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	Testamentary Trusts (Site not responding. Last check: 2007-09-11)
		The terms of the trust must provide that all of the income be paid or payable to the spouse during his or her lifetime and may also include access to capital in the trustee’s discretion or at the request of the spouse.
		Although the assets initially placed in a testamentary trust are subject to probate tax in the original testator’s estate, the terms of the trust can provide for their later disposition through the trust, thereby avoiding a second round of probate tax on the same assets.
		In this case, the assets could be left to a testamentary trust or a series of trusts for the lifetimes of the family beneficiaries with provision that the assets will pass to specific charitable beneficiaries upon the deaths of the individual beneficiaries.
	www.professionalreferrals.ca /article-863.html (2165 words)

	Schenebeck v. Schenebeck (Brown, J.) 96-1438
		The trust was to terminate at Dorothy's death, with Gerald receiving the corpus of the trust.
		The testamentary trust was created but not funded, and the probate court was simply collecting the assets of the estate and distributing them to the proper entity when it ordered the prorated rental payment to be paid into a special account established for the benefit of trust beneficiaries.
		He essentially maintains that the testamentary trust is clear that he was toreceive all income from the farmland in excess of his annual lease payment to the estate under the rental agreement.
	courts.state.ar.us /opinions/1997a/970623/96-1438.html (2793 words)

	[No title]
		Testamentary trusts are trusts that come into existence or are funded on the death of an individual.
		In a typical testamentary trust, the property or investments come from the deceased (or insurance owned by the deceased) and are held by one or more trustees - who are usually the deceased’s executors.
		Our focus is on a testamentary trust created by a life insurance trust designation under s.144 of the Insurance Act of B.C. The trust designation is essentially a trust prepared by a Trust Lawyer and signed by the insured that attaches to all or part of the proceeds of a life insurance policy.
	www.pushormitchell.com /fullarticle.asp?PMArtID=130 (1021 words)

	Testamentary Trust Will - Hinterland Lawyers. Maleny. Sunshine Coast (Site not responding. Last check: 2007-09-11)
		The effect of this section is that children under the age of 18 years who receive income from a testamentary trust are taxed on that income as an adult and therefore enjoy the normal tax free threshold ($5,400.00 or $6,150.00 if the low income rebate applies) and marginal tax rates which apply to adults.
		It enables a trust to be established from assets derived from the deceased and for the income to enjoy the same tax advantages as income derived through a testamentary trust.
		However, the effect of the provision is that the sum that may be used to establish the trust cannot exceed the amount that the "beneficiary" would have received from the deceased's estate had the deceased died intestate ie.
	www.hinterlandlawyers.com.au /services_test_trust.html (975 words)

	IT-305R4 Testamentary Spouse Trusts
		For a testamentary trust to qualify as a spouse trust under subsection 70(6), the deceased must have been resident in Canada immediately before death and the trust created by the deceased's will must be resident in Canada immediately after the time the property vested indefeasibly in the trust.
		Once a trust qualifies as a spouse trust under the terms of subsection 70(6), it remains a spouse trust and is subject to the provisions affecting such trusts (for example, paragraph 104(4)(a)) even if its terms are varied by agreement, legal action or breach of trust.
		It is arguable that a trust in favour of a spouse created under a taxpayer's will out of the residue of his or her estate is tainted by the distributions and payments necessary to establish the trust corpus.
	www.cra-arc.gc.ca /E/pub/tp/it305r4/it305r4-e.html (4975 words)

	ATO Legal Database - ATO ID 2002/947 - Excepted Trust Income - testamentary trust
		The income distributed from a testamentary trust to the taxpayer, a beneficiary of the trust who is under 18 years of age, is 'excepted trust income' under subsection 102AG(2) of the ITAA 1936.
		The taxpayer, one of the beneficiaries of the testamentary trust, is under 18 years of age and receives a distribution.
		Therefore, the income distributed from a testamentary trust to the taxpayer, a beneficiary of the trust who is a prescribed person, is 'excepted trust income' under subsection 102AG(2) of the ITAA 1936.
	law.ato.gov.au /atolaw/view.htm?docid=aid/aid2002947/00001 (478 words)

