he party to which legal title and management responsibilities are initially given in a trust agreement is referred to as the a. trustee. b. remainderman. c. grantor. d. beneficiary.
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The party to which legal title and management responsibilities are initially given in a trust agreement is referred to as the
a. |
trustee. |
b. |
remainderman. |
c. |
grantor. |
d. |
beneficiary. |
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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?Describe the usefulness of a discretionary intervivos trust when used as part of an estate freeze.20) The party to which legal title and management responsibilities are initially given in a trust agreement is referred to as the 1 trustee 2. remainderman. 3 grantor. 4 beneficiary.
- What do you mean by “Trust Deed” in context of debenture?Explain and account for the distinction between principal and income in the context of estate and trust accounting.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.
- ALM (Asset Liability Management) is particularly critical for: Group of answer choices B. Trust Companies C. Endowments D. Financial Institutions A. Nonprofit EntitiesExplain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?Which of the following correctly describe a role played by a member of the estate planning team? Accountant: preparation of financial and cash flow statements Attorney: preparation of legal documents Trust officer: original writing of basic trust instruments to be customized for the client Financial planner: coordination of the elements of the plan A)I, II, and III B)II and III C)I, II, and IV D)I and IV
- A release clause in a note and deed of trust is activated by a.the full satisfaction of the terms of the loan. b.the reconveying of the property to the trustee. c.the foreclosure on the property. d.the conveying of title to the trustee.Define Charitable remainder trust.What guidelines must be followed to classify a transaction as associated with the principal of an estate or as an income transaction? Select one: a.The decedent's intentions or state laws b.Generally accepted accounting principles c.The Internal Revenue Code d.State estate laws e.Federal estate laws