ALLiS Login | phone icon (877) 254-4429

LLIS Operations September 24th Update: COVID-19 - Click Here

Insurance Glossary

Industry jargon and unfamiliar terminology can be confusing.

No insurance resource would be complete without a helpful menu of terms and concepts. This information-rich list will help you make sense of the solutions you are considering.

Choose a section to view:

0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z (ALL)

Revocable Trust

​A type of living trust, and an effective device to transfer assets directly to beneficiaries outside the probate estate, avoiding probate costs in estate settlement. Often considered a better vehicle than wills for ensuring individuals receive specific property. No income, estate, or gift tax savings exist under a revocable trust, and the transfer into the trust does not constitute a completed gift. Therefore, no gift tax is assessed, the trust property will be included in the taxable estate, and trust income is taxable to the grantor. Administration and management charges must also be paid, offsetting the savings generated from the formation of the trust.