King Washington Blind Trust Agreement
Description
How to fill out Blind Trust Agreement?
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FAQ
Blind trusts create a layer of separation between the grantor's assets and professional or political activities that helps to eliminate real or perceived conflicts of interest and accusations of wrongdoing. Individuals who receive a windfall can also use them to maintain financial privacy.
You can do this if you're the trustee, but you may not have the right to see the trust's formation documents if you're a beneficiary. The trust is revocable under state law if the trust deed states this. It might be revocable if it's silent on the question of revocability, depending on the state.
In a blind trust, an individual places assets that could otherwise create conflicts of interest into an asset vehicle ("trust"). Control over the trust and its assets are given to an independent trustee, who may buy and sell assets without the knowledge or consent of the beneficiary ("blind").
Like all other types of trusts, blind trusts can either be set up as pass-through entities or can be taxed at the trust level, with the money to pay the taxes coming out of the trust. Either way, the owner/beneficiary ultimately foots the tax bill for the investment income generated by the trust assets.
A revocable trust has no tax advantages for the grantor: the IRS will levy estate taxes on the assets as well as taxes on interest income and capital gains. A blind trust is revocable; the grantor can cancel the trust at any time, and transfer responsibility to a different trustee.
The key difference between a blind trust and other types of living trusts is that neither the trustor nor his or her beneficiaries have the authority to manage any aspect of the trust or the assets held in it after the blind trust has been finalized.
In a blind trust, an individual places assets that could otherwise create conflicts of interest into an asset vehicle ("trust"). Control over the trust and its assets are given to an independent trustee, who may buy and sell assets without the knowledge or consent of the beneficiary ("blind").
Prepare a petition to the district court with jurisdiction over the trust assets. The petition should ask the court to issue an order terminating the trust and distributing its assets in a manner that satisfies your reasons for wanting to terminate it in the first place.
