词条 | Trust law |
释义 |
A trust is a three-party fiduciary relationship in which the first party, the trustor or settlor, transfers ("settles") a property (often but not necessarily a sum of money) upon the second party (the trustee) for the benefit of the third party, the beneficiary.[1] A testamentary trust is created by a will and arises after the death of the settlor. An inter vivos trust is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; in the United States, a trust is presumed to be irrevocable unless the instrument or will creating it states it is revocable, except in California, Oklahoma and Texas, in which trusts are presumed to be revocable until the instrument or will creating them states they are irrevocable. An irrevocable trust can be "broken" (revoked) only by a judicial proceeding. Trusts and similar relationships have existed since Roman times.[2] The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners. They must provide a regular accounting of trust income and expenditures. Trustees may be compensated and be reimbursed their expenses. A court of competent jurisdiction can remove a trustee who breaches his/her fiduciary duty. Some breaches of fiduciary duty can be charged and tried as criminal offences in a court of law. A trustee can be a natural person, a business entity or a public body. A trust in the United States may be subject to federal and state taxation. A trust is created by a settlor, who transfers title to some or all of his or her property to a trustee, who then holds title to that property in trust for the benefit of the beneficiaries.[3] The trust is governed by the terms under which it was created. In most jurisdictions, this requires a contractual trust agreement or deed. It is possible for a single individual to assume the role of more than one of these parties, and for multiple individuals to share a single role.{{Citation needed|date=August 2015}} For example, in a living trust it is common for the grantor to be both a trustee and a lifetime beneficiary while naming other contingent beneficiaries.{{Citation needed|date=August 2015}} Trusts have existed since Roman times and have become one of the most important innovations in property law.[2] Trust law has evolved through court rulings differently in different states, so statements in this article are generalizations; understanding the jurisdiction-specific case law involved is tricky. Some U.S. states are adapting the Uniform Trust Code to codify and harmonize their trust laws, but state-specific variations still remain. An owner placing property into trust turns over part of his or her bundle of rights to the trustee, separating the property's legal ownership and control from its equitable ownership and benefits. This may be done for tax reasons or to control the property and its benefits if the settlor is absent, incapacitated, or deceased. Testamentary trusts may be created in wills, defining how money and property will be handled for children or other beneficiaries. While the trustee is given legal title to the trust property, in accepting the property title, the trustee owes a number of fiduciary duties to the beneficiaries. The primary duties owed include the duty of loyalty, the duty of prudence, the duty of impartiality.[4] A trustee may be held to a very high standard of care in their dealings, in order to enforce their behavior. To ensure beneficiaries receive their due, trustees are subject to a number of ancillary duties in support of the primary duties, including a duties of openness and transparency; duties of recordkeeping, accounting, and disclosure. In addition, a trustee has a duty to know, understand, and abide by the terms of the trust and relevant law. The trustee may be compensated and have expenses reimbursed, but otherwise must turn over all profits from the trust properties. There are strong restrictions regarding a trustee with conflict of interests. Courts can reverse a trustee's actions, order profits returned, and impose other sanctions if they finds a trustee has failed in any of their duties. Such a failure is termed a breach of trust and can leave a neglectful or dishonest trustee with severe liabilities for their failures. It is highly advisable for both settlors and trustees to seek qualified legal counsel prior to entering into a trust agreement. History{{main|History of trusts}}Ancient examplesA possible early concept which later developed into what today is understood as a trust related to land. An ancient king (settlor) grants property back to its previous owner (beneficiary) during his absence, supported by witness testimony (trustee). In essence and in this case, the king, in place of the later state (trustor and holder of assets at highest position) issues ownership along with past proceeds to the original beneficiary: {{quote | On the testimony of Gehazi the servant of Elisha that the woman was the owner of these lands, the king returns all her property to her. From the fact that the king orders his eunuch to return to the woman all her property and the produce of her land from the time that she left...