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The Law Firm of Steven F.Bliss Esq.Trust Attorney A Grantor Retained Annuity Trust,or GRAT for brief,is an unique type of irrevocable trust that permits the Trustmaker/Grantor to gamble versus the odds and,if the Trustmaker/Grantor plays their cards right,then a considerable amount of wealth can be moved down to the next generation for essentially no estate or gift tax dollars.
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The Law Firm of Steven F.Bliss Esq.Trust Lawyer It’s also about making certain your family members and other beneficiaries are provided for and have access to your assets upon your temporary or permanent incapacity.
The same applies when a decedent fails to name any beneficiaries at all,or if he names his estate as the beneficiary

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You do not always need probate to be able to deal with the estate Although trusts were originally developed for the very rich,today they are commonly utilized in wills and estate planning whenever a person or a household owns real property The Law Firm of Steven F.Bliss Esq.Lastly,the Executor is discharged from his/her duties.
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A CLAT is an irreversible trust that might be developed by a donor either intervivos,or upon death,and which specifies that an annual fixed dollar quantity should be paid at least each year to charity until the termination of the defined term,at that point the trust properties pass to,or in trust,for the noncharitable receivers steveblisslaw com Probate Lawyer A trust,however,has actually named beneficiaries.
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Who are typically called as beneficiaries? The 2nd document,called a living will,permits you to decide precisely how you wish to be treated if resuscitation or life support is needed steveblisslaw com This is not a legally binding document,but gives valuable inFirmation and guidance to your executor.
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Written by Shirley Allen