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Topic: Beneficiary (trust)

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IT-394R2 Preferred Beneficiary Election A preferred beneficiary under a trust for a trust's taxation year that ends after 1996 generally means an individual beneficiary who is eligible for a disability tax credit under subsection 118.3(1) or a beneficiary 18 years of age or older for whom a dependant tax credit under subsection 118(1) can be claimed by another individual. Thus, the trust will not be able to pay all its income to a beneficiary, elect to have the income taxed in the trust under subsection 104(13.1), not claim the maximum amount as a deduction under subsection 104(6) and add the income to its accumulating income for the purpose of the preferred beneficiary election. These changes also provided that the beneficiary's entitlement to the disability tax credit under subsection 118.3(1) is satisfied where the beneficiary is entitled to it for the beneficiary's taxation year that ends in the trust's taxation year (and not for the beneficiary's taxation year in which the trust's taxation year ends). www.cra-arc.gc.ca /E/pub/tp/it394r2/it394r2-e.html

In re Trust Estate of Theodore H. Hubbard The superior court concluded that, although the farm operation had been greatly cut back in recent years and did not provide the life beneficiary with any income, the trust was still operative and explicitly precluded the trustee from selling, conveying, or otherwise disposing of any part of the trust property. The life beneficiary appeals, arguing that (1) the trust does not preclude the trustee from granting easements on the trust property; and (2) the trustee acted within its discretion in approving the easements. The trust does not allow the life beneficiary to encumber trust property, and thereby diminish the value of the trust estate, to benefit his non-trust property. www.vermontjudiciary.org /unpubeo/jul03/eo02560.htm

Trust For example, a trust can be used if a beneficiary is under age or has a mental disability that impairs the person's ability to maintain his or her own finances. A fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Once the beneficiary is deemed able to manage the funds or assets by the terms dictated under the trust, the beneficiary will receive possession of the trust. www.investopedia.com /terms/t/trust.asp   (263 words)

LawMeme - Red Cross the Beneficiary of a P2P Trust? In the meantime, the beneficiary must just sit back and wait; typically the beneficiary has no control over the trust's investments, unelss the trustee is in "breach of trust," that is, violating the terms of the trust or stealing from it. The Red Cross is the only beneficiary specifically named in the trust, so the recording industry, which is suing Sharman, is asking the organization to voluntarily freeze the fund until a verdict is reached in the Australian Federal Court. Basically, a trust is a bunch of assets that are owned by one person (the "trustee") for the benefit of another (the "beneficiary"). research.yale.edu /lawmeme/modules.php?name=News&file=article&sid=1665   (263 words)

Trust Property Control Act Whenever a trust beneficiary under tutorship or curatorship becomes entitled to a benefit in terms of a trust instrument, the tutor or curator of such a beneficiary may on behalf of the beneficiary agree to the amendment of the provisions of a trust instrument, provided such amendment is to the benefit of the beneficiary. Trust property shall not form part of the personal estate of the trustee except in so far as he as the trust beneficiary is entitled to the trust property. 'trust property' or 'property' means movable or immovable property, and includes contingent interests in property, which in accordance with the provisions of a trust instrument are to be administered or disposed of by a trustee. www.graaffs.co.za /trust_property_act.htm   (263 words)

NEVADA REVISED STATUTES: CHAPTER 166 The trust estate, or corpus or capital thereof, shall never be assigned, aliened, diminished or impaired by any alienation, transfer or seizure so as to cut off or diminish the payments, or the rents, profits, earnings or income of the trust estate that would otherwise be currently available for the benefit of the beneficiary. In such cases, the corpus or capital of the trust estate, or the interest of the beneficiary therein, may be anticipated, assigned or aliened by the beneficiary voluntarily, but not involuntarily or by operation of law or by any process or involuntarily at all.  For the purposes of this chapter, a spendthrift trust is defined to be a trust in which by the terms thereof a valid restraint on the voluntary and involuntary transfer of the interest of the beneficiary is imposed. www.leg.state.nv.us /NRS/NRS-166.html   (263 words)

FDIC: New Rules for Revocable Living Trust Accounts Living trusts often give a beneficiary the right to receive income from the trust or to use trust assets during the beneficiary’s lifetime (known as a life estate interest). Previously, many living trusts did not qualify for per-beneficiary coverage because they contained conditions that prevented a qualifying beneficiary from actually receiving his or her share of the trust assets when the owner died. The beneficiary must become entitled to his or her interest in the trust when the owner dies -- coverage would be based on the beneficiaries who meet this requirement at the time the bank fails. www.fdic.gov /deposit/deposits/deposit   (1061 words)

Wills, Trusts and Estates - Professor Frances Rudko Although a trust is a spendthrift trust or a trust for support, the interest of the beneficiary can be reached in satisfaction of an enforceable claim against the beneficiary, (a) by the wife or child of the beneficiary for support, or by the wife for alimony. Spendthrift Trust Act (NRS Chapter 166), NRS 166.020 defines a "spendthrift trust" as a trust in which by the terms thereof a valid restraint on the voluntary and involuntary transfer of the interest of the beneficiary is imposed." A spendthrift trust is "special," one that is established usually to prevent the beneficiary from becoming impoverished. A principal use of constructive trust is to award to a claimant a gain produced by an investment of property that was acquired from him by wrongdoing such as fraud; another is to charge a fiduciary for gain he acquired by breach of loyalty to the claimant. www.rongolini.com /trustsandestates.htm   (1061 words)

