Assertion: trust's asset | /r/AtLocation | the trust
Facets:
Source sentences:
text: If a beneficiary is not of legal age and cannot hold property in his name, the minor’s assets are held in the trust rather than having the court appoint a guardian.
text: When the owner of a revocable trust dies, the assets held in trust are also subject to both state and federal estate taxes.
text: With notable exceptions, assets held by the trust are not owned by the trustees or the beneficiaries, the creditors of trustees or beneficiaries can have no claim against the trust.
text: The trust document must specify all assets and property held in the trust.
text: The Code makes a distinction between certain classes of beneficiaries with respect to the traditional reporting requirements for trustees with respect to the assets and transactions actually held in the trust.
text: Next, you'll need to decide how you want the assets held in the trust to be handled and distributed.
text: When choosing a name, keep in mind that the name will be in the title of any asset held in the trust.
text: The third-party trust functions like a first-party special needs trust in that the assets held in the trust do not affect an SSI beneficiary's access to benefits and the funds can be used to pay for the beneficiary's supplemental needs beyond those covered by government benefits.
text: The individual taking the case to court needs to provide evidence that the assets held in the trust cannot be legally distributed as defined by the document.
text: Given how much discretion a judge would have if the beneficiaries sued trustees for losses, few corporate trustees are willing to make risky investments that come close to the line when dealing with assets held in trust.
text: Disability Planning : You may use a trust as part of a plan for your own disability, creating a trust that you manage until you become incapacitated, but allows a person of your choice to manage the assets held in trust until you either recover from your incapacity or pass away.
text: A trustee may immediately act to manage or take control of assets held in trust, without the need to go to court for additional authority.
text: If out-of-state assets are held in trust, the assets may be transferred by the trustee pursuant to the terms of the trust without the need to go to probate court.
text: The trustee has full control over the assets held by the trust so it is important that they are entirely trustworthy and able to manage all aspects of trust administration.
text: (2) the assets held by the trust may be entitled to a step-up in basis, (3) the grantor pays the trust's income and capital gains taxes on assets owned by the trust, allowing the trust to grow tax free, (4) the grantor can put any domestic or foreign asset into the trust including LLC Membership Units, S-Corp shares, C-Corp shares, life insurance, CD's, cash-like instruments, real estate, and a personal residence while retaining all the tax benefits of home ownership if remaining a grantor-type trust.