5.1 Background
| Library | A Lawyer's Guide to Estate Planning: Fundamentals for the Legal Practitioner (ABA) (2018 Ed.) |
5.1 Background
The primary tool in estate planning is the trust. There are many different types of trusts that can be used. Some trusts provide tax savings, whereas others are needed to fit the particular circumstances of the beneficiaries. Whether needed for tax reasons, nontax reasons, or both, the trust is the foundation of any estate plan.
A trust may be inter vivos or testamentary. The inter vivos trust is a trust agreement executed by the settlor (often termed grantor or trustor) and the trustee during the settlor's lifetime. The trust can be funded during the settlor's lifetime, in which event assets are transferred to the trustee. The trust is then administered by the trustee for the...
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