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Trust
A trust is a legal arrangement where one party, known as the trustor or settlor, transfers legal ownership of assets to another party, known as the trustee, to manage and administer those assets for the benefit of a third party, known as the beneficiary.
Private Trust Domestic & Foreign
Private trusts are commonly used for estate planning, asset protection, wealth preservation, succession planning, and providing for the financial needs of family members or dependents. They offer flexibility and customization in structuring the management and distribution of assets according to the settlor's wishes and the unique circumstances of the beneficiaries.
Public Trust Domestic & Foreign
A public trust, also known as a charitable trust or a public benefit trust, is a legal entity established for charitable or philanthropic purposes that benefit the public or a specific community. Unlike a private trust, which is established for the benefit of specific individuals or families, a public trust is created to serve broader social, educational, religious, scientific, or other charitable objectives.
Corporate Trust
Corporate trust services are governed by applicable laws, regulations, and industry standards to ensure the protection of clients' interests and the integrity of financial transactions. Corporations, governments, institutional investors, and individuals often engage corporate trustees to help manage complex financial arrangements, mitigate risks, and ensure compliance with legal and regulatory requirements.
Revocable Trust
A revocable trust, also known as a living trust or inter vivos trust, is a type of trust that can be created and modified during the lifetime of the grantor (the person who establishes the trust). In a revocable trust, the grantor transfers assets into the trust, naming themselves as the initial trustee and beneficiary, and retains the right to modify, amend, or revoke the trust at any time during their lifetime.
Irrevocable Trust
An irrevocable trust is a type of trust where the terms cannot be easily changed or revoked by the grantor (the person who establishes the trust) once it has been created, or the changes may require the consent of beneficiaries or a court. Once assets are transferred into an irrevocable trust, they generally cannot be removed, and control over the assets typically passes to the trustee.
Statutory Trust/domestic or foreign
A statutory trust is a specific type of trust that is created and governed by statutes or laws enacted by a government authority, typically at the state or jurisdictional level. Unlike common law trusts, which are based on principles developed through court decisions and legal precedents, statutory trusts are established and regulated by specific statutory provisions outlined in the relevant jurisdiction's laws.
Trust Web
A "trust web" typically refers to a network or interconnected system of trusts, often established by individuals or families to manage and protect their assets, achieve specific financial goals, and facilitate estate planning objectives. The term can encompass various types of trusts, relationships, and structures that form a comprehensive framework for wealth management and succession planning.
Non-Profit Entities Statutory and Foreign
Nonprofit entities, also known as not-for-profit organizations or non-governmental organizations (NGOs), are entities that operate for purposes other than generating profit for owners or shareholders. Instead, they are organized and operated to serve specific missions or objectives that benefit society, communities, or the public interest. Nonprofits may pursue a wide range of missions, including charitable, educational, religious, scientific, literary, cultural, or social welfare purposes.
501 (c)(3)
A 501(c)(3) organization is a specific type of nonprofit organization recognized by the United States Internal Revenue Service (IRS) as exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code. These organizations are commonly referred to as charitable organizations because they are organized and operated exclusively for charitable, religious, educational, scientific, literary, or other exempt purposes.
501(c)(4)
A 501(c)(4) organization is a type of nonprofit organization recognized by the United States Internal Revenue Service (IRS) as tax-exempt under section 501(c)(4) of the Internal Revenue Code. Unlike 501(c)(3) organizations, which are primarily engaged in charitable, educational, religious, or other exempt purposes, 501(c)(4) organizations are primarily engaged in promoting social welfare and community improvement.
508 Ministries
"508 ministries" likely refers to organizations that operate under section 508(c)(1)(A) of the Internal Revenue Code (IRC) in the United States.
This section of the IRC allows for the exemption from federal income tax for religious organizations, including churches, synagogues, mosques, and temples, as well as their integrated auxiliaries, associations of churches, and other religious organizations. These organizations are not required to apply for recognition of their tax-exempt status by the I
Faith Based Organization(FBO)/Private
Faith Based Organization Statutory
A "faith-based organization" refers to an entity such as a nonprofit or charitable organization that operates based on religious principles or motivations. These organizations can range from churches and mosques to charities, educational institutions, and social service providers that incorporate religious beliefs into their mission and activities.
Faith Based Organization Private
A "faith-based organization" (FBO) that operates privately typically refers to an entity that is independent of government control or ownership and is driven by religious principles or motivations. Here are some key characteristics and considerations for private faith-based organizations: