Irrevocable Trusts

Testamentary

Testamentary

A trust which by definition is irrevocable because the grantor has created the trust under the provisions of a will

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

contigent

The beneficiary whose interest is conditioned upon a future occurrence which may or may not take place

Present

This exclusion applies when a _________interest in the property has been created

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

Remainder

In a Charitable Remainder Trust the charity receives _________ of trust corpus at end of payment period

ILIT

A type of trust in which the grantor retains no power or rights in the trust once created

GRAT

An arrangement again splitting the income and remainder interests in the trust property

Fee Simple

_________ _________ is the purest form of property ownership

Charitable Lead

A type of trust that transfers assets eventually to the remainderman who would be taxable beneficiaries of the grantor

Split Interest

A charitable remainder trust is called a split ________ because the income interest and remainder interest go to different parties

C R T

A ________ _________ ________ is an irrevocable trust for the life or lives of the grantor and/or his or her assigns

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

Savings

A type of 529 plan that works much like a 401K or IRA by investing contributions in mutual funds

Kiddie

A tax on the unearned income of a minor child