	In re Medeiros Testamentary Trust and Life Insurance Trust
		As previously indicated, Bender asserts that the circuit court erred by applying the law in effect when the trusts were executed in 1942 to conclude that her adoption during minority by her stepfather precludes her from being the "issue" of her natural father, Lawrence, for purposes of claiming as a beneficiary under the trusts.
		Consequently, notwithstanding its ruling that the law applicable to both the testamentary trust and the life insurance trust is the law in 1942 when the trusts were executed, any error arising from this ruling is harmless.
		Based on the foregoing, HRS § 560:2-114 does not apply to either the testamentary trust or the life insurance trust for purposes of determining whether Bender is the "issue" of Lawrence.
	www.state.hi.us /jud/24602.htm (4255 words)

	T3 Trust Guide 2004 - Chapter 1 - General information (Site not responding. Last check: 2007-09-11)
		An inter vivos trust is a trust that is not a testamentary trust.
		When a trust has elected to be treated as a deemed resident trust for 2001 or 2002, this additional condition will apply to the determination of the status of the trust as a grandfathered inter vivos trust for those taxation years as well.
		A pre-1972 spousal trust includes both a testamentary trust created before 1972, and an inter vivos trust created before June 18, 1971, for which the beneficiary spouse was entitled to receive all the income during the spouse's lifetime, and no other person received, or got the use of, any income or capital of the trust.
	www.cra-arc.gc.ca /E/pub/tg/t4013/t4013-02-e.html (2555 words)

	SEC-3.HTM (Site not responding. Last check: 2007-09-11)
		A Trust is a creature of the law in which one party - the Trustee - has legal ownership of any form of property that has been transferred to him/her or "it" (e.g., a bank) by the person establishing the Trust.
		For a living Trust, legal title is transferred, during life, to: "John and Jane Smith, Co-Trustees of the Smith Family Trust, under declaration of Trust dated ____.” Financial institutions will also require authorization, in the form of the Trust document, before they will accept instructions from a Trustee.
		The "catch," however, is that a testamentary Trust only delays the property transfers until somebody else has to bother with them, after your death.
	www.mtpalermo.com /SEC-3.HTM (719 words)

	IRS SPECIMEN TESTAMENTARY CRAT: PAYMENTS FOR ONE MEASURING LIFE - Taxwise Giving (Site not responding. Last check: 2007-09-11)
		For the proper treatment of distributions to a charitable remainder trust or to the recipient during the period of administration of an estate or settlement of a trust that is not a charitable remainder trust, see section 1.664-1(a)(5)(iii).
		The trust instrument of a CRAT must provide a means for selecting alternative charitable remaindermen in the event the designated organization is not qualified at the time any payments are to be made to it from the trust.
		Except as provided in paragraph 6 of the sample trust, the trust instrument may limit the application of the provisions of section 508(e) to the period after the termination of the annuity period when the trust continues in existence for the benefit of the charitable remainderman.
	www.taxwisegiving.com /practice/irs_specimen_5.htm (3219 words)

	Testamentary Trusts (Site not responding. Last check: 2007-09-11)
		Although both testamentary and family trusts have similar features, such as the ability of the trustee to decide which beneficiaries of the trust will receive income, there are considerable taxation advantages for infant beneficiaries (those under the age of 18 years) under a testamentary trust.
		Providing your spouse is a beneficiary of the testamentary trust, the trustee could pay all or part of the capital and/or income to your spouse, or to any other named beneficiary of the trust.
		The post-death trust beneficiaries are limited to those who would have received a share in your estate under the intestacy legislation (the law that applies where you do not make a will).
	www.adelta.com.au /testamentary.htm (815 words)

	PGDC Source Document - Sample Testamentary CRAT Instruments for Concurrent and Consecutive Interests
		Section 4 of this revenue procedure provides a sample declaration of trust for a testamentary CRAT with concurrent and consecutive interests for two measuring lives that is created by an individual who is a citizen or resident of the United States.
		For the proper treatment of distributions to a charitable remainder trust or to the recipients during the period of administration of an estate or settlement of a trust that is not a charitable remainder trust, see § 1.664-1(a)(5)(iii).
		Except as provided in paragraph 6 of the sample trust, the trust instrument may limit the application of the provisions of § 509(e) to the period after the termination of the annuity period when the trust continues in existence for the benefit of the charitable remainderman.
	www.pgdc.com /usa/print_item?itemID=81830 (3865 words)