[5]}}English common lawRoman law had a well-developed concept of the trust (fideicommissum) in terms of "testamentary trusts" created by wills but never developed the concept of the inter vivos (living) trusts which apply while the creator lives. This was created by later common law jurisdictions. Personal trust law developed in England at the time of the Crusades, during the 12th and 13th centuries. In medieval English trust law, the settlor was known as the feoffor to uses while the trustee was known as the feoffee to uses and the beneficiary was known as the cestui que use, or cestui que trust. At the time, land ownership in England was based on the feudal system. When a landowner left England to fight in the Crusades, he conveyed ownership of his lands in his absence to manage the estate and pay and receive feudal dues, on the understanding that the ownership would be conveyed back on his return. However, Crusaders often encountered refusal to hand over the property upon their return. Unfortunately for the Crusader, English common law did not recognize his claim. As far as the King's courts were concerned, the land belonged to the trustee, who was under no obligation to return it. The Crusader had no legal claim. The disgruntled Crusader would then petition the king, who would refer the matter to his Lord Chancellor. The Lord Chancellor could decide a case according to his conscience. At this time, the principle of equity was born. The Lord Chancellor would consider it "unconscionable" that the legal owner could go back on his word and deny the claims of the Crusader (the "true" owner). Therefore, he would find in favour of the returning Crusader. Over time, it became known that the Lord Chancellor's court (the Court of Chancery) would continually recognize the claim of a returning Crusader. The legal owner would hold the land for the benefit of the original owner and would be compelled to convey it back to him when requested. The Crusader was the "beneficiary" and the acquaintance the "trustee". The term "use of land" was coined, and in time developed into what we now know as a trust. SignificanceThe trust is widely considered to be the most innovative contribution of the English legal system.[6]{{verify-inline|concern=Can someone verify if this source says i) it is the most innovative contribution, ii) or that it is widely considered the most innovative contribution, or iii) none of the above?|date=September 2015}} Today, trusts play a significant role in most common law systems, and their success has led some civil law jurisdictions to incorporate trusts into their civil codes. In Curaçao, for example, the trust was enacted into law on 1 January 2012; however, the Curaçao Civil Code only allows express trusts constituted by notarial instrument.[7] France has recently added a similar, Roman-law-based device to its own law with the fiducie,[8] amended in 2009;[9] the fiducie, unlike a trust, is a contractual relationship. Trusts are widely used internationally, especially in countries within the English law sphere of influence, and whilst most civil law jurisdictions do not generally contain the concept of a trust within their legal systems, they do recognise the concept under the Hague Convention on the Law Applicable to Trusts and on their Recognition (partly only the extent that they are parties thereto). The Hague Convention also regulates conflict of trusts. Although trusts are often associated with intrafamily wealth transfers, they have become very important in American capital markets, particularly through pension funds (in certain countries essentially always trusts) and mutual funds (often trusts).[10] Basic principlesProperty of any sort may be held in a trust. The uses of trusts are many and varied, for both personal and commercial reasons, and trusts may provide benefits in estate planning, asset protection, and taxes. Living trusts may be created during a person's life (through the drafting of a trust instrument) or after death in a will. In a relevant sense, a trust can be viewed as a generic form of a corporation where the settlors (investors) are also the beneficiaries. This is particularly evident in the Delaware business trust, which could theoretically, with the language in the "governing instrument", be organized as a cooperative corporation or a limited liability corporation,[10]{{rp|475–6}} although traditionally the Massachusetts business trust has been commonly used in the US. One of the most significant aspects of trusts is the ability to partition and shield assets from the trustee, multiple beneficiaries, and their respective creditors (particularly the trustee's creditors), making it "bankruptcy remote", and leading to its use in pensions, mutual funds, and asset securitization[10] as well protection of individual spendthrifts through the spendthrift trust. Terminology
The trustee's right to do this, where it exists, is called a power of appointment. Sometimes, a power of appointment is given to someone other than the trustee, such as the settlor, the protector, or a beneficiary.
