Alternative Documentation
When you get a loan, you have to prove you have the means to pay it back eventually. Basically, you need to show the bank that you're not a likely deadbeat.
You can perform this feat by providing income tax returns. These records show how much money you brought in during a given year, and your banker can then figure out whether you represent a safe investment. However, sometimes tax returns don't tell the full story.
If for whatever reason, tax returns don't give the best picture of your annual earnings potential, the banker might turn to so-called alternative documentation.
This sounds like some underground paperwork stored in the shadowy recesses of the dark web. Don't worry, it's not really that weird. Instead of income tax returns, the alternative docs in question include things like W-2s, pay stubs and bank statements.
Related or Semi-related Video
Finance: What is Inter Vivos?4 Views
Finance a la shmoop what is inter vivos? inter between vivos part of an Elvis [Dictionary book flicks through pages]
Presley song okay remember Viva Las Vegas all right
no vivos means the living an inter vivos is a trust like between the living got
it so sorry all you zombies with large [Zombie appears]
inheritances and while you don't qualify well yeah inter vivos really is just
another word for a living trust an estate-planning vehicle that's set up
before the trustor has kicked the bucket so that they can transfer their assets
to trustees without having to you know go through all the probate nonsense
which cost a fortune and chews up all the money that they could have given to [Money transfers from grave to family]
their heirs it all goes to lawyers and the state well in other words in an
inter vivos trust they can keep the courts from getting involved and with an
inter vivos trust it isn't even necessary to wait until the trustor has
a you know gone the way of the dodo before those assets are distributed like [Gravestone of Dodo appears]
they can distribute it before they're dead bequeathed items and/or cash can
also start being divvied out before the trustors lifetime, although a trustee
might want to consider signing some kind of no take-backsies contract [No take-backsies contract appears]
just in case grandpappy start getting trustors remorse
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