Pure contract trust template

This section provides links to various third-party articles on the structure we endorse and utilize here at Asset Pro. Massachusetts Business Trust - Wikipedia. PCT Introduction to Trusts. No taxes on investment income.

No capital gains taxes. No inheritance or estate taxes. No public disclosures financial privacy. No government reporting.

Protects assets from court actions. Eliminates probate and the waiting involved. Note that you do not need coding skills for this. Reduce your time on creating your sales contracts to a fraction using this Sales Contract Template.

Just copy this PDF template to your Jotform account and instantly have your sales contract! Conduct an interview and research in a legal manner by using this Interview Consent Agreement. This PDF template contains all necessary details when capturing a consent. This Confidential Agreement PDF template contains some of the essential parts of the contract such as the cause of the creation of the agreement, the protection of the parties, the terms and conditions and restrictions.

Divorce is a formal declaration dissolving a marriage and releasing both spouses by law from all marriage obligations. A divorce settlement is the final legal written agreement between a husband and wife that documents the terms of the divorce. It comes down to numbers and they can be analyzed to determine how fair or unfair any settlement offer would be. Once the divorce settlement is signed by both spouses and accepted as fair and equitable by the court, it is incorporated into a document that formally dissolves the marriage.

This settlement requires guidance of a professional with financial experience in a divorce settlement. While attorneys are essential to the process, they generally do not possess the financial skills to assess the long-term consequences of the very divorce settlements they help negotiate. The purpose of divorce settlement would focus on equally determining which spouse gets what property, what responsibilities once marriage is over and divide matrimonial assets that a couple incurred during the period of marriage.

Setting an objective upon undergoing a divorce settlement is very important. Besides dissolving the marital tie, a lot of things should be put into consideration such as; properties, assets, finances, and children if the couple has any.

Both parties must be realistic when setting objectives. Put into consideration current and future needs. Divorce settlement is important to avoid conflicts involving financial concerns. Possible outstanding financial claims may come back to disrupt lives even years after a divorce has been finalized.

These arrangements must include; property, shares, savings, money, a division of debt and pension and children concerns. Create a harmonious relationship between the lesse and the lessor by using this Florida Condo Lease Agreement.

This PDF template contains all necessary information when leasing a property in the State of Florida. Copy this template to your Jotform account and start filling up the form. Upon submission, you have your PDF document immediately! Heating, Ventilation, and Air Condition is important in a home, building, or warehouse for the continuous productivity of a business or comfort.

It helps regulate the climate in a unit or home. HVAC systems are nowadays very common in every home and buildings. It helps in the heating on winters or cooling during summer days. HVAC systems also help in prevention of communicable diseases; thus, it is impliedly recommended by doctors as well.

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This agreement contains all terms, conditions, and rules that should be followed by the lessee during the rental period. Sign them with legally-binding e-signatures. This is due to employees working in key positions which access to confidential information, such as trade secrets of a business is inevitable to be acquired by employees. In such instances where the employee resigns, in a way, they are taking with them the confidential information with them.

Problem arises here where a competitor may hire the employee and get the classified information from the employee, including the clients and customers of the former employer, putting the latter on the lesser advantage.

Another consideration may be that the employee may start his own business which can lead to competing against the former employer, including in stealing clients offering them a better deal, to the disadvantage of the former employer. A non-complete clause or agreement is one by which one party, normally an employee, agrees not to engage or start a similar business which may run against the employer and helps protect the employer from such incidents. This simple non-compete agreement PDF template secures the possible problems which may arise from the cases mentioned above.

Use this non-compete agreement PDF template and modify to your preference and contention. Hello FREE. Trust Agreement Use Template. Trust Agreement. Expand Collapse. Grantor Status. The term "person" shall include natural and juridical persons as conferred by law. Properties not indicated in the will shall be distributed as follows: Trustee shall distribute personal properties to the surviving direct relatives of the Grantor, to be distributed among them equally.

To invest the property in Trustee's possession in any form of investment as it may deem advisable; To sell, mortgage, assign, pledge, lease and sublease any real estate trust even beyond the period of effectivity of trust. To partition or dispose of property or interest therein, provided that such disposal shall be to the benefit of the beneficiary; To borrow money for payments and expenses against any trust of the Beneficiary as may be required to secure loans or renew existing loans to the interest of the beneficiary; To vote on shares of stock owned by beneficiary at shareholder's meetings in person or by proxy, with or without power of substitution; To pay for the expenses chargeable against the trust in the possession of the Trustee including compensation to the Trustee, its agents, and payment of any legal and attorney's fees.

To manage settlement claims in favor or against the trust established hereunder. To collectively hold any or all trusts created herein without identity to its division.

To acquire an insurance policy in securing the trust as it may be deem advisable; To receive additional property that shall form part of the trust hereunder with notice to the Trustee; To perform all other acts necessary for the management and distribution of the property of the trust created herein.

Trustee Duly Authorized Representative. George A. Jordan Belmont. Geraldine Scott. Andrew Jackson. Sworn to and subscribed this 4th day of July, , in the City of Tampa. Notary Public. Jennifer Andrews. Use Template. Shared by EdwardWrighton in Agreement. Cloned 2, More templates like this Preview. However, since the nobility was being severely pinched with respect to their traditional rights and powers, one can identify with them more easily.

So kings generally resisted or refused to discuss pure trusts. In the Statute of Uses was passed to prohibit the use of certain trust instruments, but this statute did not address trust organizations.

The law required that the beneficiary of certain trusts would be considered the legal owner whenever such a trust was made and that the trustees would be considered mere conduits or passive parties.

The preamble of this law set out the "evils" that had been possible through the use of the trust. Among these "evils" were privacy of transfer, legal avoidance of taxes and other regulations, preservation of the estate of convicted criminals, and most significantly , the loss of revenue to the lords.

The common law judges of England who had sole jurisdiction over legal estates were faced with the task of interpreting the Statute of Uses. They had to determine which trusts were legal and which should be dissolved. Only one trust out of five was found to be illegal and the rest were enforced. Within five years, the Statute of Uses was all but out of use. Suffice it to say that the Statute at the hands of the common law judges did not achieve what the king and his nobles had hoped.

A large number of trust organizations were left unaffected by the Statute and were recognized and enforced by the Court of Chancery.

It is these interests and trust organizations, which were preserved in spite of the Statute of Uses, which traveled to America with the English Colonies and which formed the very basis of the trust organizations of today. The advantages of the ancient trust organizations are obvious: The trust organization enabled a person to enjoy privacy under a system that usually demanded disclosure. The trust organization enabled a person to avoid some of the burdens of special taxes.

The trust also enabled individuals to "sell" land and to pass it to those they wished. Obviously, the same goals are desirable today. Our present tax system, however, has imposed certain burdens and many restrictions on the citizens of our country that are comparable to the burdens and restrictions that limited the citizens of ancient England.

In general, the definition of a "trust" is a right of property, real or personal, held by one party for the benefit or another. From this broad definition numerous types of trusts are derived, because a trust can be created for any purpose which is not illegal or against public policy.

One of these various types is an "express trust" created or declared in express terms, usually in writing, as distinguished from one inferred by law.

Another necessary qualification that is placed on the express trust is that it must be "active," where the trustee has authority to manage the property of the estate and to pay the net income to legatees or beneficiaries. Such express trusts were quite prevalent in England from the fifteenth century to date, for the purpose of estate management and preservation.

They were so widely used that they became part of the common-law, and Courts of Equity were set up to handle them. Exactly at what time in history the term "common-law trust organization" was applied to these express trusts is unknown, but the term was used in some of the earlier trust organizations set up in the United States of America. Since we adopted the English common law as the basis of our legal system, the term "common-law trust organization" was most descriptive of the instrument.

During the eighteenth century, the term "pure trust organization" was used on occasion in place of "common-law trust organization" to denote that it was simple and free from defects or fault. Late in the eighteenth century, common-law trust organizations were used to vest a business, real, or personal property in a group of trustees who managed it for the owners of beneficial shares.

This practice, although used occasionally in other states all the way back to about the seventeenth century, became predominantly accepted in the state of Massachusetts. This was true not so much because Massachusetts was the only state to recognize these trusts as valid, but because of the large number of very wealthy Massachusetts families that used these trusts to avoid taxes and maintain privacy.

Thus, the term "Massachusetts trust" was used in place of common-law trust organization. In the 's "pure trust organizations" were legally defined by the Supreme Court of the United States of America. One of the reasons for the legal definition was that some of the common-law or Massachusetts or business trusts were being operated more like a partnership than they were a trust-like relationship.

The "Pure Trust Organization" then became the more modern form connected with the old common-law trust organizations. The partnership-like form of trust organization was not invalidated, but recognized as another form of common-law or business trust along with the Pure Trust Organization.

The partnership-like business trust is a special form of trust arrangement used when investors are involved. Both forms have been used extensively throughout the United States up to the present time for estate management and preservation of a business, real estate, or personal property. A business trust is a hybrid type of business organization. As Judge Magruder has pointed out, "It is the offspring of a union between the unincorporated joint stock company and the trust. The trustees of a business trust really correspond to the board of directors of a corporation.

These trustees are acting for the shareholders and are designated by some common name the name of the trust , which is recognized as a separate business and also as a legal entity. On the other hand, the trustees also hold some of the features of a shareholder of a corporation, in that the trustees are absolute owners of the trust assets.

Although the shareholders of a corporation are not absolute owners of the assets of the corporation, they are the legal owners of the entity, as are the trustees of a trust. Unincorporated Business Trust Organization Page 10 of One of the advantages of the Pure Trust organization is privacy.

In what way can privacy be helpful and why is it important to you and your family? Let us look at it this way: A man may keep secret the contents of a will he has made as long as he lives, but when he dies and the documents governing the disposal of his estate are filed in court as the law requires, they are for all the world to see.

Granted, members of the general public are not in the habit of meandering through the recording offices and browsing through the wills on file, but there are always reporters as well as certain specialists who make a job of combing files containing wills. People compile mailing lists, for instance, of widows and other heirs and legatees, for one sort of solicitation or another. We must keep in mind that wills of people of reputed means, and of social, business or professional prominence in their communities, are rated as news -- not as scandalous news, but as news that satisfies the curiosity of many -- friends, neighbors, and strangers.

Tidbits as to the wealth of people they know or have heard about, as to who is going to get what, or who is being cut off, are choice pieces of news. Consequently, the court where wills are filed in "probate" is on the court reporter's route.

Some newspapers, generally in the smaller communities, faithfully report wills filed for probate, naming the beneficiaries and citing such estimates of worth as may be gleaned from the documents. It may be only the high spots that are covered. Should anything out of the ordinary be revealed, some headlines might certainly be expected.

In most of us, there is a deeply felt, though rarely voiced, urge to map out areas in terms of space and thought in human relations that we can call our own -- we have our private individual worlds and instinctively defend them. This is popularly misremembered as "The Englishman's home is his castle.

It is particularly relevant due to the fact that out of the English system of common law the Pure Trust Organization was developed, which can truly be a castle of refuge in time of need to a man, his family and all that he holds dear. A Pure Trust Organization can be created during a lifetime, thus readily distinguishable from the testamentary trust, the terms of which are stated in a "Last Will and Testament.

It comes into existence when the trust organization indenture, which states its terms, is signed. At that point, the ownership of property to be owned by the trust organization is conveyed to the trust.

The creator of the trust may be someone outside of the family, not related by birth or marriage. Since he may appoint the first trustee and this trustee may appoint the second and those two may appoint others, on the death of any trustee the trust may be continued and usually is. Since the members of the family can be trustees, they may draw salaries. Family members may also be beneficiaries, and often are. Since the trust need never die, the property it holds may continue to grow and pay benefits to the beneficiaries.

