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If Article 8 is set aside and the brokerage account is considered purely under principles of common law, there is a possibility of construing the collection of brokerage accounts in the intermediated custodial holding chain as a collection of directed agency nominee trusts. According to this legal theory, each securities position with respect ...
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Many create trusts to protect family members from themselves. It is not unusual [citation needed] to see a will in which four children get funds free of trust or any other encumbrances from their father but a fifth child's funds are all or mostly placed in trust. This is usually for good cause – drug abuse, demonstrated inability to hold onto ...
A trustee has a duty to know, understand, and abide by the terms of the trust and relevant law. The trustee may be compensated and have expenses reimbursed, but otherwise turn over all profits from the trust and neither endebt nor riskily speculate on the assets without the written, clear permission of all adult beneficiaries.
Trusts can be a useful tool for estate planning when you want to leave specific instructions about how your assets should be managed during your lifetime and beyond. Part of creating a trust means ...
If you want a free checking account with no deposit, here are some of the best banks to consider: Best Free Checking Accounts With No Minimum Deposit at a Glance Best Free Checking Accounts of ...
The reason the accounts were non-interest-bearing is that prior to 1981, commercial banks were prohibited by federal law from paying interest on demand deposits (e.g. checking accounts). In addition, the lawyer could not earn interest on the account [ 5 ] because it is unethical for attorneys to derive any financial benefit from funds that ...
For example, say you open a joint account with your adult child. If you deposit $20,000 and they withdraw that full amount without putting any money in themselves, it could count as a $20,000 gift ...