When to use a Kentucky Living Trust form?

When to use a Kentucky Living Trust form?

The Kentucky living trust forms are used when an individual known as a “Grantor” wishes to determine how they will distribute their assets and property when they die. Both Irrevocable and Revocable trusts serve this purpose, however, each trust operates differently and the type that you eventually choose will affect how the trust can be managed.

How is a revocable trust different from an irrevocable trust?

A Revocable Trust offers flexibility regarding possible amendments or modifications made by the Grantor while an Irrevocable Trust cannot be altered by the Grantor whatsoever. With both trust types, the Trustee will be required to manage the trust and ensure that the Grantor’s assets are distributed to the Beneficiaries when the Grantor dies.

When to terminate an uneconomic trust in Kentucky?

2. Terminating an Uneconomic Trust: When a trust contains assets with a total value of less than $100,000, the trustee may terminate the trust if the trustee determines that the value of the trust property is insufficient to justify the cost of administering the trust.

Where can I move an irrevocable trust to?

Nevada, South Dakota, Alaska, and Delaware have historically been the so-called first-tier trust jurisdictions. This whitepaper will describe the benefits of moving a pre-existing irrevocable trust to the State of Nevada.

The Kentucky living trust forms are used when an individual known as a “Grantor” wishes to determine how they will distribute their assets and property when they die. Both Irrevocable and Revocable trusts serve this purpose, however, each trust operates differently and the type that you eventually choose will affect how the trust can be managed.

Can an irrevocable trust protect your assets from Medicaid?

An irrevocable trust can protect your assets against Medicaid estate recovery.   Assets in an irrevocable trust are not owned in your name, and therefore, are not part of the probated estate.

A Revocable Trust offers flexibility regarding possible amendments or modifications made by the Grantor while an Irrevocable Trust cannot be altered by the Grantor whatsoever. With both trust types, the Trustee will be required to manage the trust and ensure that the Grantor’s assets are distributed to the Beneficiaries when the Grantor dies.

Who is the grantor of a revocable trust?

It is also possible for the Grantor of a Revocable Trust to act as Trustee and retain control over their assets. A Living Trust has four (4) main roles: Grantor (or “Settlor”) – Creator of the trust; the grantor transfers ownership of their property to the trust.