V is for VIVOS. Another Latin term, a transfer that is “inter vivos” is made during the life of the grantor, creating a possible gift situation for tax purposes if the transfer is to a third party other than a spouse. On the other hand, an “inter vivos trust” is the same as a Revocable Trust or Living Trust, meaning that the trust is created during the lifetime of the grantor. There is usually no gift made when creating or funding an inter vivos trust., and no need for a separate tax identification number.
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