Uses of Trusts in Estate Planning - Stewart McKelvey
Uses of Trusts in Estate Planning - Stewart McKelvey
Uses of Trusts in Estate Planning - Stewart McKelvey
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What is a Trust ? (Cont’d)<br />
• Not a separate legal person<br />
• Deemed a person for <strong>in</strong>come tax purposes<br />
• Trustee is a fiduciary and must always act<br />
impartially and <strong>in</strong> the best <strong>in</strong>terests <strong>of</strong> the<br />
beneficiaries<br />
• <strong>Trusts</strong> can be revocable or irrevocable,<br />
fixed <strong>in</strong>terest or discretionary