the quitclaim deed. When added to a quitclaim deed, a consideration describes what the grantee will give to the grantor in exchange for the property. In most states, a quitclaim deed form only has to be signed by the grantor and notarized; the grantee is not required to sign the document.After the Quitclaim Deed Form has Been SignedOnce the signed form has been transferred to the grantee, the deed to the property is considered transferred. The deed should be recorded in the county where the property is located.An issue that can arise from a quit claim deed is that the grantor may not have claim to the property that is being transferred. Quitclaim deeds make no assertions that the property being transferred is without debt or not owned by another party; they just transfer the title from the grantor to the grantee. If the grantor did not own the property that was transferred to the grantee, the grantee does not receive the property. In many states, the grantee will not be able to take legal action against the grantor.
How do you write a grant proposal to start a small business?
Your first challenge will be to find grantors willing to invest in your type/ style of business. Once you identify grantors, then you can solicit details for their requirements in order for you to qualify for their grant. Writing the grant proposal simply implies that you've done enough 'homework' about your business and your potential market, so that you can address all the questions and situations listed in the grant proposal form supplied to you by the grantor.
What does joint tenants with quitclaim covenants mean and do the heirs of the joint tenants have rights to the property?
First, a quitclaim deed transfers any interest in the property owned by the grantor in the deed. It does not guarantee that the grantor owns the property. Ownership must be confirmed by a title examination performed by a professional.When the grantees in the deed acquire as joint tenants that creates a special relationship between those grantees in the case of death. If one dies the surviving joint tenantautomatically becomes the sole owner of the property. The heirs of that decedent have no rights to the property.When that surviving joint tenant (who is now the sole owner) dies, the property will pass to their heirs according to the provisions in their Will or according to the laws of intestacy if they have no Will.
What if the grantor is deceased does the grantee sign as both on the recorder of deeds?
If the grantor is deceased the land can't be transferred unless the title was legally passed to a new owner through probate. You need to consult with an attorney who specializes in probate and real estate law.
In a divorce situation in Florida should both the husband and wife be grantors on a quit-claim deed when conveying the property to one of the spouses as grantee?
Only the spouse who will not be getting the property needs to be a grantor on the deed. In essence, one of the spouses is surrendering their share of the property over to the other.
What is a grantor?
A Grantor conveys whatever title the Grantor possesses in real estate to a grantee, the buyer. Grantor = seller.
How do I change the power of attorney in my Will?
If the property owner has directed that you sell the property the deed should be drafted in the owner's name as grantor. The attorney-in-fact signs the grantor's name on the deed. Under the signature line there should be a typewritten line that recites the grantors name "by Jane Smith as Attorney-in-fact". The deed must be accompanied by an affidavit executed by the AIF that states the POA is in effect and has not been revoked.
Joint Living Trust Funding Worksheet?
Get StartedIn addition to creating and signing a living trust document, assets must be transferred into the trust. A living trust only owns the assets that are actually transferred into the trust. Any assets that remain titled in the name of a grantor will be subject to potential probate administration at the death of that grantor. (The exceptions include assets which (a) are held jointly with another person with rights of survivorship, for example a home, (b) pass pursuant to "transfer-on-death" or "pay-on-death" designations, for example bank accounts, or (c) pass by beneficiary designation, for example retirement plans and life insurance.) Assets should be transferred from the grantor to the trust to achieve the result that the property is then legally owned by the trust. Then, upon the grantor's death, because the trust (as owner) survives the grantor's death, it is not necessary to use the probate system to effectuate a transfer of the assets to the grantor's beneficiaries. Instead, the (successor) trustee can distribute the assets in accordance with the trust provisions.Assets can be transferred to a living trust both at the time of the creation of the trust and also at later times. Separate transfer documents must be used for this purpose because the trust document itself does not contain any language of conveyance or any list of assets.This worksheet provides a convenient method to list all assets owned by the grantors. With each category of assets, explanatory information is provided with which to decide whether and how to transfer the asset into the living trust. For easy reference, that same information will be printed on the worksheet with the asset category. Further, each asset can be tagged to automatically be included on (a) a bill of transfer document, (b) a trust property schedule, and/or (c) a property ownership memorandum. These documents can then be printed and used for their intended purposes. They can also be saved and updated periodically as appropriate.
