Rule of Survivorship

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Rule of Survivorship

Rule of Survivorship definition: This rule of survivorship limits the legal life of a trust. Generally a trust cannot outlive a person alive when the trust was established, plus 21 years. Only charitable trusts are exempt from the rule of survivorship.

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7 More Family Office Resources:

Joint Tenants With Right of Survivorship Family Office Definition: Joint Tenants With Right of Survivorship Joint Tenants With Right of Survivorship definition: Joint tenants with right of survivorship determines how property is handled upon death of one of the joint ...
Survivorship Life Insurance Policy Family Office Definition: Survivorship Life Insurance Policy Survivorship Life Insurance Policy definition: A survivorship whole life insurance policy insures a group of individuals. The death benefit is paid when the last joint owner dies, ...
Three-Year Rule Family Office Definition: Three-Year Rule Three-Year Rule definition: See IRS tax code section 2035. Gifts or transfers of ownership that occur within three years of the grantor's death may be included in the estate ...
Wash-Sale Rule Family Office Definition: Wash-Sale Rule Wash-Sale Rule definition: When the same (or identically similar) security is sold and purchased within 30 days, the wash-sale rule applies. Any wash-sale losses are not deductible and are ...
Second-to-Die Insurance Family Office Definition: Second-to-Die Insurance Second-to-Die Insurance definition: See survivorship life insurance definition for more information (also known as last-to-die insurance) Download our free Family Office Report to learn more about the family office industry. Read more ...
Tenancy by Entirety Family Office Definition: Tenancy by Entirety Tenancy by Entirety definition: When property is owned jointly by a married couple and upon death, the property rights of the deceased are transferred to the spouse. Similar ...
Joint Tenants by The Entirety Family Office Definition: Joint Tenants by The Entirety Joint Tenants by The Entirety definition: Joint tenants by the entirety is the same as joint tenants with right of survivorship for married couples. Download our free ...

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Welcome! My name is Richard C. Wilson and I run the Family Offices Group, the #1 largest association in the family office industry with 61,000 global members. We offer networking, live training workshops, a bestselling book, a monthly newsletter, and a training / certificate program called the Qualified Family Office Professional (QFOP). To get to know us please watch this 2 minute video, and contact us any time during pacific business hours by calling (212) 729-5067 or emailing us at Clients@FamilyOfficesGroup.com.