Trust Income + Principal Flashcards
1
Q
Life Tenant
A
Gets: cash dividend, interest income, net biz income
Owes: loan interest, taxes, minor repairs
2
Q
Remaindermen
A
Get: stock dividend, stock split, net proceeds form sale of trust assets
Owe: loan principal, major repairs and improvements
3
Q
T Power of Adjustment
A
Can disregard rules if necessary to administer trust fairly
