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The phrase "Revocable Living Trust" has three parts that need to be discussed. First, a "Trust" in this context is an arrangement between three parties: the Grantor (sometimes called "Settlor" or "Trustor"), the Trustee, and the beneficiary. The Trustee is the legal...
Every trust has a grantor. So why are some trusts called "grantor trusts" and others called "non-grantor trusts"? The phrase "grantor trust" is actually referring to an IRS term that means the grantor of the trust is treated as the owner of trust property for income...
Many people are familiar with the phrase "asset protection" but are not aware of exactly what it is or how they can benefit from it-so I'll tell you a little about it. Creditors gravitate towards debtors that have substantial assets because if the debtor has no assets...
