Nominee Trust Form For Society
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How to fill out Nominee Trust?
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FAQ
The Nominee Structure The principle of a nominee structure is that the shareholdings of individual minor shareholders are transferred to a single shareholder entity with the sole purpose of holding those shares on trust for the shareholders.
As per law, a nominee is a trustee, not the owner of the assets. In other words, a nominee is only a caretaker of your assets. The nominee will only hold your money/asset as a trustee and will be legally bound to transfer it to the legal heirs.
The trustees do not file income tax returns - the activities of the trust are shown on the tax returns of the beneficiaries.
The trustee may have to file a return if the trust meets any of these: The trustee or beneficiary (non-contingent) is a California resident. The trust has income from a California source.
Unlike a real trust, where the power and duty to appropriately control the trust property lies with the trustee, in a nominee trust the beneficiaries actually retain all decision-making power. In fact, the trustee is really just an agent of the beneficiaries, who essentially act as the principal.