The way to avoid probate is to establish a revocable trust and transfer your property to it during your lifetime.
The allocation of GST exemption to a transfer or to a trust excludes from the GST tax not only the amount of the transfer or trust assets equal to the amount of GST exemption allocated, but also all appreciation and income on that amount during the existence of the trust.
They provide us social context, allow us to transfer trust, and create opportunity.
The health trust said the temporary transfer was needed because of high levels of staff sickness.
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Both a will and a living trust can be used to transfer assets, but each has unique uses.
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Jointly appealing the decision, the Engineer and Trust argued that the fraudulent transfer laws are not meant to encompass claims against future, unknown creditors.
Also, there can be an installment sale (when the value of the asset is low) to a defective grantor trust that is a completed transfer but not taxed for income tax purposes.
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When the work is completed in 2015 the Piece Hall will transfer to an independent trust.
Instead you transfer it into a trust, which sells it to the buyer and uses the proceeds to buy you a monthly annuity.
For example, if you are concerned about publicity over your net worth or the identity of your beneficiaries, you might transfer assets through a trust.
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Obviously, a prenuptial agreement needs to be signed before you are married, and something like a transfer to an irrevocable trust must be done years in advance.
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The ruling also applies to special kinds of grantor trusts, such as a generation-skipping trust, which is designed to avoid taxes at the grantor's children's deaths, as well as a grantor-retained annuity trust, where the grantor can transfer any amount of property betting that it will grow faster than the payments he is required to receive back from the trust over a period of years.
There are other advantages such as being able to transfer leveraged assets into the trust without worrying about recognizing gain.
The main exception to that has been the events of the summer of 2008, when the government of Indian-administered Kashmir decided to transfer to a Hindu religious trust 100 acres of land on a mountain route leading to an important shrine.
Of course, carefully crafting the trust provisions, including dispositive and potential generation skipping transfer (GST) provisions, is of utmost importance.
Mr. Ota suggested that Dr. Liljestrand form a limited partnership and transfer the real estate held by the trust to the partnership.
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The authority has provisionally agreed to transfer ownership of the site to the trust, although the deal is still subject to committee approval.
Mixing apples and oranges, managers argue that if they make an intentionally defective transfer of profits interests to a grantor trust, it would be as though they never gave anything away.
Thomas Merrill, a professor at Columbia Law School who has studied the public trust doctrine, agrees the city can't transfer a public park into private use without permission of the state Legislature.
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Mr Chapman also said legal work was currently under way to push through a compulsory purchase order, so ownership of the pier would first transfer to Hastings Council and then the trust early next year.
With a GRAT, the owner of a company can transfer stock in the firm into a trust for the benefit of heirs and take back an annuity representing the current value of that stock plus a government-specified interest rate, currently 1%.
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The takeaway: If you want privacy, transfer the bulk of your assets through a living trust (also called a revocable trust), rather than a will.
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She said she expected it would transfer its assets into a real-estate investment trust, giving them a higher valuation, so she recommended its shares before other investors saw the shift coming.
Another alternative is to simply transfer discounted minority stakes in the company to a trust over time, but in order to keep that stock out of your estate the trust must be independent, which raises the question of control.
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Once open, the council will transfer management of the centre to the Alt Valley Community Trust.
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The review, which was carried out by Oxford University Hospitals NHS Trust, was sparked by concerns over working practices, higher than expected transfer rates and falling birth numbers.
The plan is that the government would buy that and transfer the deeds from the council to the school's Academy Trust.
This strategy can be a straightforward transfer (i.e. gift) of title to a trust for the benefit of family members, or perhaps the interposition of an LLC may be advisable.
Very popular over the last ten years and different from the defective grantor trust discussed above, grantor retained annuity trusts (GRATs) have been used to transfer appreciating assets to future generations free of gift tax.
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