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The Henson trust was first used in Ontario in the late 1980s. It became of wider interest when the Supreme Court of Ontario ruled in 1989 that the trust assets were not vested in the beneficiary and thus could not be used to terminate government benefit programs. A Henson trust can be established as either a living trust, or a testamentary trust.
For an example see the "nil-band discretionary trust", explained at Inheritance Tax (United Kingdom). Co-ownership: Ownership of property by more than one person is facilitated by a trust. In particular, ownership of a matrimonial home is commonly effected by a trust with both partners as beneficiaries and one or both owning the legal title as ...
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.
Family trusts are meant to live beyond the grantor's life. A family trust has an extended lifespan that enables it to distribute assets based on designated milestones (ie., marriage, having children).
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In Australia, a family trust refers to a type of discretionary trust, set up to manage the assets of a family or its business. Family trusts are vehicles for the protection of family assets or the employ of a tax minimisation strategy. [2] Commonly used to arrange family affairs, family trusts place an obligation on a trusteed to hold and ...
Probate explained: Best not go there Many folks don’t even know what the word “probate” means until it literally defines them. This court-supervised process involves many steps and can ...
The law of trusts was constructed as a part of "Equity", a body of principles that arose in the Courts of Chancery, which sought to correct the strictness of the common law. The trust was an addition to the law of property , in the situation where one person held legal title to property but the courts decided it was fair just or "equitable ...