Describe the usefulness of a discretionary intervivos trust when used as part of an estate freeze.
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Describe the usefulness of a discretionary intervivos trust when used as part of an estate freeze.
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- a. What is the difference between distributing property per capita and per stirpes? When would a per stirpes distribution be required? what are two ways in which the duties of an administrator differ from those of an executor? Must the grantor, trustee, and beneficiary of a trust all be different people? What formalities must be followed to create a testamentary trust?Assess the effect of an irrevocable trust on the gift tax and future estate taxes.Suppose the trustor died prior to the fulfillment of the trust purpose, will the assets form part of his estate?
- What is the difference between a testamentary trust and an inter vivos trust. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals. A testamentary trust is created by a will; an inter vivos trust is created by a living individual. A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.Which of the following is usually not accounted for as an adjustment to a trust's income? Multiple Choice Lease cancellation fees. Rent expense. Investment costs and commissions. Insurance expense. Property taxes.Which one of the following statements best describes the most important feature of a support trust? A) Trust assets must revert to the grantor. B) It is created by the terms of a will and therefore does not become effective until death. C) It provides for the trustee to take over management of the grantor's assets only upon the occurrence or nonoccurrence of certain specified events. D) It provides that the trustee shall distribute only so much of the income or principal as the trustee deems necessary for the support of a named beneficiary.
- What do you mean by “Trust Deed” in context of debenture?A grantor is disallowed from doing which of the following in a grantor trust? Avoiding taxation until the trust is revoked. Controlling the disposition of trust property. Distributing current income to the grantor or grantor's spouse. Revoking or modifying the trust.Which of the following is not a fiduciary fund? a. Permanent fund b. Agency fund c. Investment trust fund d. Pension trust fund
