Blind Trust Fund For Individuals
Description
How to fill out Blind Trust Agreement For Private Individual As Opposed To Government?
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FAQ
Blind Trust Drawbacks ?The blind trust also poses the issue of less trustee accountability, as the beneficiaries are not able to inspect whether the assets are being managed responsibly.? You can also expect extra fees with this arrangement.
What Is a Blind Trust? A blind trust is a trust established by the owner (or trustor) giving another party (the trustee) full control of the trust. The trustee has full discretion over the assets and investments while being charged with managing the assets and any income generated in the trust.
A blind trust is most common with public officials whose decisions can directly affect the financial markets, but another example would be creating a blind trust to hide its monetary value from an individual whose behavior and actions would change if they were privy to it.
The grantor usually does not have tax liability for the income generated within the trust. However, the trust may be subject to income tax, and distributions to beneficiaries may also be taxed.
How to Set Up a Blind Trust Gather the documentation for the assets that you want put into the blind trust. ... Appoint a trustee. ... Create the trust agreement. ... Sign the trust and have it notarized, taking care to follow any recording laws that your state has. Officially transfer the relevant assets into the trust.