Beneficiary of Trust

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Beneficiary of Trust

The person or company receiving the income from a trust. The beneficiary receives a certain amount of money (usually a percentage of the trust's investment income) starting at the agreed-upon time. Depending on the type of trust, the beneficiary may be the grantor, a trustee, or some third party.
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Federal Income Tax Purposes for Beneficiaries of Trust Units for the calendar year 2014 to the Trust's website.
9) The beneficiaries of Trust 1 were the nondonor spouse and her daughter.
Second, the trust language did not require that notice be given to the beneficiaries of trust contributions or of their withdrawal rights.
In turn, these banks will be beneficiaries of trust certificates drawn on a trust that will hold and liquidate Bancafe's assets, as well as the liquid resources available at FOPA, roughly USD180 million.
A Sunday Times investigation revealed charity groups were unwittingly being named as the beneficiaries of trusts listed in the British Virgin Islands (BVI) and the Cook Islands to ensure the real owners avoided scrutiny over tax payments.
Leaked documents from tax havens in the British Virgin Islands and Cook Islands show good causes are named as beneficiaries of trusts set up by the rich.
It appears that in some cases the maximum value under the Form 8938 reporting requirement for beneficiaries of trusts holding only real estate may exclude the trust real estate asset from reporting even if the underlying asset may be worth far more than the various thresholds, if there is little or no distribution.
taxpayers have a range of relationships to those entities, including as owners, as investors, as partners, and as beneficiaries of trusts.
There are many circumstances in today's world where trusts exist and are used for the benefit of a vast number of people, often without them being aware that they are beneficiaries of trusts.
However in the UK, the third money laundering directive additionally could force trustees, estate agents, banks, auctioneers and stockbrokers "to do multiple checks on beneficiaries of trusts upfront" and it proposes criminal penalties on them if they fail to carry out such checks, says the Society of Trust and Estate Practitioners.
And the bank admitted it may have to hand out another E2million to the beneficiaries of trusts which have been closed.