Are Form 1041 Qft Exempt 2023-2024

Hi everybody, attorney Nicole Wipp here with the Family and Aging Law Center. Today, I'm going to go over a little bit with you about trusts. I call this Trust 101, and it's really just an overview about what trusts are and what they can do for you, as well as a little bit about the different types of trusts. The reason I'm doing this is because I know there's a lot of confusion about what trusts really are out there, since I've literally talked to hundreds, if not thousands, of people about trusts. I'm not going to get into specific details about trusts, but I'm just going to give this overview, so let's get started. So the first question really is, well, what is a trust? What is it even? The legalese answer is that it's a contract between the Grantor, which is the person that creates the trust (usually, if it's your trust, you are the Grantor), the Trustee, who is the person that manages the trust (it could be you or somebody else), and the Beneficiaries, who are the people that will benefit from the trust either during your life or after your death. That's the legalese. What I will tell you is that a trust is your rule book. Your rule book, okay? And this is important because if you don't make your own rule book, you're going to get the rule book that the state gives you. You're going to follow the state's rules. So, you can make your own rule book, but you have to create it, and that's what a trust is for. Alright, so there are two main types of trusts. And when I say this, what I mean is in the whole world of trusts, there are two very general categories of...