Grantor-Retained Unitrust (GRUT) is a form of Grantor-Retained Trust set up by individuals to reduce taxes on an estate. To create a GRUT, a grantor creates an irrevocable trust that is for a limited period of time, paying taxes at the outset...
trusts
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Irrevocable trust refers to any trust where the grantor cannot change or end the trust after its creation. Grantors may choose a trust with such limitations to limit estate taxes or to shield assets from creditors. When someone creates a...
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In the late 1930s, entrepreneur Margaret Rudkin founded a small business that ultimately developed into
Pepperidge Farm. In 1961, the Campbell Soup Company bought Pepperidge Farm. On April 14th, 1967, Margaret's husband Henry A. Rudkin used...
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Land trust refers to different legal entities used to manage land for conservation, development, or investment purposes.
Land trusts more commonly exist as conservation land trusts, created to preserve land from development...
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Living trusts (also called revocable trusts) are any trust where the settlor retains the ability to alter the trust or end the trust altogether, unlike irrevocable trusts. There are numerous types of living trusts and reasons for using them....
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Massachusetts trusts (also known as common-law trusts, business trusts, or unincorporated business organizations) are a unique type of trust used by individuals to run a business outside the normal legal entities such as a corporation or...
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A nondiscretionary trust (also known as a fixed trust) is a trust where the trustee has no discretion in the management of the assets. The trustor specifies how the assets are to be distributed exactly. Trustees must manage the assets for...
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In 1992, Joseph Lee Rice III, created the Joseph Lee Rice, III Family 1992 Trust in New York. Kimberley Rice Kaestner 1992 Family Trust v. N.C. Dep’t of Revenue at 45. On December 30, 2002, the single trust was divided into three sub-trusts, with each...
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Pot trusts (also called family pot trusts, discretionary trusts, or sprinkling trusts) are a type of trust where the trustee is allowed to give funds to the beneficiaries according to their relative needs. Pot trusts are created by parents...
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A trust is a form of division of property rights and a fiduciary relationship, in which ownership of assets goes to a third party, known as a trustee, and the beneficial enjoyment goes to the beneficiary. The person who transfers the property...