CreationTrusts may be created by the expressed intentions of the settlor (express trusts)[11] or they may be created by operation of law known as implied trusts. An implied trust is one created by a court of equity because of acts or situations of the parties. Implied trusts are divided into two categories: resulting and constructive. A resulting trust is implied by the law to work out the presumed intentions of the parties, but it does not take into consideration their expressed intent. A constructive trust[12] is a trust implied by law to work out justice between the parties, regardless of their intentions. Typically a trust can be created in the following four ways:
In some jurisdictions certain types of assets may not be the subject of a trust without a written document.[14] Formalities{{Main|Three certainties}}The formalities required of a trust depends on the type of trust in question. Generally, a private express trust requires three elements to be certain, which together are known as the "three certainties". These elements were determined in Knight v Knight to be intention, subject matter and objects.[15] The certainty of intention allows the court to ascertain a settlor's true reason for creating the trust. The certainties of subject matter and objects allow the court to administer trust when the trustees fail to do so.[16] The court determines whether there is sufficient certainty by construing the words used in the trust instrument. These words are construed objectively in their "reasonable meaning",[17] within the context of the entire instrument.[15] Despite intention being integral to express trusts, the court will try not to let trusts fail for the lack of certainty.[18]
TrusteesA trust may have multiple trustees, and these trustees are the legal owners of the trust's property, but have a fiduciary duty to beneficiaries and various duties, such as a duty of care and a duty to inform.[19] If trustees do not adhere to these duties, they may be removed through a legal action. The trustee may be either a person or a legal entity such as a company, but typically the trust itself is not an entity and any lawsuit must be against the trustees. A trustee has many rights and responsibilities which vary based on the jurisdiction and trust instrument. If a trust lacks a trustee, a court may appoint a trustee. The trustees administer the affairs attendant to the trust. The trust's affairs may include prudently investing the assets of the trust, accounting for and reporting periodically to the beneficiaries, filing required tax returns and other duties. In some cases dependent upon the trust instrument, the trustees must make discretionary decisions as to whether beneficiaries should receive trust assets for their benefit. A trustee may be held personally liable for problems, although fiduciary liability insurance similar to directors and officers liability insurance can be purchased. For example, a trustee could be liable if assets are not properly invested. In addition, a trustee may be liable to its beneficiaries even where the trust has made a profit but consent has not been given.[20] However, in the United States, similar to directors and officers, an exculpatory clause may minimize liability; although this was previously held to be against public policy, this position has changed.[21] In the United States, the Uniform Trust Code provides for reasonable compensation and reimbursement for trustees subject to review by courts,[22] although trustees may be unpaid. Commercial banks acting as trustees typically charge about 1% of assets under management.[23] BeneficiariesThe beneficiaries are beneficial (or 'equitable') owners of the trust property. Either immediately or eventually, the beneficiaries will receive income from the trust property, or they will receive the property itself. The extent of a beneficiary's interest depends on the wording of the trust document. One beneficiary may be entitled to income (for example, interest from a bank account), whereas another may be entitled to the entirety of the trust property when he attains the age of twenty-five years. The settlor has much discretion when creating the trust, subject to some limitations imposed by law. The use of trusts as a means to inherit substantial wealth may be associated with some negative connotations; some beneficiaries who are able to live comfortably from trust proceeds without having to work a job may be jokingly referred to as "trust fund babies" (regardless of age) or "trustafarians".[24] PurposesCommon purposes for trusts include:
TypesAlphabetic list of trust typesTrusts go by many different names, depending on the characteristics or the purpose of the trust. Because trusts often have multiple characteristics or purposes, a single trust might accurately be described in several ways. For example, a living trust is often an express trust, which is also a revocable trust, and might include an incentive trust, and so forth.
Regional variationsTrusts originated in England, and therefore English trusts law has had a significant influence, particularly among common law legal systems such as the United States and the countries of the Commonwealth. Trust law in civil law jurisdictions, generally including Continental Europe only exists in a limited number of jurisdictions (e.g. Curaçao, Liechtenstein and Sint Maarten). The trust may however be recognized as an instrument of foreign law in conflict of laws cases, for example within the Brussels regime (Europe) and the parties to the Hague Trust Convention. Tax avoidance concerns have historically been one of the reasons that European countries with a civil law system have been reluctant to adopt trusts.[10]United States{{Main|United States trust law}}State law applies to trusts, and the Uniform Trust Code has been enacted by the legislatures in many states. In addition, federal law considerations such as federal taxes administered by the Internal Revenue Service may affect the structure and creation of trusts. The common law of trusts is summarized in the Restatements of the Law, such as the Restatement of Trusts, Third (2003−08). In the United States the tax law allows trusts to be taxed as corporations, partnerships, or not at all depending on the circumstances, although trusts may be used for tax avoidance in certain situations.[10]{{rp|478}} For example, the trust-preferred security is a hybrid (debt and equity) security with favorable tax treatment which is treated as regulatory capital on banks' balance sheets. The Dodd-Frank Wall Street Reform and Consumer Protection Act changed this somewhat by not allowing these assets to be a part of (large) banks' regulatory capital.