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Grantor Trust Agreement between Cumberland Mountain Bancshares...

Grantor Trust Agreement Foreign Grantor

Category:

Corporations - Public - Agreements - Trusts

State:

Multi-State

Control #:

US-EG-9218

Format:

Instant download

Description

The Grantor Trust Agreement for foreign grantors establishes a trust where the grantor, Cumberland Mountain Bancshares, Inc., contributes assets for the benefit of specific beneficiaries. Key features include that the trust is irrevocable and designed to serve as a funding source for benefits under various executive arrangements without affecting their status as unfunded plans per ERISA guidelines. The trust is not treated as a grantor trust unless specified by the IRS, which could lead to direct payments to beneficiaries under certain conditions. Filling this agreement requires attention to specific payment schedules and conditions related to insolvency and benefit distributions. It is crucial for attorneys, partners, owners, associates, paralegals, and legal assistants to understand the implications of this document for managing executive benefits, ensuring compliance with IRS regulations, and facilitating smooth trust administration. The form can be further edited to reflect changes in beneficiary schedules or amendments to existing arrangements, making it a vital tool for legal professionals managing key employee compensation plans.

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How to fill out Grantor Trust Agreement Between Cumberland Mountain Bancshares, James J. Shoffner, Et Al.?

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FAQ

A Foreign Grantor Trust is a common type of trust that the grantor controls on behalf of the beneficiary. This is in comparison to a non-grantor trust, in which the original grantor may no longer have control over the trust (direct or indirect), absent some very creative planning.

A foreign trust is also considered a grantor trust for US income tax purposes when a US grantor makes a gratuitous transfer to a foreign trust which has one or more US beneficiaries or potential US beneficiaries of any portion of the trust.

How Do You Set Up a Foreign Trust?Review and appoint a professional trustee who is established outside of the United States.Review and appoint a protector who is also established outside of the United States.Draft and solidify your foreign Trust document.Open or consolidate your foreign bank and brokerage accounts.More items...

A Foreign Grantor Trust is a trust in which either: (a) the Grantor reserves the right to revoke the trust alone or with the consent of a related party, or (b) the Grantor (and spouse, if any) is the sole trust beneficiary during the Grantor's lifetime.

A U.S. person includes a citizen of the United States, a domestic partnership, a domestic corporation, any estate other than a foreign estate, any trust if a U.S. person exercises primary supervision over the administration of the trust or if one or more U.S. persons have the authority to control all substantial