What is the role of the state attorney general in overseeing charitable trusts? How can an irrevocable trust be used for pet care after the owner's death?

Aug 9, 2023 ... The IRS states that, for assets that were conveyed to an irrevocable grantor trust, there is no “step-up” in tax basis at the grantor's death. In the case of a revocable trust, the whole trust is your resource. - In the case of an irrevocable trust, if there are any circumstances under which ... There are two basic types of living trusts, revocable and irrevocable, which are both used for different purposes. Mar 5, 2024 ... A revocable trust, also known as a living trust, is a legal contract that allows you to transfer your assets to a trustee for the benefit of named ... The first main difference between revocable and irrevocable trust is whether the trust itself can be modified after it is created and executed. Until trust ... An irrevocable trust allows the person who creates the trust, the settlor, to manage their assets while avoiding probate and providing asset protection from ... Modification or termination of noncharitable irrevocable trust by consent. A. If upon petition the court finds that the settlor and all beneficiaries consent to ... An irrevocable living trust is a trust that 1) goes into effect during the grantor's life and 2) cannot be revoked. Jun 4, 2019 ... Those could potentially be deemed to create a self-settled trust, if the trustee can make payment of income tax dollars to the grantor, the ... Jul 11, 2023 ... An irrevocable trust is a trust the creator (the "grantor") cannot change or revoke. Creators give up control of the assets they put into ...