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The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
A dynasty trust is a trust designed to avoid or minimize estate taxes being applied to family wealth with each subsequent generation. [1] By holding assets in trust and making well-defined (or even no) distributions to beneficiaries at each generation, the assets of the trust are not subject to estate, gift or generation-skipping transfer tax (GST) taxes.
The original Morris Trust structure was the result of a favorable ruling by the United States Court of Appeals for the Fourth Circuit in 1966 in the case of Commissioner v. Mary Archer W. Morris Trust. [2] The original Morris Trust structure is similar to the above Reverse Morris Trust structure.
The Board is responsible for the high-level strategic direction of STEP. Board members are the Directors of STEP with the legal authority and responsibility for the organisation. Directors are appointed by Council from among the serving Council members under an election process. One Director serves as Chair of STEP and two serve as Deputy Chairs.
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust ...
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice A. Hartnett III of the ...
The primary problem with Quistclose trusts is their categorisation within the accepted types of trust. The two-part trust structure (primary and secondary trusts) explained by Lord Wilberforce in Quistclose does not appear elsewhere in English trusts law, and the type of trust used affects the rights available to the parties. [9]
Research has identified a correlation between linear-active cultures (i.e. following a daily schedule with a single task at a time) [4] with high-trust societies, and multi-active cultures (flexible schedules with many tasks at once, often in an unplanned order) with low-trust cultures.