{"id":506,"date":"2019-03-06T16:38:17","date_gmt":"2019-03-06T16:38:17","guid":{"rendered":"https:\/\/tavasllc.com\/?p=506"},"modified":"2026-10-05T10:36:06","modified_gmt":"2026-10-05T15:36:06","slug":"just-trust-me","status":"publish","type":"post","link":"https:\/\/legendcreative.com\/dev\/tavasllc\/just-trust-me\/","title":{"rendered":"Just Trust Me"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row css=&#8221;.vc_custom_1780434298870{background-color: #C7C7C7 !important;}&#8221;][vc_column][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>Just Trust Me<\/h2>\n<p><span style=\"color: #000000;\">A trust is an agreement where you manage property to benefit someone else.\u00a0 In practice, a trust is a ten-dollar-to-fund strategy to transfer property to people you like while keeping it far away from the people you hate. \u00a0To break down the \u201ctrust,\u201d please embark on a magical school-bus tour through its various categories and applications.<\/span><\/p>\n<p><span style=\"color: #000000;\">Why would you need a trust?\u00a0 Generally, your surviving spouse has a claim against your estate even if he or she does not receive benefits under a will. \u00a0Therefore, to keep your estate under your control, even after death, you need a trust to convert your estate property into non-probate property.\u00a0 Trusts are a celebrated strategy, defended by centuries of estate law, for keeping your assets away from your creditors, spouse, and ex-spouses. \u00a0But what is in a trust?<\/span><\/p>\n<p><span style=\"color: #000000;\">Ordinarily, a trust holds and conserves particular property:\u00a0 homes, cash, jewelry, pets, bank accounts, stocks, and more may be contributed to a trust.\u00a0 To prevent angry, torch and pitchfork wielding mobs from invalidating your trust, a licensed attorney should confirm what particular property you may transfer to the trust.\u00a0 Such contributions convert the previously vulnerable property into non-probate property, safe to transfer according to your express wishes.\u00a0 To create a trust, you need to create a Trust Agreement.\u00a0 This document outlines the powers, duties, and restrictions of the trustee.<\/span><\/p>\n<p><span style=\"color: #000000;\">The trust assumes a more definite form when you decide what category of trust you want.\u00a0 The categories or trust differ in terms of: tax treatment, the ability of creditors to reach trust assets, the degree of control exercised by you and your beneficiaries, and the ability of your beneficiaries to benefit from the trust.\u00a0 Some of the distinct categories of trust are; <em>inter-vivos<\/em> and testamentary trusts, revocable and irrevocable trusts, grantor and non-grantor trusts, and U.S. or foreign trusts.<\/span><\/p>\n<p><span style=\"color: #000000;\">In terms of <em>inter-vivos<\/em> and testamentary trusts, the <em>inter-vivos<\/em> trust is created during your lifetime and a testamentary trust is a trust created by a will. \u00a0An <em>inter-vivos<\/em> trust must be created during your lifetime.\u00a0 A testamentary trust is created by your will and is only effective upon your death.<\/span><\/p>\n<p><span style=\"color: #000000;\">When it comes to revocable trusts and irrevocable trusts, the deciding factor is commitment.\u00a0 An <em>inter-vivos<\/em> trust may be \u201crevocable,\u201d meaning the settlor may undo the trust and take back the trust assets.\u00a0 Alternatively, an \u201cirrevocable,\u201d trust means that the settlor gives up the power to take the trust back, it is final.\u00a0 Unless you are a zombie or a vampire, all testamentary trusts are irrevocable.<\/span><\/p>\n<p><span style=\"color: #000000;\">Grantor and non-grantor trusts are tax concepts.\u00a0 A grantor trust is considered to be owned by you for income tax purposes.\u00a0 This means that all income from the trust is taxed directly to you even though the income remains in the trust or is paid to another beneficiary.\u00a0 If a trust is a non-grantor trust, the trust is taxed on the income, although distributions from the trust may be taxed to the beneficiaries.<\/span><\/p>\n<p><span style=\"color: #000000;\">Similarly, U.S. and foreign trusts are another tax concept.\u00a0 A U.S. trust must pay federal income tax on its worldwide income, unless the grantor or the beneficiary is taxed on that income.\u00a0 A foreign trust must pay federal income tax on its U.S. source income. \u00a0However, American taxpayer beneficiaries of a foreign trust may be taxed on any distributions received from the foreign trust.<\/span><\/p>\n<p><span style=\"color: #000000;\"><em>Inter-vivos<\/em> vs. testamentary trusts, revocable vs. irrevocable trusts, grantor vs. non-grantor trusts, and U.S. vs. foreign trusts are a few of the distinct categories of trusts.\u00a0 Each vary in terms of tax treatment, the ability of creditors to reach trust assets, and the degree of control exercised by you and your beneficiaries.\u00a0 Transfer taxes levied on property after your death (depending on your individual tax situation) will make you prefer certain trusts over others.\u00a0 Knowing the intricacies of a trust provides a fantastic way to protect your assets, whatever they may be!<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A trust is an agreement where you manage property to benefit someone else.\u00a0 In practice, a trust is a ten-dollar-to-fund strategy <\/p>\n","protected":false},"author":3,"featured_media":507,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trusts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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