Question

Types of Trusts include all of the following, except: a. Inter Vivos b. Charitable Living c. Marital Deduction d. Testamentary

Answer 1

The trust types include Inter Vivos, Testamentary, and Marital Deduction, but not Charitable Living which is not a commonly recognized category. The correct term would be 'Charitable' trust.

Step-by-step explanation:

The types of trusts that exist include Inter Vivos, Testamentary, and Marital Deduction trusts among others. An Inter Vivos trust is created during the lifetime of the settlor. A Testamentary trust is established through a will after the settlor's death. A Marital Deduction trust is designed to provide benefits to a surviving spouse and take advantage of federal estate tax provisions. The type of trust that does not exist as commonly recognized is a Charitable Living trust. While there are Charitable trusts and Living trusts, 'Charitable Living' is not a standard category. The correct Charitable trust type would be referred to simply as a Charitable trust, which is set up to benefit a specific charity or the public in general. It could be either inter vivos or testamentary.

Therefore, the correct answer to the question 'Types of Trusts include all of the following, except:' is b. Charitable Living.

Answer 2

The correct answer is: All of the options provided are trusts.

Step-by-step explanation:

A trust is a fiduciary relationship where one party, called the trustor gives another party, the trustee, the right to hold assets or property on behalf of a beneficiary. In a fiduciary relationship, one person holds a legal or ethical obligation to prudently care for another person's assets. Examples of trusts are revocable, irrevocable, charitable, Inter Vivos, marital deduction, testamentary, and asset protection trusts.