A Trust is an entity which owns assets for the benefit of a third person (beneficiary). Trusts can be revocable or irrevocable. An irrevocable trust is an arrangement in which the grantor departs with ownership and control of property. Usually this involves a gift of the property to the trust. The trust then stands as a separate taxable entity and pays tax on its accumulated income. Trusts typically receive a deduction for income that is distributed on a current basis. Because the grantor must permanently depart with the ownership and control of the property being transferred to an irrevocable trust, such a device has limited appeal to most taxpayers.
Bronx New York Irrevocable Trust Agreement for Benefit of Trustor's Children and Grandchildren
Category:
State:
Multi-State
County:
Bronx
Control #:
US-01567BG
Format:
Word;
Rich Text
Instant download
Description
Free preview
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