For the following definitions, indicate the type of trust being described by selecting the correct answer from the dropdown. option for answer - blind trust, life insurance trust, living (revocable) trust, divorce trust, trust for minorsa. Holds life insurance policies on the insured. b. Provides funds for a college education or other needs, shifts income to other taxpayers, and transfers accumulated income without permanently parting with the underlying assets. c. Manages assets, reduces probate costs, provides privacy for asset disposition, protects against medical or other emergencies. d. Manages the assets of an ex-spouse.

Blind Trust Life Insurance Trust Living (revocable) Trust Trust for minors

Answered: For the following definitions, indicate…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For the following definitions, indicate the type of trust being described by selecting the correct answer from the dropdown.

option for answer - blind trust, life insurance trust, living (revocable) trust, divorce trust, trust for minors

a.	Holds life insurance policies on the insured.
b.	Provides funds for a college education or other needs, shifts income to other taxpayers, and transfers accumulated income without permanently parting with the underlying assets.
c.	Manages assets, reduces probate costs, provides privacy for asset disposition, protects against medical or other emergencies.
d.	Manages the assets of an ex-spouse.

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