Property Ownership
What is an 'irrevocable trust' and how is real estate held in one?
AA trust that cannot be modified until the property is sold
BA trust that cannot be amended or revoked by the grantor — real property transferred into an irrevocable trust removes the asset from the grantor's estate (for tax purposes) with the trustee holding legal title for the benefit of beneficiaries✓ Correct
CA trust that only holds cash and stocks, not real property
DA temporary holding arrangement pending sale of the property
Explanation
An irrevocable trust permanently transfers assets from the grantor's control. When real estate is transferred into an irrevocable trust, the trustee holds legal title. The property is generally not subject to the grantor's creditors and may not be included in the grantor's estate for estate tax purposes. Delaware is a popular trust situs due to favorable trust laws (Dynasty Trusts, Delaware Directed Trusts).
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