	Testamentary Trust
		Testamentary trusts are trusts that take effect at your death.
		For example, a grandmother creates a trust giving income to her children and the trust assets ultimately to her grandchildren.
		Sprinkling trust is a trust that gives the trustee discretion to distribute income to many people at different times.
	marriottschool.byu.edu /giving/testtrust.cfm?format=print (484 words)

	Post Death Trusts
		While this is not as good as a testamentary trust a PTT has many benefits provided you have children under 18 years of age.
		The income generated in the trust from the deceased estate can be used for income splitting for your children under 18 years of age.
		Unlike a Testamentary Trust, how much tax effective income can be generated in the PTT is limited to the intestacy laws in each state.
	www.taxlawyers.com.au /Manuals/PostDeathTrusts.htm (549 words)

	Law 17 Fall 2000 Testamentary Trusts
		His will provided for the creation of a trust, half of which was to be divided, on the death of Ficke's last surviving child, "in equal portions between (the testator's) grandchildren then living." At the time of the death of Ficke's last surviving chld, there were four biological grandchildren and four adopted grandchildren living.
		The trusste, Connecticut National Bank and Trust Co, sought court determination of whether the adopted grandchilren were entitled to share in the trust distribution.
		Testamentary Trusts by Linda McIntyre, 2002, Jun 29
	hyper.vcsun.org /HyperNews/djordan/get/law17f20trusts.html (710 words)

	CCH Financial Planning Toolkit \| Living or Testamentary Trust
		A living trust (sometimes called an inter vivos trust) is one created by the trustor during his or her lifetime, while a testamentary trust is a trust created by the trustor's will.
		In a testamentary trust, property must pass into the trust by way of the will and, thus, must go through the probate court process.
		On the other hand, funding of the living trust means that the trustor must transfer assets into the trust during his or her lifetime, and provide for management of those assets by a trustee.
	www.finance.cch.com /text/c50s20d040.asp (301 words)

	[No title]
		Courts -- jurisdiction -- testamentary trust -- prorated rent due estate - - probate court had authority to enforce collection of.
		Because of Gerald's disclaimer, Dorothy claimed as hers all of the income from the farmland which formed the res of the testamentary trust, including income from the subleases.
		He essentially maintains that the testamentary trust is clear that he was to receive all income from the farmland in excess of his annual lease payment to the estate under the rental agreement.
	courts.state.ar.us /opinions/1997a/970623/96-1438.txt (2697 words)

	SurfWax: News, Reviews and Articles On Testamentary Trust
		An estate plan that passes assets to a testamentary trust for the special needs of a disabled child can protect that child's ability to qualify for SSI benefits.
		A trust set up while the person is alive is called a "living trust." A trust created by a will and going into effect after death is called a "testamentary trust." A trust can be irrevocable so the terms can't be changed--or living and revocable so adjustments can be made if circumstances change.
		The trust can be established in a will, known as a testamentary trust, or it can be established under the terms of a trust.
	www.lawkt.com /files/Testamentary_Trust.html (1122 words)

	Free Financial Advice from Jim Maroney @ GoBC.com - BC's Ezine
		An example of a trust is your self-directed RRSP - you transfer cash to a financial institution (the trustee) that holds the asset in "trust" for your benefit as beneficiary of the trust.
		In the case of a testamentary trust, tax is calculated using the same graduated tax rates that are applied to you and me as individual taxpayers - this is key to the ability of testamentary trusts to save income tax.
		Lee decides instead to include a clause in his will stating that a testamentary trust is to be established for the benefit of each child to hold their requisite share of his estate.
	www.gobc.com /money/article.php?38 (877 words)

	testamentary trust from uksiteguide.co.uk (Site not responding. Last check: 2007-09-11)
		In contrast, a testamentary trust -- one that is created after the parents have died -- gives guidelines on...
		The most common form of trust is a testamentary trust, the terms of which the grantor includes in...
		probate, the activity of the testamentary trust and its trustee is a...
	www.uksiteguide.co.uk /testamentary-trust.html (293 words)

