testamentary trust

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  • noun

Words related to testamentary trust

a trust that is created under a will and that becomes active after the grantor dies

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A testamentary trust technically doesn't come into existence until the client's death.
To illustrate these issues, consider a typical trust formed under a will for an heir, for example, a parent's will setting up a testamentary trust for a child.
1, 2016, all existing or subsequently created testamentary trusts will be subject to tax at the top federal tax rate, subject to two exceptions.
Although this does not extend the time (lie revocable trust qualifies as an eligible S corp shareholder, it does enable the trust to transfer the stock to testamentary trusts [typically qualified terminal interest (QTIP) or bypass trusts] for an additional two years of S corp eligibility after the transfer without the need for special elections by the testamentary trusts.
Testamentary trusts are established under the terms of a person's will and only take effect at that person's death.
Illinois and Pennsylvania will tax the fiduciary income of a trust if the sole connection to the trust is a resident testator in the case of a testamentary trust, or a resident settlor in the case of a living trust.
Hence, a testamentary trust (established at death) is often used.
Knight v Commissioner was known as Rudkin Testamentary Trust v.
Henry Rudkin established a testamentary trust with the proceeds of the sale of his business, Pepperidge Farm, to Campbell Soup Co.
Protection of inheritance is provided by declaring whether inheritances shall come under a testamentary trust or the Uniform Gift to Minors Act.
While living wills are set up during a person's lifetime, another instrument called a testamentary trust is established through a will upon an individual's death.
303 for clarification in determining when a trustee of a trust in a pour-over or testamentary trust arrangement is the beneficiary of the estate or, in the alternative, the beneficiaries of the trust are the beneficiaries of the estate.
Total Affluent: Households with $100,000 + income and/or net worth of $500,000, excluding principal residence Any Trust Account 36% Revocable Living Trust 21% Testamentary Trust 15% Insurance-Funded Trust 8% Charitable Trust 5% Other Trusts 8% Custody Account 5% Wealth: Households with $1 million+ in investible assets Any Trust Account 59% Revocable Living Trust 37% Testamentary Trust 7% Insurance-Funded Trust 17% Charitable Trust 9% Other Trusts 15% Custody Account 9% Source: Spectrem Group, 1999
Supplementary assistance to the beneficiary will continue at your death, uninterrupted by delays for probate and creation of a testamentary trust.
The due date for the election would be April 30, 1996 for the individual proprietor of the unincorporated business, or 90 days after the fiscal year-end for an estate or testamentary trust.