Other
Lifetime Trusts
People often set
up other types of trusts during their life and the object is
usually tax savings of some kind. They usually involve
giving property away to get it out of the creator's taxable
estate or to get the income from it off the creator's income
tax return. Neither of these objectives can be achieved if
the person creating the trust retains rights in the trust.
For that reason these trusts are usually irrevocable and the
creator is not the trustee. An irrevocable life insurance
trust to which a life insurance policy is given is an
example.
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