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Supplemental needs trust is a US-specific term for a type of special needs trust (an internationally recognized term). [1] Supplemental needs trusts are compliant with provisions of US state and federal law and are designed to provide benefits to, and protect the assets of, individuals with physical, psychiatric, or intellectual disabilities, and still allow such persons to be qualified for ...
QTIP trust is a type of trust and an estate planning tool used in the United States. "QTIP" is short for "Qualified Terminable Interest Property." A QTIP trust is often used in order to take advantage of the marital deduction and still control the ultimate distribution of the assets at the death of the surviving spouse.
To escape valuation under Code section 2702 (i.e., retained interest valued at zero), a PRT must comply with the following two primary requirements: (i) the trust may hold only one residence which must be used as the grantor's personal residence during the term of the trust; and (ii) the trust may not allow the sale of the residence during the term of the trust.
The New York Community Trust (The Trust) is a community foundation that serves New York City's five boroughs, Long Island, and Westchester County. The Trust administers more than 2,200 charitable funds. Established in 1924, The Trust is one of the nation's 10 largest community foundations with nearly $3.3 billion in assets. [1]
A grantor transfers property into an irrevocable trust in exchange for the right to receive fixed payments at least annually, based on original fair market value of the property transferred. [2] At the end of a specified time, any remaining value in the trust is passed on to a beneficiary of the trust as a gift. Beneficiaries are generally ...
Governing doctrines. Pour-over will; Cy-près doctrine; Hague Convention (conflict law) Application in civil law; Dishonest assistance; Estate administration
A substantial historic and status report on the Canadian income trust market was published at the end of 2006 coinciding with the announcement of new taxes on income trusts proposed by the Canadian Minister of Finance"Breach of Trust" (PDF). Advocis Forum magazine from the Canadian Association for Professional Financial Planners and Advisors.
A §1441 Qualified Intermediary (QI) is generally a foreign bank or other foreign financial institution that signs an agreement with the Internal Revenue Service (IRS). [5] Under the agreement, the QI maintains its own records of the U.S. or foreign status of the beneficial owners of the payments and may undertake responsibility for income ...