0
What else can I help you with?
What is the beneficiary in a trust?
the beneficiary in a trust is the person whom benefits from that which is held in trust.
What powers does an executor of an irrevocable trust have?
The power to execute the will of the Grantor for the uses and purposes and on the terms and conditions set forth within the Trust itself.
Is it possible for real estate to be held in a generation-skipping trust?
Absolutely. Get the help of a lawyer. Consider an irrevocable trust with beneficiary named as one option.
How is the debt held by the public different from the total public debt?
The debt held by the public refers to the portion of the total public debt that is held by individuals, corporations, and foreign governments. It represents the amount of money that the government owes to these entities. On the other hand, the total public debt includes both the debt held by the public and the debt held by government accounts, such as the Social Security Trust Fund.
What are the capital gains tax advantages to selling a primary residence held by a living trust if it is sold while the Trustee is still living?
The question is ambiguous, but generally, there is no particular advantage to capital gains for a trust v. an individual. It's still the same rate.
How long does a trustee have to notify beneficaries?
The timing for notifying beneficiaries can vary depending on the trust document, state laws, and the type of trust. However, trustees generally have a duty to inform beneficiaries about their interest in the trust within a reasonable time after the trust becomes irrevocable or upon the death of the trust creator. It is best to consult with an attorney familiar with trust administration to ensure compliance with relevant laws and the terms of the trust.
Who has the legal title of the property in a trust?
Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.Trust property.The title to the trust property is held by the trustee.
Can an irrevocable trust file bankruptcy without impacting the beneficiaries of the trust?
An irrevocable trust can only file under a Chapter 7-11-13 if is defined as a "business trust". If that hurdle is met then to extent that the assets of the trust are utilized in the plan or dissolution, will impact the beneficiaries. I don't know for sure but do not think the Court has any recourse to the beneficaries. -0-- Actually it depends... overall you should talk with a lawyer about the options. If there is criminal activity involved, a lawsuit could be done (bankruptcy or not) that could recoup (artificially) some of the losses. In general no, beneficaries might be out of luck if nothing was actually done wrong or illegal. Also depends on whether the trustee itself is liable or not, beyond the law.
Can a trust lend money to a beneficiary to buy a house even though the trust usually distributes income to the beneficiary at year end?
You need to review the terms of the trust. The instrument that created the trust sets forth all the powers of the trustee. You need to determine if the trustee has the power to loan money from the funds held in trust.
Is the power to tax a reserved power?
No, the power of tax is not held by the reserved powers, it is held by the concurrent powers.
What is the beneficiary in a trust?
the beneficiary in a trust is the person whom benefits from that which is held in trust.
Powers held by both national and state government are called?
Reserved Powers and Concurrent Powers
What different powers are held by the governments in the US?
Delegated powers Concurrent powers Reserved powers
Powers exclusively held by congress?
The powers that are exclusively held by congress include ability to change taxes, impeach the president and declare war. These powers are expressed by the constitution.
What other powers are held by an independent government?
Powers such as taxation & meetings
Who are Reserved Powers held by?
states
What are powers the US government holds because these powers have generally been held by national governments often called?
The powers the U.S. government holds due to the fact that these powers have generally been held by national governments, are referred to as inherent powers. Other kinds of powers are expressed powers and implied powers.
