Question

which section of a trust provides that the trust will terminate no later than 21 years...

which section of a trust provides that the trust will terminate no later than 21 years after the death of the last surviving beneficiary who was living at the time the trust was created

Homework Answers

Answer #1

Declaration of Trust is a document or oral statement which establishes that a Property is held for the benefit of another person.

The document has various sections. Under the Duration of Trust or Policy of Rule section, the same can be defined.

Under the Miscellaneous Section there is Sub-section by Name "PERPETUITIES SAVINGS" under which it is mentioned that

"Notwithstanding the other sections of the trust, the trust will terminate no later than 21 years after the death of the last surviving beneficiary who was living at the time the trust was created."

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the following is true concerning S corporation share? A.- A trust eligible to be...
Which of the following is true concerning S corporation share? A.- A trust eligible to be an election amall business trusr can heold corporation shares only if the beneficiaries timely elect to do so. B.- S corporation shares held by trust making a 645 election to be combined with the decendent's estate will cause the S election to be terminated. C.- A trust established by a decent's by a decendent's will can hold S corporation shares for a period of...
DISTRIBUTION PROBLEM Fred and Wilma Flintstone have similar wills. Each provides that at their death and...
DISTRIBUTION PROBLEM Fred and Wilma Flintstone have similar wills. Each provides that at their death and after payment of debts all of their remaining property is given to the survivor of them, if alive. Fred dies first, and after several years, Wilma dies. The alternate disposition terms of her will provide that if Fred is not alive then everything is to be sold and converted into cash, and after payment of funeral expenses and debts the proceeds and all other...
In 2011, while he was still living, Leon funded an $7,500,000 irrevocable trust for the benefit...
In 2011, while he was still living, Leon funded an $7,500,000 irrevocable trust for the benefit of his only daughter. In the event of daughter's death, the trust would benefit her children (Leon's grandchildren). At the time this trust was formed, none of Leon's GST exemption was allocated to this trust. Several years later, Leon's daughter died. Leon was still alive when his daughter died. The value of the trust had increased to $15,000,000. After Daughter's death, the trust remained...
3. Assuming "adjusted taxable gifts" (706, line 4) is $50,000, the largest net estate a person...
3. Assuming "adjusted taxable gifts" (706, line 4) is $50,000, the largest net estate a person dying in 2007 can transfer his children without incurring a transfer tax is $1,950,000. True False 5. Which of the following are true statements regarding testamentary trusts? (1)The funding mechanism is the probate process. (2)Prior transfer credit will not be available if this type of trust is utilize. (3)It can have almost all of the characteristics of a living trust, such as an AB...
Ginny opens an account at Home Bank for $250,000—most of her assets. The account provides that...
Ginny opens an account at Home Bank for $250,000—most of her assets. The account provides that it is held in trust for Harriet, Ginny’s nurse during the last years of Ginny’s life. Less than a year later, Ginny dies, and Harriet withdraws the funds. These facts indicate a. a will substitute b. a holographic will c. per stirpes distribution d. undue influence Regina handwrites her entire will on a legal pad. This will is a. invalid b. a holographic will...
An inter vivos trust was created by Isaac Posney. Isaac owned a large department store in...
An inter vivos trust was created by Isaac Posney. Isaac owned a large department store in Juggins, Utah. Adjacent to the store, Isaac also owned a tract of land that was used as an extra parking lot when the store was having a sale or during the Christmas season. Isaac expected the land to appreciate in value and eventually be sold for an office complex or additional stores. Isaac placed the land into a charitable lead trust, which would hold...
Cody and Reese were married years ago and had one child, Amber. Cody and his longtime...
Cody and Reese were married years ago and had one child, Amber. Cody and his longtime friend, Kandi, were recently flying in Kandi’s new plane. For a brief period Kandi was distracted and lost control of the plane. Unfortunately, the plane crashed and Kandi died instantly and Cody died a few days later as a result of the injuries sustained during the crash. When Cody died he and Reese owned the following property: Home valued at $1,000,000 held tenancy by...
Matching Questions 1. legal document that describes how you want your stuff distributed upon your death...
Matching Questions 1. legal document that describes how you want your stuff distributed upon your death 2. an individual who is appointed to receive your property 3. the person responsible for carrying out the provisions of your will 4. an individual appointed to care for children of the deceased 5. the legal procedure that validates the will and distributes the assets of the estate 6. an attachment to a will that alters or amends a portion of the will 7....
Question 11 A "living will" does which of the following: Provides an individual with steady income...
Question 11 A "living will" does which of the following: Provides an individual with steady income while he/she is still alive Allows a family member to take over a person's financial affairs Updates a will's executor if she/he dies Describes an individuals wishes in a medical emergency or for end-of-life care Helps estate attorneys make a living Question 12 After several years of uncertainty and change, the federal estate tax seems set -- at least for the next few years....
Bentley has paid $40,000 in premiums on a whole life policy with a $250,000 death benefit....
Bentley has paid $40,000 in premiums on a whole life policy with a $250,000 death benefit. The policy has paid a dividend of $1,000 per year for the past 10 years. If Bentley surrenders the policy today for it’s cash value of $55,000, what will be the amount of gain subject to taxation? A. $55,000 B. $15,000 C. $25,000 D. $0 Which of the following statements regarding entity purchase buy-sell agreements is correct? A. When one of the owners dies,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT