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In trust law, a spendthrift trust is a trust that is created for the benefit of a person (often unable to control his/her spending) that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary.
The trustees are not legally bound to follow a letter of wishes, but it is guidance that they must take into account and in practice it is usually followed. [1] It is mainly used because it is easy to change, unlike amending a will or trust deed , and will remain private among the trustees.
Employee trusts exist for many purposes and have a wide range of titles. If the terms of the trust meet requirements prescribed by tax or other regulations, then the employee trust is likely to be known by the name given in the relevant regulations, for example, a share incentive plan or an employee stock ownership plan.
An EOT provides indirect (trust) employee ownership of a company. Among the different forms of employee ownership, the trust model may, in particular, be chosen instead of employees owning shares directly because it can be used to organise an employee buy-out, without requiring finance from employees, provides a long-term ownership model and is ...
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A Crummey trust achieves an effect desired by some creators of such trusts by offering the recipient a window of time to take immediate control of the gift (often 30 days). The control offered only applies to the current gift - typically, an amount no greater than the annual exclusion amount - not the entire trust.
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European surety bonds can be issued by banks and surety companies. If issued by banks they are called "Bank Guaranties" in English and Cautions in French, if issued by a surety company they are called surety / bonds. They pay out cash to the limit of guaranty in the event of the default of the Principal to uphold his obligations to the Obligee ...