Glossary Terms

This general term refers, logically, to protecting assets from claims against trust beneficiaries. Read More

A trust that cannot be revoked by the Grantor. Irrevocable trusts are created to either save taxes or protect assets, or both.

A trust created after the death of the Grantor for the benefit and protection of the inheritor (or created to receive lifetime gifts and inheritance from the Grantor). Read More

Specifically in relation to the trust Grantor, the IRS effectively defines the term for what it is not: a person who is not a related or subordinate party. Read More

A Grantor or beneficiary of the trust, or a related or subordinate party in relation to the Grantor. Read More

The federal estate is part of a unified federal gift and estate tax that is an excise on the transfer of wealth. Read More

The Bypass Trust is a trust created generally at the death of the first spouse in order to contain and shelter the estate tax exemption amount from being taxed when the second spouse dies.

The portability of the estate tax exemption allows a survivng spouse to use the unused portion of the federal estate tax exemption of their deceased spouse and add it to her/his own exemption [...]