A revocable living trust is an essential aspect of any estate plan. Also known as a living trust, it is a legal entity created to hold personal and family assets. There are two parties involved in a living trust. They are the grantor, or trustmaker, and the trustee. Often, they end up being the same person. A revocable living trust goes through three phases which are outlined here.
A Charitable Remainder Trust (CRT) allows a donor to transfer property to a trust, retaining the right to receive a stream of annual payments for a term chosen by the donor.