A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Utah Nominee Trust
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FAQ
Draft and sign a trust agreement. Sign a deed that transfers the home to the trust, making sure to include the name of the trustee, the trust name, and the trust date. Record the deed with the appropriate Utah county recorder's office and pay any associated fees.
settled spendthrift trust is an irrevocable trust in which the settlor is a beneficiary and the settlor's creditors generally can't reach the trust property. Several states ?including Delaware, Nevada, New Hampshire, South Dakota, Tennessee, and Wyoming?recognize selfsettled spendthrift trusts.
What is a Self-Settled Special Needs Trust? Self-Settled Special Needs Trust sometimes called a ?(d)(4)(A) Trust?, a ?First Party Special Needs Trust? or ?Payback Trust? is a trust using the funds of a person who is already receiving needs based government benefits such as SSI or Utah Medicaid.
Anyone under the age of 65 is eligible to create a Self-Settled or First Party Special Needs Trust so long as they are competent to do so. If a person is not competent a parent, grandparent, guardian or a court may also create the trust on the individual's behalf.
In a Nominee Trust the beneficiaries direct the trustee and may even serve as the trustee. Also, unlike an irrevocable trust, the beneficiaries of an NT may terminate the trust at any time and take full ownership of the trust property as tenants in common.
The trust must be irrevocable and the words ?asset protection trust? must appear in the title. The trust must have a corporate trustee, and at least some of the trust assets must be held in the form of cash or stocks in an account with the trustee.
(3) A trustee shall send to the qualified beneficiaries who request it, at least annually and at the termination of the trust, a report of the trust property, liabilities, receipts, and disbursements, including the amount of the trustee's compensation or a fee schedule or other writing showing how the trustee's ...
