Naked trusts or “naked trusts” grant the beneficiary, if over 18 years of age, an absolute right to the capital, assets and income within the trust.
Naked trusts offer tax benefits to individuals who set up a trust, while beneficiaries are taxed at the prevailing rates or may qualify for exemptions if they have a low income.
The beneficiary or beneficiaries of a simple trust are fixed after its creation.
AB trust is a joint trust created by a married couple; after the death of one of the spouses, the trust is divided into the survivor’s part (Trust A) and the bypass part (Decedent’s Trust or Trust B).
The agency, if necessary, allows any person or entity to act on behalf of another person when the beneficiary cannot explicitly give permission to do so.
A generation skip trust (GST) is a legally binding arrangement whereby assets are passed on to the grantor’s grandchildren or anyone 37.5 years younger, bypassing the grantor’s next generation of children.
Annuity preservation trusts (GRAT) are estate planning instruments in which the grantor freezes assets in a trust from which they receive an annual income.
A Health Care Power of Attorney (HCPA) is a legal document that gives a specific person the right to speak with others and make decisions on your behalf regarding your health, treatment, and care.