New Hampshire General Form of Inter Vivos Irrevocable Trust Agreement

• Category: Trusts - Living Trusts
• State: Multi-State
• Control #: US-0271BG
• Format: Word; Rich Text

Description

This form is a general form of inter vivos irrevocable trust agreement. Inter vivos trust refers to a trust created and executed during the life time of a testator. It is a revocable trust created to hold property for the benefit of another person. The term inter vivos trust is used to describe living organ donation, in which one patient donates an organ to another while both are alive. It is a revocable living trust in the sense that, this document generally imitate a person's will and are prepared while the individual is living, not at the time of their death. The New Hampshire General Form of Inter Vivos Irrevocable Trust Agreement is a legally binding document used in estate planning that establishes a trust, typically for the purpose of providing financial security and asset protection. It is drafted in accordance with the laws specific to the state of New Hampshire, ensuring compliance with the state's regulations. This trust agreement allows an individual, referred to as the granter or settler, to transfer their assets into the trust during their lifetime, with the intention of benefiting specified beneficiaries, called the trust beneficiaries. Once the assets are transferred, the granter no longer has control over them and cannot revoke the trust. The New Hampshire General Form of Inter Vivos Irrevocable Trust Agreement encompasses various types of inter vivos irrevocable trusts that cater to different needs: 1. Irrevocable Life Insurance Trust (IIT): This type of trust allows the granter to place life insurance policies within the trust, ensuring that the proceeds are not subject to estate taxes upon their death. It also provides flexibility in how the life insurance proceeds are distributed among the beneficiaries. 2. Medicaid Asset Protection Trust (MAP): Primarily used for Medicaid planning, this trust allows the granter to protect their assets from being counted towards Medicaid eligibility. By transferring assets into the trust, the granter can potentially qualify for Medicaid benefits while preserving their estate for their heirs. 3. Charitable Remainder Trust (CRT): This trust enables the granter to donate their assets to a charity or non-profit organization while retaining an income stream for themselves or other beneficiaries. Upon the granter's death or the expiration of the term, the remaining trust assets are directed to the designated charitable organization. 4. Qualified Personnel Residence Trust (PRT): This trust permits the granter to transfer their primary residence or vacation home into the trust while retaining the right to reside in the property for a predetermined period. After this term, the property passes to the specified beneficiaries, effectively reducing gift and estate taxes. The New Hampshire General Form of Inter Vivos Irrevocable Trust Agreement provides a comprehensive framework that covers essential elements such as the appointment of trustees, successor trustees, and their powers, specific provisions for asset management, instructions for the distribution of trust income or principal, and mechanisms for addressing potential trustee vacancies or conflicts. It is recommended to consult with an experienced estate planning attorney when considering the establishment of a New Hampshire General Form of Inter Vivos Irrevocable Trust Agreement to ensure adherence to state laws and the customization of trust provisions according to individual circumstances and goals.

The New Hampshire General Form of Inter Vivos Irrevocable Trust Agreement is a legally binding document used in estate planning that establishes a trust, typically for the purpose of providing financial security and asset protection. It is drafted in accordance with the laws specific to the state of New Hampshire, ensuring compliance with the state's regulations. This trust agreement allows an individual, referred to as the granter or settler, to transfer their assets into the trust during their lifetime, with the intention of benefiting specified beneficiaries, called the trust beneficiaries. Once the assets are transferred, the granter no longer has control over them and cannot revoke the trust. The New Hampshire General Form of Inter Vivos Irrevocable Trust Agreement encompasses various types of inter vivos irrevocable trusts that cater to different needs: 1. Irrevocable Life Insurance Trust (IIT): This type of trust allows the granter to place life insurance policies within the trust, ensuring that the proceeds are not subject to estate taxes upon their death. It also provides flexibility in how the life insurance proceeds are distributed among the beneficiaries. 2. Medicaid Asset Protection Trust (MAP): Primarily used for Medicaid planning, this trust allows the granter to protect their assets from being counted towards Medicaid eligibility. By transferring assets into the trust, the granter can potentially qualify for Medicaid benefits while preserving their estate for their heirs. 3. Charitable Remainder Trust (CRT): This trust enables the granter to donate their assets to a charity or non-profit organization while retaining an income stream for themselves or other beneficiaries. Upon the granter's death or the expiration of the term, the remaining trust assets are directed to the designated charitable organization. 4. Qualified Personnel Residence Trust (PRT): This trust permits the granter to transfer their primary residence or vacation home into the trust while retaining the right to reside in the property for a predetermined period. After this term, the property passes to the specified beneficiaries, effectively reducing gift and estate taxes. The New Hampshire General Form of Inter Vivos Irrevocable Trust Agreement provides a comprehensive framework that covers essential elements such as the appointment of trustees, successor trustees, and their powers, specific provisions for asset management, instructions for the distribution of trust income or principal, and mechanisms for addressing potential trustee vacancies or conflicts. It is recommended to consult with an experienced estate planning attorney when considering the establishment of a New Hampshire General Form of Inter Vivos Irrevocable Trust Agreement to ensure adherence to state laws and the customization of trust provisions according to individual circumstances and goals.