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 classic literature ?
And from underneath his ragged cloak he drew his trusty horn and winded the piercing notes which were wont to summon the band.
de Blacas, "if it only be to reassure a faithful servant, will your majesty send into Languedoc, Provence, and Dauphine, trusty men, who will bring you back a faithful report as to the feeling in these three provinces?
It means that Monsieur de Richelieu was able to find trusty servants, dozens and dozens of them.
Wondering that he had never thought of it before, the king now sent one of his trusty attendants with a large basket, to get some of the finest and juiciest pears, peaches, and plums which could anywhere be found in the upper world.
He had about him, he says, a trusty plaid; an old and valued travelling companion and comforter; upon which the rains had descended, and the snows and winds beaten, without further effect than somewhat to tarnish its primitive lustre.
Instantly bending over, he sees the trusty iron fall with a heavy plunge under his eyes, which watch and note whether it has gone clear.
D'Artagnan proposed to himself to take them by surprise in flagrante delicto of wandering life, and to judge by the first appearance if he could count on them as trusty companions.
He may in some measure have been influenced by his seamanlike impatience of the interference of landsmen, and his high notions of naval etiquette and quarter-deck authority; but he evidently had an honest, trusty concern for the interests of his employer.
But then it must be a prudent king, such as is able to grind with a handmill; and those inward counsellors had need also be wise men, and especially true and trusty to the king's ends; as it was with King Henry the Seventh of England, who, in his great business, imparted himself to none, except it were to Morton and Fox.
But he had a strange custom; every day after dinner, when the table was cleared, and no one else was present, a trusty servant had to bring him one more dish.
Now Heaven forfend that my good trusty Little John should have fallen into the hands of the King's rangers.
And so from time to time was he by the King advanced, continuing in his singular favour and trusty service twenty years and above.