	Insurance Coverage on Testamentary and Trust Accounts
		A testamentary account in which the named beneficiary is the spouse, child, or grandchild of the owner, is "insured up to $100,000 in the aggregate as to each such beneficiary, separately from any other accounts of the owner or beneficiary, regardless of the membership status of the beneficiary." 12 C.F.R. §745.4(b).
		When the beneficiaries of a testamentary account are other than an owner's spouse, child, or grandchild, the funds in the account are added to any individual accounts of the owner and insured up to $100,000 in the aggregate.
		All trust interests established for the same beneficiary by the same grantor are added together and insured up to $100,000 in the aggregate, separately from other accounts of the grantor, beneficiary, or trustee.
	www.ncua.gov /RegulationsOpinionsLaws/opinion_letters/1996/96-0804.html (1034 words)

	Where should a testamentary trust be registered? (Site not responding. Last check: 2007-09-11)
		Therefore, a testamentary trust need no longer be administered through the county where the underlying will was probated.
		The question assumes that often the principal place of administration is in a county different from the county in which the decedent's estate was probated.
		Therefore, there may well be an inclination to register testamentary trusts in the county in which the corporate trustee administers the trust.
	courts.co.calhoun.mi.us /epic0003.htm (194 words)

	Testamentary Trust
		A testamentary trust only becomes effective and irrevocable at the time of your death.
		The results are that the assets remaining in the IRA at their deaths will not incur any income tax liability going into the trust and a nice future gift is established for the charitable organization.
		In addition, a taxable income stream for their heirs is created and some estate taxes may be saved.
	www.whittier.edu /advancement/wcscenario4.htm (442 words)

	KPMG US - TaxNewsFlash (Site not responding. Last check: 2007-09-11)
		Similarly, a testamentary trust could be a permitted S corporation shareholder for a 60-day period, beginning on the day the stock was transferred to the trust.
		In August 2001, regulations were proposed to incorporate changes from the Small Business Job Protection Act of 1996 Act to provide that a testamentary trust or a subpart E trust may be a permitted shareholder for a two-year period, without regard as to whether the entire corpus is includible in the gross estate.
		If a former qualified subpart E trust or a testamentary trust continues to own stock of an S corporation after the two-year period beginning on the day of the deemed owner’s death, and is not otherwise a qualified subpart E trust, an electing QSST, or an ESBT, the trust is not a permitted shareholder.
	www.us.kpmg.com /microsite/taxnewsflash/2003/july/03224.html (612 words)

	MSN Encarta - Search Results - testamentary trust
		MSN Encarta - Search Results - testamentary trust
		Trust (monopoly), corporate monopoly organized under the legal device of trusteeship for the purpose of eliminating competition in an area of...
		Trust (property law), in England and the United States, relationship existing between two or more parties in which one party holds the legal title to...
	ca.encarta.msn.com /testamentary_trust.html (83 words)

	LawKT.com: Law Firm Publications on Testamentary Trust
		Ohio taxpayer trusts must file an estimated Ohio income tax declaration and pay 67Â½ percent of such estimated tax by September 16, 2002 if the trust's estimated 2002 Ohio income tax is more than $500.
		A “Secular Trust” is one which is not subject to the employer’s creditors but the employee’s tax is deferred because of nontransferability and substantial risk of forfeiture.
		Charitable Remainder Trust Planning Technique for "Overfunded" Retirement Plans If your plan may be subject to the excess distributions tax or additional estate tax, as well as to estate taxes and income taxes, you may consider a lifetime withdrawal during the "window" created by the Small Business Job Protection Act.
	www.lawkt.com /pubs/Testamentary_Trust.html (2860 words)

	Desjardins - Making a testamentary trust
		A testamentary trust makes it possible to subject a bequest to certain conditions, either to restrict the manner in which the capital will be used or to stagger the distributed sums over time.
		The testamentary trust is a tax unit separate from the heirs and may be taxed directly on the income it generates.
		A trust company is the only legal person authorized to be a trustee.
	www.desjardins.com /en/particuliers/conseils/succession/testament/fiducie_testamentaire.jsp (281 words)

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