2 No. 50: Rita Eredics a/k/a Rita Nicholas v. Chase Manhattan Bank, N.A., et al. The trust may be revoked during the lifetime of the depositor by withdrawal of the funds or other affirmative acts, but if the depositor predeceases the beneficiary without revoking the trust, the beneficiary takes the balance of the funds at the time of the depositor's death without the funds passing through the depositor's estate. A Totten trust -- born a century ago in Matter of Totten (179 NY 112 [[* #1904#1904]) *]-- is essentially an account which the depositor holds "in trust for" or "as trustee for" another person, the beneficiary. There is no indication that the parties intended the agreement to affect plaintiff's right as beneficiary of the Totten trusts at all. straylight.law.cornell.edu /nyctap/I03_0062.htm   (1061 words)

Insurance Coverage on Testamentary and Trust Accounts All trust interests established for the same beneficiary by the same grantor are added together and insured up to $100,000 in the aggregate, separately from other accounts of the grantor, beneficiary, or trustee. A beneficiary's interest in a trust account is insured to $100,000 separately from other individual or joint accounts held by the beneficiary, grantor, or trustee. §B. Although a trustee holds legal title to property "in trust" for the benefit of a beneficiary, generally, the trustor, creator of the account, holds the power of revocation and is considered the owner of the funds in the account. www.ncua.gov /RegulationsOpinionsLaws/opinion_letters/1996/96-0804.html   (1061 words)

Proposed Regulations for Required Minimum Distributions A significant number of commentators on the 1997 amendment to the proposed regulations requested clarification that a testamentary trust named as an employee's beneficiary is a trust that qualifies for the look-through rule to the underlying beneficiaries, as permitted in the 1997 proposed regulations. These proposed regulations retain the provision in the proposed regulations, as amended in 1997, allowing an underlying beneficiary of a trust to be an employee's designated beneficiary for purposes of determining required minimum distributions when the trust is named as the beneficiary of a retirement plan or IRA, provided that certain requirements are met. A designated beneficiary need not be specified by name in the plan or by the employee to the plan in order to be a designated beneficiary so long as the individual who is to be the beneficiary is identifiable under the plan as of the date the beneficiary is determined under A-4 of this section. www.brentmark.com /newrmd.htm   (1061 words)

Utah Code Section 75-7-502 (2) A term of a trust providing that the interest of a beneficiary other than the settlor is held subject to a "spendthrift trust," or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest. (1) A spendthrift provision for a beneficiary other than the settlor is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest, even if the beneficiary is the trustee or cotrustee of the trust. (3) A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this part, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary. www.le.state.ut.us /~code/TITLE75/htm/75_08042.htm   (1061 words)

The classification of express and non-express trusts Where, on the other hand, an express trust is described as a discretionary trust, this means that a beneficiary only receives an interest in the trust property, or the income derived from that property, if the trustee exercises his or her discretion to make a distribution of that kind to the beneficiary. In such a case the legal owner is said to hold the property on resulting trust (and therefore as trustee) for the transferor (who is therefore the beneficiary of the trust). Where an express trust is described as a fixed trust, this means that it creates a fixed (and therefore proprietary) interest in the trust property, or in the income derived from that property, in each beneficiary. www.findlaw.com.au /article/532.htm   (761 words)

LeanLegal Dictionary - S Spendthrift trusts typically contain a provision prohibiting creditors from seizing the trust fund to satisfy the beneficiary's debts. The trustee keeps control of the trust income, doling out money to the beneficiary as needed, and sometimes paying third parties (creditors, for example) on the beneficiary's behalf, bypassing the beneficiary completely. Some examples are the temporary trusts that the law of some states impose on the executor of an estate, the holding and administration of tax or other pay deductions (including vacation pay) by employers, the trust accounts of lawyers. www.leanlegal.us /dictionary/s.asp   (761 words)

Jaeckle, Fleischmann & Mugel, LLP Chase Manhattan Bank, 13921 (N.Y. 2003), the court held that a beneficiary of a Totten Trust may waive her rights as a beneficiary of the account so long as the waiver is explicit, voluntary and made in good faith. The Court of Appeals recently decided a case involving the use of a Totten Trust and whether a separation agreement contained a waiver of the rights of a beneficiary of the account. She maintained that the Totten Trust accounts were not validly revoked and thus she became the owner upon the death of the decedent. www.jaeckle.com /Articles.asp?ID=216   (761 words)

