In 2010 a decedent s executor has the option to pay estate taxes subject to the 5 million exemption or opt out of estate taxes all together and instead be subject to the modified income tax basis adjustment rules under irc section 1022.
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Unlike a will a trust does not go through the probate process with the court.
A living trust is a document that allows individual s or grantor to place their assets to the benefit of someone else at their death or incapacitation.
The grantor maintains ownership over their assets and they can make alterations to the document or choose to revoke the trust at any point in their lifetime.
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Therefore the person that is selected as the successor trustee will oversee that all the property in the trust will transfer to the beneficiary at the time.
This interactive legal form establishes a revocable living trust for a married couple appointing them both grantor and trustee of property assigned to the trust and eliminating probate costs for a surviving spouse or heir.
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A revocable living trust is created by an individual the grantor for the purpose of holding their assets and property and in order to dictate how said assets and property will be distributed upon the grantor s death.
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