A trust which by definition is irrevocable because the grantor has created the trust under the provisions of a will
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unitrust
A type of interest that is a fixed percentage of the trust corpus, and is determined by the corpus of the trust being revalued on an annual basis
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contigent
The beneficiary whose interest is conditioned upon a future occurrence which may or may not take place
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Present
This exclusion applies when a _________interest in the property has been created
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Annuity
A type of interest that is a fixed percentage of a specific dollar amount as set forth in the trust agreement and determined at the initial funding of the trust
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Remainder
In a Charitable Remainder Trust the charity receives _________ of trust corpus at end of payment period
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ILIT
A type of trust in which the grantor retains no power or rights in the trust once created
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GRAT
An arrangement again splitting the income and remainder interests in the trust property
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Fee Simple
_________ _________ is the purest form of property ownership
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Charitable Lead
A type of trust that transfers assets eventually to the remainderman who would be taxable beneficiaries of the grantor
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Split Interest
A charitable remainder trust is called a split ________ because the income interest and remainder interest go to different parties
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C R T
A ________ _________ ________ is an irrevocable trust for the life or lives of the grantor and/or his or her assigns
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Spendthrift
A trust in which the interest of the beneficiary cannot be assigned or disposed of by him or attached or otherwise reached by his creditors
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Savings
A type of 529 plan that works much like a 401K or IRA by investing contributions in mutual funds
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Flashcard (78)