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In my experience, this would be considered, in layman's terms, a trust in which the grantor, when alive, created a discretionary trust, then the gantor died. Now, the trust is in the hands of the trustee appointed by the grantor, which makes it irrevocable. When the grantor was alive, it was revocable. Now, the complex part usually means that in any given tax period, the trust had distrubutions of principle of some sort. I hope this helps.
What else can I help you with?
What is a Complex Non Grantor Irrevocable Discretionary Trust?
In my experience, this would be considered, in layman's terms, a trust in which the grantor, when alive, created a discretionary trust, then the gantor died. Now, the trust is in the hands of the trustee appointed by the grantor, which makes it irrevocable. When the grantor was alive, it was revocable. Now, the complex part usually means that in any given tax period, the trust had distrubutions of principle of some sort. I hope this helps.
How can you tell if a trust is irrevocable?
Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.
Can a irrevocable trust become revocable if the only trust document is a will?
Trust law is one of the most complex areas of law. It depends on the instrument that creates the trust. You need to discuss this question with an attorney who specializes in trust law. Generally a trust set forth in a will is revocable by the testator during her life and irrevocable after her death.
What is the difference between credit shelter trust and irrevocable trust?
What is the difference between credit shelter trust and irrevocable trust?
If timber is sold on land in irrevocable trust should it go into the irrevocable trust account?
no
Can a testamentary trust be revocable?
No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.
How do you dissolve a irrevocable family trust?
Dissolving an irrevocable family trust typically requires court intervention, and the process can be complex and lengthy. It may involve demonstrating changed circumstances or fulfilling specific legal requirements for trust termination. Consulting with a trust attorney to explore your options and understand the potential consequences is essential.
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
Is there a settlor in an irrevocable trust?
if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do
Is a blind trust the same as an irrevocable trust?
No, a blind trust and an irrevocable trust are not the same. A blind trust is a specific type of trust where the trustee manages the assets without the beneficiary's knowledge of the holdings or transactions, often used to avoid conflicts of interest. An irrevocable trust, on the other hand, is a trust that cannot be altered or revoked by the grantor once established, meaning that the assets are permanently transferred out of the grantor's control. While a blind trust can be irrevocable, not all irrevocable trusts are blind.
Where can I get more information for an irrevocable trust?
You can get information on what a irrevocable trust is at the following sites I found for you to have a look at www.dummies.com/.../revocable-versus-irrevocable-trusts.htm ,en.wikipedia.org/wiki/Trust_law
Where is the form for the irrevocable trust Is the living trust the same as an irrevocable trust?
The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html
