WHAT IS A TRUST?

TRUSTS

Trusts are legal entities that can be used to transfer and manage property or assets. It is an ingenious entity empowering Trustees of the Trust to have and hold all control over that property or assets. The terms and conditions of the Trust strictly define the form of the Trust used and the needs of the people it is created to serve.

TRUST ESTABLISHMENT

To establish a Trust, consideration of some type is transferred from a Settlor to another person (known as the trustee) with the understanding that the recipient will hold the property and assets or use them in a way that is directed or established as laid out in the terms and conditions of the Trust. Anyone who benefits from the use of the property or assets is known as the Beneficiary.

TRUST ESTATE

The property or assets that are transferred to a Trust becomes the Trust Corpus. The Trustee of a Trust is the only entity that can affect the transfer of assets, property or monies to a Trust. A Trust estate consists of all of the property (tangible or intangible), assets, cash, rights and obligations that are transferred to the Trust. The Trust Estate is managed in accordance with the terms and conditions of the documents creating the Trust. Because the property is held in Trust it is generally not subject to turnover*.

PARTIES TO A TRUST

The SETTLOR sometimes called the Creator, Grantor, Settlor or Trustor, is any person who creates a Trust for the benefit of Beneficiaries. To establish the Trust, and realize the protection afforded, the Trust should be established through an initial funding by a Settlor, someone who cannot be the Trustee or the Beneficiary. After the Trust is established, the Trustee may convey additional assets, tangible and intangible, to the Trust for the benefit of the Beneficiaries.

The TRUSTEE is a person, financial institution (such as a bank or trust company) or managing entity that holds the legal title in Trust for the Trust Estate. There may be one or more Trustee. If a Trustee is unable, or unwilling to serve then a successor Trustee steps in to hold and manage the Trust Estate. The Trustee is obligated to act in accordance with the terms and conditions of the Trust for the benefit of the Trust Beneficiaries.

The BENEFICIARIES are the persons or entities which benefits from the Trust Estate. The rights of Beneficiaries depend on the terms and conditions of the Trust. Beneficiaries have no “equitable title” only a “beneficial interest” in the property or assets held in the Trust. Beneficiaries have no right of management of the Trust nor have any right to have access to business records or knowledge of Trust business or actions.

No part of this material may be reproduced, initiated, or utilized, in whole or in part, in any form or by any means, electronic or mechanical, including but not limited to photocopying, recording, or by any information storage and retrieval system, without the express permission in writing from Legacy For All Trust. Violators are subject to both civil & criminal liability. See 17 U.S.C. § 501-506, which includes civil liability for damages, loss of profits, statutory damages up to $150,000, and atty fees. See 18 USCS § 2319, which includes imprisonment of up to 10 years.

NOTICE: Legacy For All Trust (“LFA”) strongly encourages the purchasers of a Benson Trust Product to be mindful of all rules and regulations that apply and should be followed in structuring, implementing, and operating any of the various Benson Trust Products. Accordingly, LFA strongly urges each trustee and/or their authorized agent or representative to at all times be knowledgeable of, and compliant in all material respects with the provisions of Trust by: (1) not engaging in any type of fraudulent activity in connection with the administration of the Trust, (2) not taking any action in contravention to the Trust, local law, state law, and/or federal law, (3) timely filing an accurate income tax return with the Internal Revenue Service (and where required the filing of an accurate income tax return with all local and state governments), and (4) not understating income or overstating a deduction on an income tax return. By purchasing a Benson Trust Product, directly or indirectly, the purchaser agrees that he, she, it, is solely responsible for consulting with their own tax advisor as to the tax consequences associated with the income and principal distributions made from this trust and that you the purchaser assume sole responsibility, to the complete exclusion of LFA for the tax consequences resulting from the use of the Benson trust product including specifically with respect to income and principal distribution and IRC Section 643 treatment and application. The tax rules governing Non-Grantor, Irrevocable, Complex, Discretionary, Spendthrift Trusts are complex, change frequently, and depend on each individual taxpayer’s situation. By purchasing A Benson Trust Product, you the purchaser acknowledge that any tax liability or other tax consequences to you resulting from the establishment of this trust is solely your responsibility. Purchaser further acknowledges that he, she, or it, bears sole responsibility for the structure, implementation, and operation of any of the various Benson products purchased by you, directly or indirectly, and that you, to the express exclusion of LFA, shall bear sole responsibility for any adverse consequences for improperly structuring, implementing, and operating, a Benson Trust Product or otherwise improperly using a Benson Trust Product.

Contact:

Legacy For All Trust

2629 Manhattan Ave, #252

Hermosa Beach, CA 90254

info@legacyforall.com

WHAT IS A TRUST?

TRUSTS

TRUST ESTABLISHMENT

TRUST ESTATE

PARTIES TO A TRUST

DEFER OR REDUCE YOUR TAX LIABILITY TODAY

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