Trusts type - matching game

Special needs trusts = To provide for the care and support of beneficiaries with disabilities Charitable trusts = To provide for the care and support of beneficiaries with disabilities Generation-skipping trusts = To transfer wealth to grandchildren Irrevocable trusts = To provide for the education of beneficiaries

Special needs trusts = To supplement government benefits Grantor trusts = To provide tax benefits Revocable trusts = To avoid probate Qualified trusts = To provide for education expenses

Special needs trusts = Will not disqualify the beneficiary from government benefits Medicaid trusts = Will disqualify the beneficiary from government benefits Medicare trusts = Will disqualify the beneficiary from government benefits Discretionary trusts = Will disqualify the beneficiary from government benefits

<p>Special needs trusts = The care and support of beneficiaries with disabilities Charitable trusts = The care and support of beneficiaries with disabilities Bypass trusts = The transfer of wealth to spouses Qualified personal residence trusts = The ownership of primary residences</p> Signup and view all the answers

<p>Special needs trusts = To provide for the care and support of beneficiaries with disabilities Spendthrift trusts = To protect beneficiaries from creditors Totten trusts = To provide for the education of beneficiaries Clifford trusts = To reduce income tax liability</p> Signup and view all the answers

<p>Irrevocable trust = Asset protection Charitable trust = Benefiting charitable organisations or causes Revocable trust = General-purpose use Estate trust = Tax benefits to the settlor</p> Signup and view all the answers

<p>Irrevocable trust = Cannot be changed or revoked Charitable trust = Can provide tax benefits to the settlor Revocable trust = Can be changed or revoked Estate trust = Holds assets for the settlor's estate</p> Signup and view all the answers

<p>Irrevocable trust = Tax benefits to the settlor Charitable trust = Asset protection Revocable trust = Benefiting charitable organisations or causes Asset protection trust = Removing assets from the settlor's estate</p> Signup and view all the answers

<p>Irrevocable trust = Only irrevocable Charitable trust = Either revocable or irrevocable Revocable trust = Only revocable Estate trust = Neither revocable nor irrevocable</p> Signup and view all the answers

<p>Irrevocable trust = Assets are no longer part of the settlor's estate Charitable trust = Assets are still part of the settlor's estate Revocable trust = Assets are partially part of the settlor's estate Estate trust = No impact on the settlor's estate</p> Signup and view all the answers

<p>Living trusts = Can be either revocable or irrevocable Testamentary trusts = Created through a will Revocable trusts = Cannot be changed during the settlor's lifetime Irrevocable trusts = Often used to provide for minor children</p> Signup and view all the answers

<p>Living trusts = Managing assets for beneficiaries Testamentary trusts = Avoiding probate Revocable trusts = Providing for minor children Irrevocable trusts = Estate planning</p> Signup and view all the answers

<p>Living trusts = During the lifetime of the settlor Testamentary trusts = Upon the death of the testator Revocable trusts = After the settlor's death Irrevocable trusts = Upon the creation of a will</p> Signup and view all the answers

<p>Living trusts = Allows the settlor to retain control over assets Testamentary trusts = Provides for minor children Revocable trusts = Avoids probate Irrevocable trusts = Manages assets for beneficiaries</p> Signup and view all the answers

<p>Living trusts = Can be used for estate planning Testamentary trusts = Only comes into existence upon the death of the testator Revocable trusts = Can be changed during the settlor's lifetime Irrevocable trusts = Is used for client-side scripting</p> Signup and view all the answers

<p>Trustor = The person who holds the property for the benefit of others Settlor = The person who transfers the property to the trustee Trustee = The person who benefits from the property Beneficiary = The person who manages the property</p> Signup and view all the answers

<p>Wealth preservation = Distributing property to beneficiaries Wealth enhancement = Holding property for the benefit of others Method of inheritance = Methods of preserving or increasing wealth Taxation = Managing property for the benefit of others</p> Signup and view all the answers

<p>Express terms = Implied by the law from the conduct of the parties Usually in writing = Verbal agreements between parties Inferred by the law = Created through a written agreement Implied trusts = Trusts created without a written agreement</p> Signup and view all the answers

<p>Trustor = Distributes the property to the beneficiaries Trustee = Transfers the property to the trustee Beneficiary = Holds the property for the benefit of others Settlor = Manages the property on behalf of the beneficiaries</p> Signup and view all the answers

<p>Common law jurisdictions = Countries that use civil law Civil law jurisdictions = Countries that use common law International law = Countries with a mix of common and civil law Ecclesiastical law = Countries with a separate legal system for religious institutions</p> Signup and view all the answers

