Naming a successor trustee is a key part of the estate planning process. It can help avoid major legal snags and ensure that your wishes are followed if your original trustee dies or becomes incapacitated. What is a successor trustee? A successor trustee is the person or institution ...
While the beneficiary is alive, the trustee of the trust may make discretionary distributions from the trust to meet the beneficiary's "supplemental needs," such as education expenses, a vacation, or hobbies; but, generally, not for food or shelter, which would typically be provided for by Su...
What is a venture capital fund? What is a debt investment? What is a mutual fund? What is a venture capital firm? What is an adjunct account? What is a nonprofit organization? What is debt financing? What is venture debt financing?
What is a temp agency? What agency sets the interest rate on loans? What is an agency law in real estate? What is debtor's journal? What is a nonprofit organization? What is an underwriting company? What is a revolving credit facility?
→ Learn about the difference between a beneficiary and trustee Pooled special needs trust Pooled trusts, sometimes called community trusts, are run by nonprofit organizations that invest funds from multiple families (or other sources) in order to support multiple beneficiaries. A pooled trust may ...
The deed of trust allows a lender to have recourse if there is a default on a loan payment. It involves three parties – the grantor, the beneficiary and the trustee. Grantor: The entity whose assets are held in trust until payment of the loan occurs. A grantor is also known as a set...
WHAT IS A TRUST ATrustis an agreement in which property which is owned by one party - theSettlor- is held by another party - theTrustee- for the benefit of third party - thenBeneficiary. AnAppointoris the person who has the legal right to appoint a new Trustee or remove an existing Tru...
What protection is afforded to employees under the ADA? What is a beneficial owner? What is a salaried employee? What is an employee retention credit? What is the employee retention credit? What is a trustee? What is a philanthropist?
Aliving trust, also called aninter-vivos trust, is a written document in which an individual's assets are provided as a trust for the individual's use and benefit during their lifetime. A trustee is named when the trust is established; this person is in charge of handling the affairs of...
A special needs child is a youth who has been determined to require specific care, attention, and accommodations that other children do not. The state may declare this status for the purpose of offering benefits and assistance for the child’s well-being and growth. Special needs can also be...