Revocable Trust

Business / Taxes / Revocable Trust: A revocable trust is a living trust that can be modified or revoked by the grantor, or person who establishes the trust and transfers property to it. The trust can be a useful estate-planning tool because when you die, the assets in the trust pass directly to the beneficiaries you’ve named in the trust rather than through your will. But because you haven’t relinquished control over the assets, as you do when you transfer them to an irrevocable trust, they are still included in your estate. If its total value, including the trust assets, is greater than the exempt amount, federal or state estate taxes may be due. For the same reason, during your lifetime, you continue to collect the income that the assets in the revocable trust produce, and you owe income or capital gains taxes on those earnings at your regular rates. That’s not the case with an irrevocable trust, which has its own tax identity.

Other Words for Trust

Trust Noun Synonyms: confidence, reliance, faith, conviction, certitude, certainty, sureness, positiveness, assurance, belief
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Revisionary Trust

Business / Finance / Revisionary Trust: An irrevocable trust that becomes a revocable trust after a certain amount of time. MORE

Irrevocable Trust

Business / Taxes / Irrevocable Trust: An irrevocable trust is a legal agreement whose terms cannot be changed by the creator or grantor who establishes the trust without the consent of the beneficiary or beneficiaries. The trust document MORE

Sherman Antitrust Act

Health / Health Insurance / Sherman Antitrust Act: A federal act which established as national policy the concept of a competitive marketing system by prohibiting companies from attempting to (1) monopolize any part of trade or commerce or (2) engage MORE

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