An Inter Vivos Trust Takes Effect While You're Alive

question 44

True/False

An inter vivos trust takes effect while you're alive.

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Definitions:

Sole Member

The only individual in ownership or participation of an entity, such as a single-member LLC.

Taxed As

The classification or manner in which a financial transaction or entity is subjected to taxation by governing authorities.

Promoter

An individual or organization that helps to plan, finance, and organize the founding or operations of a company or event.

Contract Adoption

The act of agreeing to and accepting the terms of a contract, thereby making it legally binding.