<p>Irrevocable trusts = Benefiting charitable organisations or causes Charitable trusts = Asset protection</p> Signup and view all the answers

<p>Irrevocable trusts = Assets are still considered part of the settlor's estate Charitable trusts = Assets are no longer considered part of the settlor's estate</p> Signup and view all the answers

<p>Charitable trusts = Does not provide tax benefits to the settlor Irrevocable trusts = Provides tax benefits to the settlor</p> Signup and view all the answers

<p>Irrevocable trusts = Can be changed or revoked Charitable trusts = Cannot be changed or revoked</p> Signup and view all the answers

<p>Charitable trusts = The settlor's family members Irrevocable trusts = Charitable organisations or causes</p> Signup and view all the answers

<p>Special needs trusts = To provide for the care and support of beneficiaries with disabilities QTIP trusts = To qualify for the marital deduction Charitable trusts = To distribute assets to charitable organizations Spendthrift trusts = To protect beneficiaries from creditors</p> Signup and view all the answers

<p>Special needs trusts = Does not disqualify the beneficiary from government benefits Irrevocable life insurance trusts = Reduces the estate tax liability Grantor retained annuity trusts = Transfers ownership of assets to beneficiaries Qualified personal residence trusts = Reduces the taxable value of the settlor's estate</p> Signup and view all the answers

<p>Special needs trusts = Beneficiaries with disabilities or special needs Generation-skipping trusts = Grandchildren or future generations Qualified domestic trusts = Surviving spouses who are not U.S. citizens Charitable lead trusts = Charitable organizations</p> Signup and view all the answers

<p>Special needs trusts = Assets from the settlor or other sources Medicaid trusts = Government benefits and personal assets Qualified personal residence trusts = Real estate property Grantor retained annuity trusts = Assets gifted to beneficiaries</p> Signup and view all the answers

<p>Special needs trusts = Trustee manages the trust assets for the beneficiary's benefit Irrevocable life insurance trusts = Trustee owns the insurance policy Spendthrift trusts = Trustee has discretionary control over distributions Charitable trusts = Trustee is responsible for distributing assets to charitable organizations</p> Signup and view all the answers

<p>Living trust = Created during the lifetime of the settlor Testamentary trust = Created through a will and only comes into existence upon the death of the testator Revocable trust = Can be changed or revoked during the lifetime of the settlor Irrevocable trust = Cannot be changed or revoked during the lifetime of the settlor</p> Signup and view all the answers

<p>Living trust = Allows assets to pass to beneficiaries without going through probate Testamentary trust = Used to provide for minor children or to manage assets for beneficiaries who are not capable of managing them on their own Revocable trust = Can be changed or revoked during the lifetime of the settlor Irrevocable trust = Cannot be changed or revoked during the lifetime of the settlor</p> Signup and view all the answers

<p>Trustor = Transfers property to the trustee Trustee = Holds property for the benefit of beneficiaries Beneficiary = Receives property or income from the trustee Settlor = Creates the express trust</p> Signup and view all the answers

<p>Living trust = Estate planning purposes Testamentary trust = Managing assets for beneficiaries who are not capable of managing them on their own Revocable trust = Retaining control over assets while avoiding probate Irrevocable trust = Charitable or philanthropic purposes</p> Signup and view all the answers

<p>In writing = Usually created in this form Inferred by law = Not a characteristic of express trusts For the benefit of beneficiaries = The primary goal of an express trust Created by conduct = Not a characteristic of express trusts</p> Signup and view all the answers

<p>Wealth preservation = A common goal of express trusts Wealth enhancement = A common goal of express trusts Government benefits = Not a primary purpose of express trusts Charitable giving = Not a primary purpose of express trusts</p> Signup and view all the answers

<p>Living trust = Can be either revocable or irrevocable Testamentary trust = Cannot be changed or revoked after the death of the testator Revocable trust = Can be changed or revoked during the lifetime of the settlor Irrevocable trust = Cannot be changed or revoked during the lifetime of the settlor</p> Signup and view all the answers

<p>Living trust = Beneficiaries who can manage their own assets Testamentary trust = Minor children or beneficiaries who are not capable of managing their own assets Revocable trust = The settlor themselves Irrevocable trust = Charitable organizations</p> Signup and view all the answers

<p>Trustor = A person who transfers property to a trustee Grantor = A person who creates an express trust Settlor = A person who creates an express trust Transferee = A person who receives property from a trustor</p> Signup and view all the answers

<p>Created in express terms = Usually created in writing Holds property for beneficiaries = The trustee's primary responsibility Distributes property or income = A possible action of the trustee Inferred by law = Not a characteristic of express trusts</p> Signup and view all the answers