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[Category]
신탁법과 부동산소송


[Title]
What is a Revocable Living Trust? How Does a Revocable Living Trust Work?
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A revocable living trust -- sometimes simply called a living trust -- is a legal entity created to hold ownership of an individual's assets. The person who forms the trust is called the grantor or trustmaker, and in most cases, he also serves as the trustee, controlling and managing the assets he placed there. Some trustmakers prefer to have an institution or attorney acts as trustee, although this is somewhat uncommon with this type of trust.




A revocable living trust covers three phases of the trustmaker's life: his lifetime, possible incapacitation, and what happens after his death.

Phase One of a Revocable Living Trust: The Trustmaker is Alive and Well
The trust's formation documents should include specific provisions allowing the trustmaker to invest and spend the trust assets for his benefit during his lifetime. He can go about business as usual with the assets that have been transferred or funded into the trust's ownership, assuming he hasn't appointed someone else to act as trustee. In this case, the trustee would typically take direction from him.

The trustmaker reserves the right to undo a revocable trust -- thus the term "revocable." He can reclaim assets he's placed into it, divert the trust's income to himself or another beneficiary, sell the assets or place more assets into it. He maintains final control.  

A revocable living trust does not have its taxpayer identification number, unlike an irrevocable trust -- one where the trustmaker gives up all control.

A revocable trust and its trustmaker share the same Social Security number. Trust taxes are filed on the trustmaker's Form 1040, just as though he continued to hold ownership of the assets personally.

Phase Two of a Revocable Living Trust: The Trustmaker Becomes Mentally Incapacitated
The trust agreement should also specify what happens if the trustmaker becomes mentally incapacitated and can no longer manage his affairs and those of the trust.


The trust documents should name a "successor trustee," someone to step in and take over management of the trust if the trustmaker is determined to be mentally incompetent. The successor trustee can then manage the trustmaker's finances and the assets that have been placed into the trust.  

Phase Three of a Revocable Living Trust: The Trustmaker's Death
A revocable trust automatically becomes irrevocable when the trustmaker dies because he can no longer make changes to it. The named successor trustee steps in now as well, paying the trustmaker's final bills, debts and taxes, just as he would if the trustmaker became incapacitated. In the case of death, however, he would then distribute the remaining assets to the trust's beneficiaries according to instructions included in the trust's formation documents.

How a Revocable Living Trust Avoids Probate
The Internal Revenue Service and probate courts view revocable trusts a little differently. Because the trustmaker and the trust share the same Social Security number, assets placed in the trust do not avoid estate taxes. The trustmaker can reclaim them anytime he likes, so the IRS takes the position that he has not technically relinquished ownership as he would with an irrevocable trust, which does escape estate taxation.



The probate court says he has indeed relinquished ownership. He's given the assets to the trust, even though he could theoretically take them back. Assuming he hasn't done so as of his date of death, the trust's assets would not pass through probate. The successor trustee can settle the trust outside of court, without supervision.
← End



[Title]
What is a Revocable Living Trust? How Does a Revocable Living Trust Work?



  62 →   Uniform Trust Code  
  61 →   Trust law  
  58 →   사후신탁  

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[Category]


  • 민사소송
  • 민사소송 절차안내(나홀로 소송)
  • 법률행위,의사표시,의사통지,사실의통지
  • 계약서 작성 양식
  • 금융(은행,보험,증권,신탁)거래와 분쟁
  • 재심사유, 민사,행정
  • 공인중개사,부동산중개수수료 분쟁
  • 부동산소송
  • 민사집행과 이의신청,이의의소
  • 농업법인,농지취득
  • 아파트,집합건물,하자보수,관리단
  • 토지수용,보상청구소송
  • 신탁법과 부동산소송
  • 건축공사, 건축허가 관련소송
  • 부동산 경매,배당,분쟁
  • 공사대금청구소송
  • 재건축분쟁,토지분쟁,재개발
  • 국가배상청구소송
  • 공시지가,개별공시지가,주택가격,상가가격
  • 적대적 기업소송 M & A
  • 개인파산,회생
  • 법인파산,회생 신청대리
  • U.S.A. California Real Estate Transaction LAW (미국 캘리포니아 부동산거래실무)
  • U.S.A. California Civil Procedure Code (미국 캘리포니아 민사소송법)
  • U.S.A. Illinois Civil Procedure ACT (미국 일리노이주 민사소송법)
  • U.S.A. Trust Law and Principles 미국신탁법 해설
  • U.S.A. Federal Rules of Civil Procedure (FRCP. 미국 연방법원 민사소송규정)
  • U.S.A. Uniform Prudent Investor Act (UPIA. 미국 표준 성실투자자법)
  • U.S.A. Uniform Trust Code (미국 표준 신탁법 모델안)
  • U.S.A. Uniform Principal and Income Act (UPAIA. 미국 표준 원본 및 수익 배분법 모델안)
  • U.S.A. California Trust Code (미국 캘리포니아 신탁법)
  • U.S.A. California Civil Code (미국 캘리포니아 민법)
  • 회사법,상법,기업구조조정
  • 주택 임대차 관계
  • 상가 임대차 관계
  • 계약서 작성, 계약위반, 계약파기, 파기, 위약금, 손해배상
  • 공시지가, 표준지, 과세시가표준액

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