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Also called a credit-shelter trust , a bypass trust is a method of passing assets to beneficiaries without subjecting those assets to estate taxes. He wants to pass the farm down to his son, James, when he dies. He does not have much in the way of cash -- all of his assets are in the farm. John puts the farm in a bypass trust. Then he dies and James inherits the farm. James works the farm for 40 years, and then he dies and leaves the farm to his son, Jake. Because the farm is in a bypass trust, James has to pay estate taxes on the farm when he inherits it from John, but Jake does not have to pay estate taxes on the farm when he inherits it from James.
This is a good thing, because James has already paid estate taxes on the farm. Making Jake pay estate taxes again on the farm would amount to double taxation. A bypass trust is irrevocable, meaning that once John puts the farm into a trust for James, he can't undo it. They also come with certain limits. For example, James must have restricted rights to liquidate the farm's assets, and John must specify in the trust what James can do financially in that regard.
John can also control who James may leave the farm to. Bypass trusts help parents pass assets to children or other beneficiaries or spouses pass assets to each other in a manner that prevents the assets from being subjected to estate tax multiple times. However, because they are irrevocable, the decision to put assets in a bypass trust is one that must be made carefully. Also, the IRS sets forth specific wording that must be used in bypass trusts in order for them to "count," so it is important to use an experienced estate attorney when creating a bypass trust.
Source: Investing Answers. Also called a naked trust or a passive trust , with a dry trust, a person transfers assets into a trust in order to pass them on to heirs or beneficiaries. He puts the money in a dry trust for his children. The children are only 10 and 8 years old, but when they turn 18, they will have access to and control over the assets. In the meantime, John's wife cannot touch the assets, and a trustee manages the money on behalf of the children rather than on behalf of John Doe. Dry trusts are a way to ensure that beneficiaries receive assets as intended, but they also mean the benefactor gives up control over the assets.
Additionally, age is typically the only condition of a dry trust, meaning that the trustee can't withhold funds from the trust if, say, John's children drop out of college, become addicted to drugs, or marry someone John doesn't like. The children simply must be at least 18 years old to obtain full control over the money. A land trust is a trust comprised exclusively of real estate assets.
A land trust holds one or more properties for the benefit of a designated group or organization beneficiary. The trust is managed by a trustee or board of trustees responsible for overseeing the property or properties on behalf of the beneficiary. Land trust beneficiaries can be for-profit or not-for-profit organizations trying to privately accumulate property holdings for purposes such as expansion or conservation. For example, a community with endangered wildlife may have a land trust for pieces of land that qualify as wildlife sanctuaries.
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The activities of a land trust, as with any manner of trust, are private in nature. For this reason, organizations acquire property by way of a land trust so not to effect a sudden change in the value of the property. Also called a dry trust or a passive trust , with a naked trust, a person transfers assets into a trust in order to pass them on to heirs or beneficiaries. He puts the money in a naked trust for his children. The children are only 10 and 8 years old, but when they turn 18, they will have control over the assets. Naked trusts are a way to ensure that beneficiaries receive assets as intended, but they also mean the benefactor gives up control over the assets.
Additionally, age is typically the only condition of a naked trust, meaning that the trustee can't withhold funds from the trust if, say, John's children drop out of college, become addicted to drugs, or marry someone John doesn't like. Also called a dry trust or a naked trust , a passive trust is a trust into which a person transfers assets in order to pass them on to heirs or beneficiaries.
He puts the money in a passive trust for his children. Passive trusts are a way to ensure that beneficiaries receive assets as intended, but they also mean that the benefactor gives up control over the assets. Additionally, age is typically the only condition of a passive trust, meaning that the trustee can't withhold funds from the trust if, say, John's children do something of which he disapproves, such as dropping out of college.
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A revocable trust is a trust with provisions that can be altered by the grantor. Sometimes a revocable trust is referred to as a "living revocable trust. A trust is a legal instrument that allows property to be passed to heirs and beneficiaries without going through probate i. A revocable trust gives the full control of the assets held in the trust to the grantor i. In addition, all incomes and distributions from the assets in the revocable trust are given to the grantor during their lifetime.
Revocable trusts are an important way to ensure that assets will be passed along to heirs, especially in cases of sudden incapacity or death by the grantor. However, there is no tax savings to the grantor or the beneficiaries by having their assets in a revocable trust. See the full definition for trust in the English Language Learners Dictionary. Note: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee who may be the settlor , an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust.
Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. Note: Accumulation trusts are disfavored and often restricted in the law. Note: A trust that qualifies as a business trust is eligible for bankruptcy protection under chapter 13 of the Bankruptcy Code. Note: The purpose of a bypass trust is to reduce the surviving spouse's taxable estate.
Such trusts do not qualify for the marital deduction. Note: Charitable remainder trusts qualify for tax exemptions under section of the Internal Revenue Code. Note: Unlike most trusts, a charitable trust does not require definite beneficiaries and may exist in perpetuity.
Note: Prior to the Tax Reform Act of , a Clifford trust could be used to divert income from the settlor, who was in a higher tax bracket, to a beneficiary, often a child, who was in a lower tax bracket. A settlor is currently treated as the owner of any portion of a trust in which he or she has a reversionary interest, and taxes are calculated at the settlor's rate.
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Note: An honorary trust may be upheld where allowed by statute if its purpose as for the care of an animal or grave is sufficiently clear. An honorary trust is subject to the rule against perpetuities, however. Note: A power of appointment trust made in accordance with Internal Revenue Code section b 5 qualifies for the marital deduction. Note: The shareholders transferring legal title to their shares retain the equitable title and continue to receive dividends and other distributions.
Definition of a Trust | Internal Revenue Service
They also receive certificates as evidence of their interest in the trust, which provides the holder with the rights of a shareholder except for voting rights. Rhyming Dictionary: Words that rhyme with trust. Spanish Central: Translation of trust. Nglish: Translation of trust for Spanish Speakers.