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Settlor |
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One who establishes a trust—a right of property, real or personal—held and administered by a trustee for the benefit of another. settlor n. the person who creates a trust by a written trust declaration, called a "Trustor" in many (particularly western) states and sometimes referred to as the "Donor." The settlor usually transfers the original assets into the trust. (See: trust, trustor) |
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6) This occurs even though neither state law nor the trust document characterizes the payments as capital gain, because the settlor probably intended that result. IRC section 2702(a)(3)(A)(ii) details the requirements for a QPRT and sets forth the rules a taxpayer--as the settlor or grantor who transfers the home to the trust--must follow to enjoy the tax benefits of transferring a remainder interest in a personal residence to someone else while retaining possession of the residence for a term of years. Daniels says the donor or settlor should select trustees carefully. |
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Settlor
