inter vivos trust

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Related to inter vivos trust: testamentary trust, cy pres doctrine, Irrevocable trust
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Noun1.inter vivos trust - a trust created and operating during the grantor's lifetime
trust - something (as property) held by one party (the trustee) for the benefit of another (the beneficiary); "he is the beneficiary of a generous trust set up by his father"
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
For most of that period, the respondent also served as trustee of an inter vivos trust drafted for the client by another lawyer.
in Edina.<br />The deal included a $1.35 million transaction with MS Family Properties and one for the same amount with Phillip Spiegler Revocable Inter Vivos Trust in Scottsdale, Arizona.<br />"It was a good deal for both of us," he said.
The Inter Vivos Trust in Modern Estate Planning: Benefits
Revocable Inter vivos Trust of Willis Franklin James & Gail James bought the 18804 MacArthur Drive location from Werner Enterprises Inc.
On June 7,2007, Israel and Erna Mikel established the I EM Family Trust, an irrevocable inter vivos trust. The trust's beneficiaries were the Mikels' children and lineal descendants and their respective spouses.
(73) The court held, based on precedent in Massachusetts, that the trust was not testamentary but was a valid inter vivos trust, and even where the donor retained substantial rights and powers over the trust, the trust property in this case would not be included in the estate for the purposes of the widow's elective share.
A GRIT is an irrevocable inter vivos trust wherein the grantor retains an interest in all the trust income for a term of years while transferring a remainder interest in the corpus to a beneficiary other than himself.
Thus, for example, the court in In re Ismailoff ruled that an arbitration provision found in an irrevocable inter vivos trust was "enforceable at the election of any one of the four trustees." (103) In re Ismailoff is particularly interesting because the opinion states that the settlor "executed an agreement with her four children (trustees) creating an irrevocable inter vivos trust." (104) The reference to "an agreement" suggests either that the settlor drafted a trust that incorporated certain contractual elements not normally found in trusts or that the court simply characterized a standard inter vivos trust as being contractual in nature.
Hamm, owns 75% of Wheatland through his Revocable Inter Vivos Trust, while Continental Resourcesa[euro](tm) president and chief operating officer, Jeff Hume, holds the other 25%.
(8) Use of this technique assures that the assets held in the inter vivos trust for the benefit of Judy are protected from her creditors during Judy's lifetime because the QTIP trust is a spendthrift trust.
The act adds the following language to section 1c of the Joint Tenancy Act (765 ILCS 1005/1c): Where the homestead is held in the name or names of a trustee or trustees of a revocable inter vivos trust or of revocable inter vivos trusts made by the settlors of such trust or trusts who are husband and wife, and the husband and wife are the primary beneficiaries of one or both of the trusts so created, and the deed or deeds conveying title to the homestead to the trustee or trustees of the trust or trusts specifically state that the interests of the husband and wife to the homestead property are to be held as tenants by the entirety, the estate created shall be deemed to be a tenancy by the entirety.
An inter vivos trust offers the advantage that it becomes effective immediately and the trustee is empowered to use trust assets to care for a pet immediately upon the owner's disability or death.

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