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The trust will escape all transfer taxes when the children die and will pass tax-free to the grandchildren. The trust may be protected from the claims of creditors and, to some degree, from claims of ex-spouses. Had the trust property been left to the children outright, the property would be subject to such claims.
The UTC attempts to standardize the general composition of both trust forms and their requirements, but does not generally attempt to address the procedural questions as to overall subject-matter jurisdiction and other aspects of proceedings involving trusts. [10] Instead, the vagarities of various state and local procedural rules will ...
The Alliance performs a National Land Trust Census that keeps track of the land protected by local and regional land trusts. [10] The last [ when? ] Census, conducted in 2003, reported that these trusts have protected almost 9.4 million acres (38,000 km 2 ) of land in the United States , double the 4.7 million acres (19,000 km 2 ) recorded in ...
A settlement is defined by s2(1) of the 1882 act as "any land or any estate or interest in land, which stands for the time being limited to or in trust for any persons by way of succession". Basically, whenever a document creates a succession of interests in land the Settled Land Acts will apply.
The Williamson Act of the US state of California (officially, the California Land Conservation Act of 1965) is a California law which provides relief of property tax to owners of farmland and open-space land in exchange for a ten-year agreement that the land will not be developed or otherwise converted to another use. The motivation for the ...
1921 - An alien land bill modeled after the California law is passed in the state legislature after failing to make it onto the 1920 ballot. As in California, ineligible aliens were prohibited from leasing land. [13] 1923 - The 1921 law is expanded to prevent the U.S.-born children of immigrants from holding land in trust for their parents. [1]
In 1965, the Williamson Act became law, providing property tax relief to owners of California farmland and open-space land in exchange for agreement that the land will not be developed. The 1960s and 1970s saw major farm worker strikes including the 1965 Delano grape strike and the 1970 Salad Bowl strike .
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