Revocable Trust Trusts With Credit Shelter Provisions

• Category: Trusts - Revocable
• State: Multi-State
• Control #: US-0685BG
• Format: Word; Rich Text

Description Surviving Children Form

A revocable trust is a trust that can be modified or revoked by the settler. In such trusts, the settlor reserves the right to terminate the trust and recover the trust property and any undistributed income. Revocable trusts are considered grantor trusts and therefore the income is taxed to the settlor and the assets in the trust at the time of settlor's death are included in the settlor's taxable estate.