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This question is in regard to a Irrevocable Living Trust.

This question is in...

This question is in regard to a Irrevocable Living Trust. Can a Grantor set up an ILT such that during the lifetime of the Trustee(s) the Trustee(s) receive 60% of the interest earned by the Trust and the other beneficiaries earn the remaining 40%? Once the Trustee(s) pass away then the principal would be split between the other beneficiaries.

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

AZ

Lawyer's Assistant: What documents or supporting evidence do you have?

None yet. The answer would help determine the course to take.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

That's it.

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Answered in 3 minutes by:
3/27/2018
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 56,581
Experience: 29 years of experience practicing law, including tax and estate planning.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Good afternoon. Yes, the trust can be set up that way, but you are confusing the terminology. A living trust is by definition revocable until the grantor dies and then becomes irrevocable. If the trust is going to be irrevocable from the start, it's really not a living trust; rather, it's simply an irrevocable trust. But, in either case, the trust provisions can contain the provisions that you referenced.

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Customer reply replied 27 days ago
Thank you for both the answer and the clarification.

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