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When a donor makes a gift in trust, the donee is typically the beneficiary of that trust. This is the individual or entity designated to receive the benefits or assets held within the trust according to the terms set by the donor. In some cases, the donor may also serve as the donee if they retain certain rights or benefits from the trust during their lifetime.
What else can I help you with?
When a doner makes a Gift in Trust who is the donee?
the trustee
Is the trustee of an irrevocable trust responsible for reporting partial surrender as income to be taxed?
Income to the trust or income to the donor of the trust? If the donor of the trust is taking income from it, this may be considered an incidence of ownership, violating the irrevocable nature of the trust. Ouch. This is potentially a very technical question and may require outside help. You may want to seek the help of a corporate trustee, or use a service from ours.
What is a charitable trust?
A charitable trust is a trust set up to benefit a charity. The donor can receive income from the trust until their death and remaining funds go to the charity
What exactly is a charitable remainder annuity trust?
A charitable remainder annuity trust is a Planned Giving vehicle that entails a donor placing a major gift of cash or property into a trust. The trust then pays a fixed amount to the donors specified beneficiary.
Can irrevocable trust be sued?
You can sue an irrevocable trust in any court as long as the claim is against the trust itself and not the individuals involved in the trust. A trust is considered a legal entity and property owned by it is subject to the trust's debts. The fact that it is a trust as opposed to a person or company makes no difference.
If my husband passes away and we have set up a family trust can i sell our home if he dies to downsize or is it a part of the trust?
In order to become trust property any real estate must be transferred to the trust by its owner who is called the donor. Once the property is transferred it can only be managed by the trustee under the provisions set forth in the trust instrument. It is no longer the property of the donor. Transferring property to a trust is a big step and you should consult an attorney in your area who specializes in trust and real estate law to draft the necessary documents for you. The attorney can answer any questions and explain the consequences.
Is there a tax on money received from my father?
There will be an age at which it can be nothing other than a gift, so no tax would be applicable. However, if you're over 18 and it represents more than pocket money then you should technically declare it as income and pay tax accordingly. Then of course there's inheritance tax. Anyone is allowed to gift up to $12,000 per person per year without the need for it to be declared as income. Presuming it is a true gift, without a business purpose, etc.: Not taxable to you. However, he may have to pay a gift tax. As it is done while he is living, there is no inheritance tax considerations, other than basic inheritance tax planning is to have the party gift amounts sufficent to reduce the potential estate below the estate tax threshold (1 mill), while alive, to avoide any estate/inheritance tax. Gifts are not included in the recipient's income. An excludable gift is a voluntary transfer of property from one person to another, without any consideration or compensation, that proceeds from a detached and disinterested generosity, out of affection, respect, admiration, charity or like impulses. Although a gift for tax purposes may differ from a common-law gift,in most situations the requirements are the same. The common law requirements for a gift include the following: l a competent donor; l a donee capable of accepting the gift; l a clear intention of the donor to divest title to and dominion and control of the property absolutely and irrevocably; l donative intent, as opposed to business or investment motives; l an actual irrevocable transfer of the legal title to and dominion and control of the property to the donee l delivery of the property to the donee; and l acceptance by the donee. The gift tax applies to the transfer of property by gift, whether the gift is direct or indirect, and whether the transfer is in trust or otherwise. The property transferred may be real, personal, tangible, or intangible. The donor makes a gift to the extent that the value of the property transferred exceeds the consideration (that is, any property or services received in return for the transfer The first $12,000 of gifts (to remain the same for 2007) of a present interest made by a donor during the 2006 calendar year to each donee are not included in the total amount of the donor's taxable gifts during that year ( Code Sec. 2503(b)). Therefore, these amounts are neither taxed nor do they use up any of the donor's lifetime gift tax applicable credit amount. Also, spouses who consent to split their gifts may transfer a total of $24,000 per donee in 2006 (to remain the same for 2007) free of gift and generation-skipping transfer tax ( Code Sec. 2513(a)).
Do you say 'trust you' or 'trust in you'?
Well it depends if you mean~ "I trust you." or "I have trust in you." The first one makes a little more sense though.
How limited can the connection between donor and the recipient be before donations are unethical and how can you assure that living donations are truly voluntary?
family member, trust , love
Reason for a pour-over trust?
Actually, there really is such a thing as a pour-over trust. It's not as commonly used as a pour-over will, but it does have its uses! The primary use of such an instrument is to aid in planning for incapacity. Such an instrument allows the donor to place assets in a trust during his or her lifetime and to act as the Trustee until his or her death. Often times, the Donor will name him or herself as a Co-Trustee along with a corporate entity such as a trust company or bank. Most, if not all, trusts include language regarding how the trustee should distribute property in the event the Donor-Trustee becomes incapacitated. This allows the remaining Corporate Trustee to continue distributing the funds on the behalf of and for the benefit of the Donor-Trustee. Unlike other Revocable Trusts however, the pour-over Rev. Trust terminates at the death of the Donor and all assets held by the Trust go back to the estate and go through probate. So long explanation short, a pour-over Trust is a great tool for planning for incapacity. I think you actually mean to ask the reason for a pour-over WILL, not a pour-over TRUST. A pour-over will is a will that specifically states that the decedent's assets should be moved into that person's living trust - or "poured over" into the trust. Typically, all of the person's assets are intended to be part of the trust, but sometimes trustors forget to title an account or property in the trust's name. In this situation, the pour-over will ensures that the asset ends up in the trust. One downside is that the trust was probably intended to avoid probate, whereas assets that are moved into the trust via the pour-over will usually must go through probate. Thus, it's far better to be sure to title everything in the name of the trust to avoid this undesired effect.
Why do you always trust in bad people?
Because they give you a feeling that makes you sure that you can trust them.
What makes relationship falls?
lac of trust
