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Grantor Trust Agreement between Cumberland Mountain Bancshares...

Grantor Trust Agreement With Different Trustee

Category:

Corporations - Public - Agreements - Trusts

State:

Multi-State

Control #:

US-EG-9218

Format:

Instant download

Description

The Grantor Trust Agreement with Different Trustee outlines the establishment of a trust by Cumberland Mountain Bancshares, Inc., intended to manage and disburse funds for the company's executive benefit plans. Key features include the formation of an irrevocable trust, where the company acts as the grantor and the trustees are designated individuals acting in their capacity. The trust holds assets separate from the company's general finances, serving to fulfill liabilities to specific beneficiaries in the event of insolvency. It stipulates that contributions may be made to the trust to meet obligations arising from employment agreements. The trustee is given discretion in asset management, with provisions for tax considerations and accounting. The agreement ensures beneficiaries have unconditional rights to benefits under unfunded plans and includes measures for handling changes in control and trustee responsibilities. Attorneys, partners, associates, and paralegals can utilize this form to facilitate the creation of a grantor trust for clients, ensuring compliance with regulations regarding deferred compensation and employee benefits. Legal assistants and paralegals may find the filling and editing instructions beneficial for accurately drafting and amending trust agreements, while ensuring that their legal obligations are met in the administration of such trusts.

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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

When a grantor is considered an owner of the trust for income tax purposes but has relinquished rights to the assets in the trust in a way that allows the grantor to not be considered the owner of the assets for estate tax purposes, this is called an Intentionally Defective Grantor Trust.

(a) A trust may be modified or terminated by the written consent of the settlor and all beneficiaries without court approval of the modification or termination.

Key Takeaways. Revocable trusts, as their name implies, can be altered or completely revoked at any time by their grantorthe person who established them. The first step in dissolving a revocable trust is to remove all the assets that have been transferred into it.

The most common power that creates grantor trust status is the power to substitute assets in a non-fiduciary capacity with assets that have the same fair market value as the assets in the trust. To toggle off grantor trust status the grantor must release this power.

Changing the status of a grantor trust can result in many tax consequences, some of which may require the trust to pay more income taxes than if the income were taxed on the grantor's tax return.