Federal tax aspects of a revocable inter vivos trust agreement should be carefully studied in considering whether to create such a trust and in preparing the trust instrument. There are no tax savings in the use of a trust revocable by the trustor or a non-adverse party. The trust corpus will be includable in the trustor's gross estate for estate tax purposes. The income of the trust is taxable to the trustor.
A Georgia Revocable Trust Agreement with Husband and Wife as Trustees and Income to is a legal document that establishes a trust in the state of Georgia. This type of trust agreement involves a couple (husband and wife) who act as the trustees, or creators, of the trust. The primary purpose of this type of trust is to manage and protect the assets owned by the couple during their lifetime and to distribute those assets upon their death. Keywords: Georgia Revocable Trust Agreement, Husband and Wife, Trustees, Income. There are several types of Georgia Revocable Trust Agreement with Husband and Wife as Trustees and Income, each suited for different needs or preferences: 1. Joint Revocable Trust: A joint revocable trust is one where both spouses are named as contractors and co-beneficiaries. This trust allows couples to jointly manage their assets while alive and ensures that the surviving spouse has control over the trust assets and income after the death of one spouse. 2. Married A/B Trust: Also known as a Marital and Family Trust, this agreement allows a married couple to create two separate trusts within a single document. The trust, also referred to as the marital trust, typically holds assets for the surviving spouse's benefit, providing income or support during their lifetime. The B trust, also called the family or bypass trust, holds assets that are protected from estate taxes and are ultimately distributed to beneficiaries, such as children, upon the death of the surviving spouse. 3. Qualified Terminable Interest Property (TIP) Trust: This trust provides income to the surviving spouse while preserving the assets for the ultimate beneficiaries, often children or charities. The surviving spouse has limited control over the distribution of trust assets, ensuring that they are protected and used according to the trust or's wishes. 4. Special Needs Trust: This type of trust is designed to provide ongoing care and support for a disabled or special needs beneficiary, often a child of the trustees. The trust assets can be used to supplement government benefits without jeopardizing the beneficiary's eligibility. 5. Life Insurance Trust: This trust is created specifically to hold life insurance policies owned by the couple. The trust provides income to the surviving spouse and manages the insurance proceeds for the benefit of designated beneficiaries, such as children or grandchildren. In summary, a Georgia Revocable Trust Agreement with Husband and Wife as Trustees and Income to is a flexible and customizable legal document that allows couples to manage their assets, ensure income for the surviving spouse, and control the distribution of their estate. Depending on individual circumstances, couples can choose from various trust types to meet their specific needs and objectives.A Georgia Revocable Trust Agreement with Husband and Wife as Trustees and Income to is a legal document that establishes a trust in the state of Georgia. This type of trust agreement involves a couple (husband and wife) who act as the trustees, or creators, of the trust. The primary purpose of this type of trust is to manage and protect the assets owned by the couple during their lifetime and to distribute those assets upon their death. Keywords: Georgia Revocable Trust Agreement, Husband and Wife, Trustees, Income. There are several types of Georgia Revocable Trust Agreement with Husband and Wife as Trustees and Income, each suited for different needs or preferences: 1. Joint Revocable Trust: A joint revocable trust is one where both spouses are named as contractors and co-beneficiaries. This trust allows couples to jointly manage their assets while alive and ensures that the surviving spouse has control over the trust assets and income after the death of one spouse. 2. Married A/B Trust: Also known as a Marital and Family Trust, this agreement allows a married couple to create two separate trusts within a single document. The trust, also referred to as the marital trust, typically holds assets for the surviving spouse's benefit, providing income or support during their lifetime. The B trust, also called the family or bypass trust, holds assets that are protected from estate taxes and are ultimately distributed to beneficiaries, such as children, upon the death of the surviving spouse. 3. Qualified Terminable Interest Property (TIP) Trust: This trust provides income to the surviving spouse while preserving the assets for the ultimate beneficiaries, often children or charities. The surviving spouse has limited control over the distribution of trust assets, ensuring that they are protected and used according to the trust or's wishes. 4. Special Needs Trust: This type of trust is designed to provide ongoing care and support for a disabled or special needs beneficiary, often a child of the trustees. The trust assets can be used to supplement government benefits without jeopardizing the beneficiary's eligibility. 5. Life Insurance Trust: This trust is created specifically to hold life insurance policies owned by the couple. The trust provides income to the surviving spouse and manages the insurance proceeds for the benefit of designated beneficiaries, such as children or grandchildren. In summary, a Georgia Revocable Trust Agreement with Husband and Wife as Trustees and Income to is a flexible and customizable legal document that allows couples to manage their assets, ensure income for the surviving spouse, and control the distribution of their estate. Depending on individual circumstances, couples can choose from various trust types to meet their specific needs and objectives.