Arizona Beneficiary Deeds If any beneficiary is a minor child, the child's interest will be left outright to the child unless the deed provides that the interest is left to the child in a trust or to an adult for the child under the Arizona Uniform Gift to Minors Act. We recommend that you consult with an experienced estate planning lawyer to discuss the pros and cons of using an Arizona Beneficiary Deed versus a comprehensive estate plan that includes a will and living trust. If a Beneficiary Deed conveys interests of more than one owner and the revocation of the Beneficiary Deed is not signed by all the owners, the revocation will not be effective unless the last surviving owner is the party that properly revoked the Beneficiary Deed. www.keytlaw.com /az/benedeeds.htm   (761 words)

East Valley News - News for the East Valley of Phoenix Arizona A Beneficiary Deed follows the same reasoning as a Living Trust— the asset avoids probate because it is not considered part of the deceased owner’s estate. However, if your situation does not otherwise warrant the use of a Living Trust, a Beneficiary Deed can achieve probate avoidance without the cost or complication of a Living Trust. I would like to know if my mother stills owes on her mortgage is this automatically transferred to me should she obtain a beneficiary deed. www.evliving.com /legal.php?action=fullnews&showcomments=1&id=952   (761 words)

Arizona Spendthrift Trust Provisions If the settlor is a beneficiary of a trust created by the settlor and the settlor's interest in the trust is subject to a provision restraining the voluntary or involuntary transfer of the settlor's interest, the restraint is invalid against transferees or creditors of the settlor. After an amount of principal becomes immediately due and payable to the beneficiary under the trust instrument and on petition to the court by a judgment creditor, the court may enter an order directing the trustee to satisfy the money judgment out of that principal amount. After an amount of income becomes immediately due and payable to the beneficiary under the trust instrument and on petition to the court by a judgment creditor, the court may enter an order directing the trustee to satisfy the money judgment out of that income amount. homepages.law.asu.edu /~dkarjala/Property/ArizonaSpendthriftTrustProvisions.htm   (761 words)

Trust Law in Canada: An Introduction An oddity of the law of trusts is that once the subject matter of the trust is conveyed to the trustee, the rights of property with regards to the subject matter are split between the trustee and the beneficiary. It is a responsibility of honor and integrity as the trustee manages the property for the benefit not of themselves, but for another: the beneficiary. Historically, the common law ignored the rights of the beneficiary as legal title appeared, in law, to pass from the settlor to the trustee. www.duhaime.org /Will/ca-trus1.aspx   (2635 words)

SSR 67-7 This means that a valid trust cannot exist where the same person possesses both sole legal title as trustee and sole equitable title as beneficiary or cestui que trust, because the two titles then merge in law and there is not that severance of the legal and equitable title necessary to create a valid trust. Under its terms, T is grantor and trustee and is sole beneficiary for life with the right of revocation of the trust, remainder to his daughter if she survives him (otherwise to other named relatives). When, therefore, the grantor makes himself a beneficiary of a trust of his own creation, the law must be astute to see whether not only the appearance of things, but their substance, has been changed by the creation of the trust. www.ssa.gov /OP_Home/rulings/oasi/47/SSR67-07-oasi-47.html   (2635 words)

Revocable Living Trust Under a Totten trust, a trust-like arrangement is created by a person who deposits money in a bank account and names a beneficiary. The beneficiary of the trust gains interest in the assets during the trustor's lifetime and gains possession upon the trustor's death. A spendthrift clause in a trust prohibits transfers of a beneficiary's interest in the trust. home1.gte.net /res8j0uv/id24.html   (2635 words)

Cedar Memorial: funeral, cemetery, cremation, caskets, flowers, death, grief, prearrangement, Cedar Rapids, Iowa In the event of the death of the beneficiary of an Omega Trust III agreement, Cedar Memorial will deliver all merchandise and services and/or cemetery property which had been contracted for prepayment without further payment. In the event of the death of any child born or legally adopted by the beneficiary of an Omega Trust III agreement, Cedar Memorial will provide all items contracted for without additional cost to the beneficiary for such child. Omega Trust III is one of oldest and largest funeral and cemetery trusts in the state of Iowa. www.cedarmemorial.com /prearrangement.html   (2635 words)

Resulting Trust Hence a transfer of the trust property from the apparent purchaser (trustee) to the real purchaser (beneficiary) may qualify for concessional duty. Transfer to a beneficiary of a resulting trust. However, where property is being transferred to a beneficiary of a Resulting Trust, provided certain conditions are satisfied, the Transfer may be liable to concessional duty ONLY. www.osr.nsw.gov.au /portal/page?_pageid=373,198106&_dad=portal&_schema=OSRPTLT   (156 words)

Duhaime's Canadian Law Dictionary : B A trust that has become passive for the trustee because all the duties the settlor may have imposed upon the trustee have been performed or any conditions or terms have come to fruition, such as there is no longer any impediment to the transfer of the property to the beneficiary. A trust set up by a settlor who reserves the right to terminate the trust but other than that, agrees to assert no power over the trust, which is administered without account to the beneficiary/settlor or the retention of any other measure of control over the trust's administration. Trusts are made to advantage a beneficiary (ie. www.duhaime.org /dictionary/dict-b.aspx   (1126 words)

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