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A Reverse Morris Trust is used when a parent company has a subsidiary (sub-company) that it wants to sell in a tax-efficient manner. The parent company completes a spin-off of a subsidiary to the parent company's shareholders. Under Internal Revenue Code section 355, this could be tax-free if certain criteria are met. The former subsidiary (now ...
A living trust, an inter vivos trust, can be either revocable or irrevocable during the life time of the creator (the grantor, settlor, trustor). Some people do use the term "living trust" more narrowly -- to refer only to a revocable trust created during life. That usage of the term is not precisely correct.
A resulting trust is an implied trust that comes into existence by operation of law, where property is transferred to someone who pays nothing for it; and then is implied to hold the property for the benefit of another person. The trust property is said to "result" or revert to the transferor (as an implied settlor).
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" that this person be compelled to use it for the benefit of another. This recognised as a split between legal and beneficial ownership: the legal owner was referred to as a ...
A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a ...
The 29-inch-deep seat features feather-fiber blended cushions that have been crafted from mattress-quality foam—and the back cushions have a reversible, fully upholstered design, so you can flip ...
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