UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: xmas221 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5741  
Subject: Re: Trusts a sucking sound Date: 6/4/1998 10:56 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Be careful in your use of the term "irrevocable testamentary trust". I think you have irrevocable trusts and testamentary trusts confused. Remember testamentary trusts are created and funded in your [last] will [and testament] so when they are created you will be in no condition to revoke them. You can change their terms right up until you die but after that they are irrevocable (by you at least). Testamentary trusts are irrevocable but are not necessarily forever. In your will you can set up your trust to end at a particular event like when your child reaches thirty. Note, they are subject to probate and do not offer any particular tax advantage.

Irrevocable trusts are set up while you are alive. Hence they are called "inter vivos" trusts. Think of them as a gift or donation. Once you put the money in the trust it is not yours anymore so you can't get it back. They have tax and asset protection features that make them popular.




Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next

Announcements

Post of the Day:
TMFDeej's CAPS Blog

Activist Investors Unlocking Value at LSB Industries?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement