Trust Benefit Trustees For Charitable Purposes Act
Description
How to fill out Irrevocable Trust Agreement For Benefit Of Trustor's Children And Grandchildren?
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FAQ
Trustees are the volunteers who lead charities and decide how they are run. You may have heard them called board members or the board. Trusteeship is a great way of contributing to causes you care about and developing strategic and leadership skills at the same time.
A charitable trust described in Internal Revenue Code section 4947(a)(1) is a trust that is not tax exempt, all of the unexpired interests of which are devoted to one or more charitable purposes, and for which a charitable contribution deduction was allowed under a specific section of the Internal Revenue Code.
The term charitable is used in its generally accepted legal sense and includes relief of the poor, the distressed, or the underprivileged; advancement of religion; advancement of education or science; erecting or maintaining public buildings, monuments, or works; lessening the burdens of government; lessening ...
KEY FEATURES OF A PURPOSE TRUST Valid purpose must be stated in the terms of the trust. The purpose must be consistent with public policy and must be reasonable and attainable. Must appoint trustee(s). Required to have an enforcer whose duty is to enforce the trust in relation to its stated purposes.
Generally, if you are a trustee of a trust you will be personally liable for the trust's obligations. This means that you will be personally liable to satisfy the trust's contractual obligations and other legal obligations such as tax payments. These obligations can be significant.