Property Ownership
A Connecticut 'living trust' (revocable trust) allows the grantor to:
AAvoid income taxes on rental income
BTransfer property into trust during life, maintain control while alive, and facilitate non-probate transfer at death✓ Correct
CSell property tax-free
DAvoid all creditors permanently
Explanation
A revocable living trust allows the grantor to transfer assets into the trust while maintaining control as trustee. At death, trust assets (including real estate) pass to beneficiaries without probate.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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