Attorneys

Trusts FAQs

• Q: What Is A Trust?
  A: A trust is a fictitious legal entity that owns assets for the benefit of a third person (beneficiary). The Grantor of the Trust is the person who set up and gave … More
• Q: What Is The Qtip Trust?
  A: QTIP trust stands for the qualified terminable interest property trust. It allows certain property to qualify for an estate and gift tax marital deduction even though … More
• Q: What Is A Totten Trust?
  A: Setting up a Totten Trust is as simple as going to a bank and opening a Trust account by yourself. A Totten Trust is best for amounts of about $20,000 or less. Larger … More
• Q: What Is The Difference Between A Revocable Trust And An Irrevocable Trust?
  A: A Revocable Trust is where the Grantor can change the terms of the Trust or even revoke the Trust altogether and take back all of the assets in the Trust. An … More
• Q: What Is An Abstract Of Trust?
  A: A condensed version of a Living Trust document, which leaves out details of what is in the Trust and the identity of the beneficiaries. An Abstract of Trust is … More
• Q: What Is An Accumulation Trust?
  A: A trust in which the income is retained and not paid out to beneficiaries until certain conditions are met. For example, if you create a trust for your child`s … More