trust

(redirected from Private Trusts)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.

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 ?
Unlike express private trusts, constructive and resulting private trusts were judicially received, clearly and explicitly, soon after Israeli independence: Liebman, last note, 98-99 (Agranat J, 1952); CA 307/64 Loan Company (in liquidation) v.
Further pre-1979 statutes referring to express private trusts of various types were: the Estate Duty Act, 5709-1949, 22 Statutes, September 7, 1949, p.
Shlomo Yifrach, Borrowed Name, 8 Haprakut 39, 41 (1952) (holding private trusts not to have been received); Mendel Scharf, Does the Private Trust Exist in Israel?
This conundrum drew academic attention in the 1940s, as members of the Jewish Palestinian community's fast-growing legal profession argued about whether the private trust was part of the territory's legal system, and whether it should be part of the law of a future Jewish state.
That habit, born decades ago as a result of Israel's not having formally received, until 1979, any private trust regime of general application, was sustained largely as a result of Israel's highly effective perpetuities regime.
See discussion in Adam Hofri-Winogradow, Zionist Settlers and the English Private Trust in Mandate Palestine, 30 L.
But charitable trusts differ from private trusts in three ways
In the law of private trusts, the other two levels, the optional
extent that the duration of private trusts is lengthened or, conversely,
Here, again as in the law of private trusts, the law is relatively
obedience in private trusts, we have seen a peculiar paradox: although
sense, then, the duty of obedience in private trusts is significantly

Full browser ?