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Examples consist of irreversible life insurance trusts,life time gifting trusts such as certified personal house trusts,grantor kept annuity trusts (GRAT for short),and spousal lifetime access trusts (SLAT for short).
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The first is typically called a Healthcare Power of Attorney or Health Care Proxy and it allows you to specify who will make decisions in your place in case of a medical emergency situation need.
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Uncle Sam lets you do this due to the fact that he plans to collect the taxes when your surviving spouse dies.
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By the time it is funneled down to every person included,the amount a beneficiary received might be substantially less than anticipated.
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