trust

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Trust

A fiduciary relationship calling for a trustee to hold the title to assets for the benefit of the beneficiary. The person creating the trust, who may or may not also be the beneficiary, is called the grantor.

Trust

1. A relationship in which one party, known as the trustor, gives to a person or organization, known as the trustee, the right to hold and invest assets or property on behalf of a third party, known as the beneficiary. Most trusts exist to provide for the financial future of a minor child or mentally incompetent person. Trusts may also be set up to benefit charitable organizations. The trust agreement indicates at what time, if any, the beneficiary takes direct control of the assets. The beneficiary often receives disbursements to meet basic expenses until the time comes when the beneficiary takes control. Trusts are taxed on all money not given to the beneficiary. See also: Escrow, Charitable trust.

2. See: Monopoly.

trust

A legal arrangement whereby control over property is transferred to a person or organization (the trustee) for the benefit of someone else (the beneficiary). Trusts are created for a variety of reasons, including tax savings and improved asset management. See also charitable lead trust, charitable remainder trust, Clifford trust, marital-deduction trust, QTIP trust.

Trust.

When you create a trust, you transfer money or other assets to the trust.

You give up ownership of those assets in order to accomplish a specific financial goal or goals, such as protecting assets from estate taxes, simplifying the transfer of property, or making provision for a minor or other dependents.

When you establish the trust, you are the grantor, and the people or institutions you name to receive the trust assets at some point in the future are known as beneficiaries. You also designate a trustee or trustees, whose job is to manage the assets in the trust and distribute them according to the instructions you provide in the trust document.

trust

  1. a collection of ASSETS held and managed by appointed trustees on behalf of an individual or group of people. Trusts are often established to minimize the amount of INCOME TAX and WEALTH TAX an individual or group is required to pay. See TRUSTEE INVESTMENTS.
  2. see UNIT TRUST.
  3. an alternative term for a CARTEL (most commonly used in the USA).

trust

  1. ASSETS held and managed by trustees on behalf of an individual or group. While these assets are held in trust, the beneficiaries have no control over the management of them. In the UK, trusts have been used extensively to minimize the effects of income and wealth taxes.
  2. (formerly, in the USA) a means of organizing CARTELS, provoking the establishment of anti-trust (anti-monopoly) legislation.

trust

The practice of one party holding legal title to real property or other assets for the benefit of someone else,called the beneficiary.The one with the legal title is called the trustee.The person or entity that set up the trust is called the trustor.Trusts are extremely important in tax and estate planning but should almost never be established without the assistance of a tax attorney who is well skilled in the area. A very slight deviation from the format acceptable to the IRS could prove disastrous.

Trust

A tax entity created by a trust agreement. This entity distributes all or part of its income to beneficiaries as instructed by the trust agreement. This entity is required to pay taxes on undistributed income
References in periodicals archive ?
The Harbor Maintenance Trust Fund Fairness Coalition was established in 2008, to seek legislation that will ensure that all tax revenues annually generated by the Harbor Maintenance Trust Fund are used for their intended purpose - operation and maintenance of Federal ports and waterways.
As of 19 November, the best interest rate for a Child Trust Fund was 3%, and the best interest rate for a Junior ISA was 6%.
Parents and carers will be asked to complete and return the claim form to the Welsh Assembly Government by January 31, 2011, in order to claim their child's Trust Fund top up.
The severity and length of the recent recession have resulted in the worst labor market conditions in the United States since at least the early 1980s, if not since the Great Depression of the 1930s, and placed a heavy demand on state UI trust funds.
Frequently, an IRS revenue officer will arrive unannounced at the business to collect the unpaid trust fund.
Form 2750 is a waiver form used to extend the SOL on assessment of the trust fund recovery penalty.
However, there hasn't been a full, independent analysis of the trust fund in recent years.
The Housing Trust Fund is another example of how we are using new and innovative sources of funding to build and preserve affordable housing.
Whatever the actual extent of the shortfall, three general ways to improve the financial condition of the Social Security Trust Fund are to
The term "Superfund" is often used as a nickname for the Comprehensive Environmental Response, Compensation and Liability Act, which established both a law regarding polluted sites and a trust fund to clean up sites when the polluter is not a viable source of money.
To kick off the saving process, the Government will send a pounds 250 voucher for each eligible child, which can then be used to open the child's Child Trust Fund account.
To make a donation or acquire more information about the Pope & Young Club Trust Fund, contact: Trust Fund, Pope & Young Club, Box 548, Chatfield, MN 55923; (507) 867 4144;e-mail pyclub@isl.