Here is where the element of privacy comes in: There is no process of probate that is to be gone through, no routine spreading of trust agreements in public records for every Tom, Dick and Harry to peruse. There is no required process of notification to people who may consider themselves neglected or unfairly dealt with -- no exposed invitation to come into court and challenge the agreement. The Pure Trust Organization is a private contract between the creator of the trust and the one s with assets or an estate to protect known as the grantor.

After the death of the grantor, the only persons to whom the trustee owes duties are the beneficiaries of the trust -- the holders of Beneficial Certificate Units. To these the trustee owes the duty of absolute undiluted loyalty and confidentiality. In truth, we should point out some exceptions to the sweeping claims we have just made. The Trust Certificate holders conceivably may have some dissatisfaction with the terms of the trust organization.

While litigation can expose the trust organization to public gaze, it is difficult and extremely unusual for this to happen. Thus, it becomes clear that the Pure Trust Organization is an instrument that contributes greatly to those who desire privacy for themselves and their loved ones. They are accountable only to requirements and limitations of the trust indenture, similar to the articles of incorporation of a corporation.

As long as the trustees are operating within those limitations, then the only ones they need to satisfy are themselves. The trust indenture requires all actions and activities to be carried out for the long-term purpose of benefiting the beneficiaries. But that same trust indenture normally leaves the judgement calls up to the trustees.

Folsomn, N. It is not unusual for the board of trustees to decide that they can best serve the trust and its beneficiaries if the trust purchases a nice house for use by each trustee. And often a nice car. And usually a nice retirement plan. And so on and so on. And all these purchases are generally not reportable to any government agency, beyond the legal requirements involved in purchasing the property itself. This form of "compensating" the trustees is the norm when the trustees are also the grantors.

All the trustees need do is document their belief that these actions will make it easier for the trustees to manage the trust assets, and any trust activity they choose can and will be justified with respect to the trust indenture. Remember that the trustees of a pure trust are accountable for their intent to benefit the trust, and therefore the trust beneficiaries. Of note here is the issue of federal reporting requirements.

While it may not be required by law for a business trust to obtain an EIN from the IRS, it is sometimes an advisable step, especially when the business trust wishes to utilize bank accounts, investment accounts, etc. I requested to speak with a supervisor, and finally was able to get someone who identified himself as the "district manager. It seems that the ability to obtain an EIN over the Tele- TIN phone number was a "taxpayer service," and since so many business trusts were choosing to not file returns with the IRS, they could not be called taxpayers as defined in the Internal Revenue Code.

He then gave me a phone number in the national office of the IRS if I wanted to pursue the matter. Here was the "district manager" of the IRS admitting that a business trust didn't have to file tax returns because they were not taxpayers as defined by the Internal Revenue Code! Another important fact to bear in mind is the continuity provision of the trust.

If and when one or more of the trustees die, the trust continues. The assets, actions and business activities remain uninterrupted by the death. The reason for this is simple: the trust is totally separate from the trustees. The trust is an entity in and of itself. Of course, the more trustees in a UBTO, the less the impact on the trust when one of them dies. But there are steps which can be taken to minimize the business setback even in those circumstances.

Not only does the trust, and the business, continue, but there is no probate process or probate costs incurred. This cannot happen with a business trust. Both trust assets and life insurance benefits have the enviable status of totally bypassing the probate process.

Unincorporated Business Trust Organization Page 14 of Under the Pure Trust Organization indenture, the Church of England one institution that the King perpetually hesitated to bother , took over the assets, managed them and paid out income to the creator and his heirs after death without disturbing the trust organization estate. Over the years many versions of the Pure Trust Organizations were developed, but their basic goals were preserving family estates -- keeping them out of the King's hands then and out of probate and tax collectors' hands today.

