![]() Legal information and other services are delivered by or through Rocket Lawyer via. Rocket Lawyer has helped over 20 million businesses, families and individuals make legal documents, get attorney advice, and confidently protect their futures. Rocket Lawyer is an online legal technology company that makes the law simpler and more affordable for businesses, families and individuals. "Charitable trust" - a trust that provides income or other benefits to a charitable organization, and also provides income tax and estate tax advantages to the person who contributes assets to the trust. "Irrevocable life insurance trust" - a mechanism for owning life insurance policies so that the death benefits payable on the policies are not subject to federal estate tax. "Generation skipping transfer tax" - a tax on transfers to grandchildren and other "skip persons" after the aggregate amount of such gifts and bequests exceeds $5,000,000 in 2012 or $1,000,000 after 2012. "Marital trust" - a trust created under a Will (or as part of a Living Trust) that provides support for a surviving spouse and can also specify how the marital trust assets should be distributed after the spouse's death. ![]() "Credit trust" - a trust created under a Will (or as part of a Living Trust) that allows a married couple to maximize the amount of estate assets that will not be subject to federal estate taxes. "Marital deduction" - a tax law provision that allows an unlimited amount to be distributed under a Will (or Living Trust) to a spouse, without being subject to federal estate taxes. "Living trust" - a trust created during a person's lifetime that can act as a Will substitute. In some states, the executor is also known as a "personal representative". EXECUTOR: An executor is the person or organization named in a Will who has the responsibility to carry out the terms of the Will (i.e., collect the assets, pay the debts, and distribute the remaining assets to the beneficiaries). ![]() Rather than distributing all of each child's share at one time, the assets should be distributed inįirst Choice:(The Guardian cares for the "person," while the Trustee manages the property of the minor.) When the youngest child reaches the target age, the Trustee begins an outright distribution of the trust assets to the children.When the youngest child reaches the target age, the Trustee begins outright distributions of the trust assets to the children.The trust assets should be distributed outright to my children when my youngest living child has reached the age of years. ![]() This summary assumes that any specific bequests noted above have already been made.This summary assumes that any specific bequests noted above have already been made.This summary assumes that any specific bequests noted above have already been made.This summary assumes that any specific bequests noted above have already been made.This trust should be activated only if my spouse does not survive my death. DISTRIBUTION OF THE ESTATE ASSETS: The persons or organizations (beneficiaries) who will receive the assets of the estate must be identified.
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