Revocable Trust For Benefit Of Child Outright, Contingent Trusts For Grandchildren (11 Pages)
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RevocableTrustChildren
$29.00
This is a revocable trust created by an unmarried grantor. The grantor is the beneficiary of the trust while living, and may receive all of the trust income and principal in the grantor’s discretion. Upon the grantor’s death, one of the grantor’s children is the outright beneficiary of the trust property. If that child is not then living, the child’s issue are the successor beneficiaries, each receiving a separate share of the trust property.
This is a revocable trust created by an unmarried grantor. The grantor is the beneficiary of the trust while living, and may receive all of the trust income and principal in the grantor’s discretion. Upon the grantor’s death, one of the grantor’s children is the outright beneficiary of the trust property. If that child is not then living, the child’s issue are the successor beneficiaries, each receiving a separate share of the trust property. If a grandchild has attained age 35, the grandchild’s share passes outright. If not, the property is held in further trust with income and principal payable to the trust beneficiary in the discretion of the trustee. When the beneficiary attains age 25, one-third of the beneficiary’s share is paid to the beneficiary. When the beneficiary attains age 30, one-half of the balance of the beneficiary’s share is paid to the beneficiary. The trust terminates when the beneficiary attains age 35. If further successor beneficiaries are needed, the other children of the grantor are named as such successors.
This trust may be used where the grantor wishes to create separate interests for different children (perhaps other children received lifetime gifts or other benefits); or to reward a caregiver child for services performed. It may also be modified to be used for a single child of the grantor by eliminating the references in Article IV B to any other children of the grantor.
Author:
Steven G. Siegel is president of The Siegel Group, a Morristown, New Jersey - based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. Mr. Siegel holds a BS from Georgetown University, a JD from Harvard Law School and an LLM in Taxation from New York University.
Author:
Steven G. Siegel is president of The Siegel Group, a Morristown, New Jersey - based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. Mr. Siegel holds a BS from Georgetown University, a JD from Harvard Law School and an LLM in Taxation from New York University.
He is the author of several books, including: Planning for An Aging Population; Business Entities: Start to Finish; Taxation of Divorce and Separation; Income Taxation of Estates and Trusts, Preparing the Audit-Proof Federal Estate Tax Return, Putting It Together: Planning Estates for $5 million and Less, Family Business Succession Planning, Business Acquisitions: Representing Buyers and Sellers in the Sale of a Business; Dynasty Trusts; Planning with Intentionally-Defective Grantor Trusts; The Federal Gift Tax: A Comprehensive Analysis; Charitable Remainder Trusts, Grantor Trust Planning: QPRTs, GRATs and SCINs, The Estate Planning Course, The Retirement Planning Course, Retirement Distributions: Estate and Tax Planning Strategies; The Estate Administration Course, Tax Strategies for Closely-Held Businesses, and Tort Litigation Settlements: Tax and Financial Issues.
Mr. Siegel has lectured extensively throughout the United States on tax, business and estate planning topics on behalf of numerous organizations, including National Law Foundation, AICPA, CCH, National Tax Institute, National Society of Accountants, and many others. He has served as an adjunct professor of law at Seton Hall and Rutgers University law schools.
The Siegel Group provides consulting services to accountants, attorneys, financial planners and life insurance professionals to assist them with the tax, estate and business planning and compliance issues confronting their clients. Based in Morristown, New Jersey, the Group has provided services throughout the United States. The Siegel Group does not sell any products. It is an entirely fee-based organization.
The Siegel Group provides consulting services to accountants, attorneys, financial planners and life insurance professionals to assist them with the tax, estate and business planning and compliance issues confronting their clients. Based in Morristown, New Jersey, the Group has provided services throughout the United States. The Siegel Group does not sell any products. It is an entirely fee-based organization.