?What are the two kinds of living trusts? How do they differ? How are they established and administered?
What will be an ideal response?
Living trusts can be irrevocable or revocable. The distinction between these two types of living trusts is an important one for estate planners.In an irrevocable living trust, the grantor permanently gives up control over the property. In a revocable living trust, in contrast, the grantor retains control over the trust property during his or her lifetime.To establish an irrevocable living trust, the grantor executes a trust deed, and legal title to the trust property passes to the named trustee. The trustee has a duty to administer the property as directed by the grantor for the benefit and in the interest of the beneficiaries.The trustee must preserve the trust property; make it productive; and, if required by the terms of the trust agreement, pay income to the beneficiaries, all in accordance with the terms of the trust. Once an irrevocable inter vivos trust has been created, the grantor has, in effect, given over the property for the benefit of the beneficiaries.To establish a revocable living trust, the grantor deeds the property to the trust but retains the power to amend, alter, or revoke the trust during his or her lifetime. The grantor may also arrange to receive income earned by the trust assets during his or her lifetime. Unless the trust is revoked, the principal of the trust is transferred to the trust beneficiary on the grantor's death.
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When a person deliberately falsifies the amount of tax due by underreporting his or her income, it is called a
a. tax evasion. b. tax lien. c. tax assessment. d. tax fraud.
Before calling a government agency with a request, you should?
A. ?familiarize yourself with the case file. B. review the agency's regulations.? C. make a list of the various documents you will be requesting.? D. All of these choices are correct.?
____________ refers to the information that the client tells the lawyer and her staff in the form of correspondence, documents, and consultations.
Fill in the blank(s) with the appropriate word(s).
Strict liability
A. does not apply ifthere is proof the defendant took extreme precautions for the safety of others. B. does not apply ifthere is proof the plaintiff took no precautions for his or her own safety. C. applies only in manufactured products cases. D. applies incases of ultrahazardous activity.