Totten trust

Totten trust definition - business

Totten trust

A trust in which the assets are deposited for a beneficiary, but the grantor has complete control of the trust, including the right to reclaim the assets. The assets pass to the beneficiary upon the death of the grantor but are taxed as part of the grantor's estate.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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