Difference between a living trust and a testamentary trust

Assignment Help Taxation

Reference no: EM133211451

Assignment:

The five goals of estate planning are as follows:

Minimize interference from the legal system (probate, administration, guardianships etc)
minimize taxation (income, estate & gift etc)
asset protection for beneficiaries
provide for long term care so one does not outlive his or her money
honor the family dynamic

A Trust can address many of these estate planning objectives.

What is a trust?
There are generally three parties involved in a trust. Name them and briefly describe each one's relation to the trust.
What is the difference between a Living Trust and a Testamentary Trust?
What is the difference between a Revocable Living Trust and an Irrevocable Living Trust?
Which of the 5 estate planning goals can be addressed by a Revocable Living Trust?
Which of the 5 estate planning goals can not be addressed by a Revocable Living Trust? Why?
How does an Irrevocable Trust accomplish the goals not addressed by the Revocable Living Trust?
Why would one creating a trust prefer the Revocable Trust over the Irrevocable Trust?

ESTATE & GIFT TAXATION

What is the Gross Estate made up of?
What are the deductions one can use against the gross estate?
Many say that the estate tax is optional due to the Marital Deduction and the Charitable Deduction. What do you think they mean by that?
How large a taxable estate can one have without incurring an estate tax in 2022 (look outside the text for the answer)?
What is the concept of portability as it affects the estate tax?
Many believe that the gift tax exclusion (currently $16,000) means they can deduct it on their income tax return? Is that true?

Reference no: EM133211451

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