According to a California attorney, Pure Trust Organizations arrived in America with the colonists, and the first Pure Trust Organization on record here was drafted by the attorney Patrick Henry in -- 24 years before the adoption of the Constitution -- for Governor Robert Morris of the colony of Virginia, who was later a prominent financier of the American Revolution.

William Bingham, a man reputed to be the richest American when the thirteen colonies won independence, started a Pure Trust Organization for his vast estate in At one time the pure trust indenture owned two million acres in Maine, much of which were sold about the time of the Civil War. This pure trust indenture was terminated by the trustees in after more than years of operation.

It ceased because of the multiplication of beneficiaries then and the sale of the last properties involved. Throughout the years, the income from property or proceeds from the sale of the land was distributed to the beneficiaries. At the time of liquidation, it had no termination date. The rule against perpetuity did not apply in this case. The trust organization estate was not affected by death of the creator or of succeeding trustees, by probate procedures, or by death transfer taxes.

One of the outstanding examples of the Pure Trust Organization is the Mesabi Trust, which owns the reserves of the famous Mesabi iron deposits in Minnesota. This trust organization receives the royalty payments from the iron deposits and then distributes the royalties to Mesabi's certificate holders.

Arnold Hoffman was then president of the Mesabi Iron Company which transferred the assets of the company to the Pure Trust Organization -- and then announced in the Wall Street Journal on March 14, , that the Commissioner of the Internal Revenue had ruled the trust organization would not constitute an association of persons taxable as a corporation.

Edward H. His two sons, Ralph J. The court ruled that the family Pure Trust Organization was not an erroneous method of managing the assets -- and in fact was a valid and legal arrangement for the estate.

Please understand this. The trust used the Hine family as trustees. The judge ruled that having family members act as trustees did not violate any laws and fell within the legal limitations of pure trusts. Ralph J. Hines, the eldest son and head trustee, died in and again the family assets in the Pure Trust Organization were not disturbed by estate and inheritance taxes.

The younger brother, Charles, subsequently became head trustee handling the trust organization for many years. In the normal operation of probate — if there were a norm -- how much of this family estate would have been left after two deaths in the family without a Pure Trust Organization? Yet the Edward H. Hines Lumber Company A Trust is still operating today, preserved for future generations intact.

Another example of the Pure Trust Organization used as a family trust is that of the Joseph Kennedy family. Kennedy, father of John F. Kennedy, originally established a Pure Trust Organization to own the famous Chicago Merchandise Mart, wherein the elder Kennedy engaged in all sorts of activities he wanted to keep out of the scrutiny of the authorities. The Kennedy family is known to maintain several other Pure Trust Organizations for tax shelter purposes as well. A trust organization agreement in which Kennedy's wife, Rose P.

Kennedy, and a long time friend and associate, John J. It is said that this and many trust organizations are domiciled in the Fiji Islands of the South Pacific. The Rockefeller family has used various kinds of trusts as a means of minimizing inheritance taxes and maximizing privacy. Before his death in , John D. Rockefeller tucked much of his fortune into about 70 trust organizations for his descendants. Nelson A. Rockefeller and his generation are believed to be reducing their personal holdings by the creation of still more trust organizations for their own grandchildren and great-grandchildren.

It has been reported that two of the Rockefeller brothers spent a considerable sum for information on Pure Trust Organizations.

According to one source, there are "well over and perhaps individual Rockefeller trust organizations by now. Hunt's attorneys then copied this first trust organization indenture and formed at least 25 additional trust organizations. Ray Hunt called the purchase by his family's trust an excellent investment, according to the Dallas Morning News. Hunt family interests were involved.

Nelson Bunker Hunt Trust Estate 5. Ruth Jane Hunt Trust Estate 6. Helen Hunt Kreiling Trust Estate 7.

Swanee Hunt Trust Estate 8. Some persons who claim to have been close to the Hunt family estimate that there may be as many as Hunt family trust organizations now in existence.

Hunt recently passed on, leaving an accumulated fortune of several billion dollars. Much of this fortune is invested in offshore oil wells.