[33]{{rp|23}} Estate planning{{Main|Estate planning}}Living trusts, as opposed to testamentary (will) trusts, may help a trustor avoid probate.[34] Avoiding probate may save costs and maintain privacy[35] and living trusts have become very popular.[36] Probate is potentially costly, and probate records are available to the public while distribution through a trust is private. Both living trusts and wills can also be used to plan for unforeseen circumstances such as incapacity or disability, by giving discretionary powers to the trustee or executor of the will.[35] Negative aspects of using a living trust as opposed to a will and probate include upfront legal expenses, the expense of trust administration, and a lack of certain safeguards. The cost of the trust may be 1% of the estate per year versus the one-time probate cost of 1 to 4% for probate, which applies whether or not there is a drafted will. Unlike trusts, wills must be signed by two to three witnesses, the number depending on the law of the jurisdiction in which the will is executed. Legal protections that apply to probate but do not automatically apply to trusts include provisions that protect the decedent's assets from mismanagement or embezzlement, such as requirements of bonding, insurance, and itemized accountings of probate assets. Estate tax effectLiving trusts generally do not shelter assets from the U.S. federal estate tax. Married couples may, however, effectively double the estate tax exemption amount by setting up the trust with a formula clause.[37] For a living trust, the grantor may retain some level of control to the trust, such by appointment as protector under the trust instrument. Living trusts also, in practical terms, tend to be driven to large extent by tax considerations. If a living trust fails, the property will usually be held for the grantor/settlor on resulting trusts, which in some notable cases, has had catastrophic tax consequences.{{Citation needed|date=March 2013}} South AfricaIn many ways trusts in South Africa operate similarly to other common law countries, although the law of South Africa is actually a hybrid of the British common law system and Roman-Dutch law. In South Africa, in addition to the traditional living trusts and will trusts there is a ‘bewind trust’ (inherited from the Roman-Dutch bewind administered by a bewindhebber)[38] in which the beneficiaries own the trust assets while the trustee administers the trust, although this is regarded by modern Dutch law as not actually a trust.[39] Bewind trusts are created as trading vehicles providing trustees with limited liability and certain tax advantages.{{Citation needed|date=March 2013}} In South Africa, minor children cannot inherit assets and in the absence of a trust and assets held in a state institution, the Guardian's Fund, and released to the children in adulthood. Therefore, testamentary (will) trusts often leave assets in a trust for the benefit of these minor children. There are two types of living trusts in South Africa, namely vested trusts and discretionary trusts. In vested trusts, the benefits of the beneficiaries are set out in the trust deed, whereas in discretionary trusts the trustees have full discretion at all times as to how much and when each beneficiary is to benefit. Asset protectionUntil recently, there were tax advantages to living trusts in South Africa, although most of these advantages have been removed. Protection of assets from creditors is a modern advantage. With notable exceptions, assets held by the trust are not owned by the trustees or the beneficiaries, the creditors of trustees or beneficiaries can have no claim against the trust. Under the Insolvency Act (Act 24 of 1936), assets transferred into a living trust remain at risk from external creditors for 6 months if the previous owner of the assets is solvent at the time of transfer, or 24 months if he/she is insolvent at the time of transfer. After 24 months, creditors have no claim against assets in the trust, although they can attempt to attach the loan account, thereby forcing the trust to sell its assets. Assets can be transferred into the living trust by selling it to the trust (through a loan granted to the trust) or donating cash to it (any natural person can donate R100 000 per year without attracting donations tax; 20% donations tax applies to further donations within the same tax year). Tax considerationsUnder South African law living trusts are considered tax payers. Two types of tax apply to living trusts, namely income tax and capital gains tax (CGT). A trust pays income tax at a flat rate of 40% (individuals pay according to income scales, usually less than 20%). The trust's income can, however, be taxed in the hands of either the trust or the beneficiary. A trust pays CGT at the rate of 20% (individuals pay 10%). Trusts do not pay deceased estate tax (although trusts may be required to pay back outstanding loans to a deceased estate, in which the loan amounts are taxable with deceased estate tax).[40] The taxpayer whose residence has been ‘locked’ into a trust has now been given another opportunity to take advantage of these CGT exemptions. The Taxation Law Amendment Act of 30 September 2009 commenced on 1 January 2010 and granted a 2-year window period from 1 January 2010 to 31 December 2011, affording a natural person the opportunity to take transfer of the residence with advantage of no transfer duty being payable or CGT consequences. Whilst taxpayers can take advantage of this opening of a window of opportunity, it is not likely that it will ever become available thereafter.[41] See also
Jurisdiction specific
Notes1. ^{{cite web|title=Trust|url=http://www.businessdictionary.com/definition/trust.html|website=BusinessDictionary|publisher=WebFinance, Inc.|accessdate=10 August 2017}} 2. ^1 {{cite web|last=Scott|first=Austin|title=Importance of the Trust|url=http://heinonline.org/HOL/LandingPage?handle=hein.journals/ucollr39&div=16&id=&page=|publisher=U. Colo. L. Rev.|accessdate=6 April 2014|quote=The greatest and most distinctive achievement performed by Englishmen in the field of jurisprudence is the development from century to century of the trust idea.}} 3. ^{{cite book |title=Restatment of Trusts |edition=Third |location=St. Paul, Minn. |publisher=American Law Institute |year=1992 |chapter=Section 2 |page=17 |isbn=9780314842466 |oclc=25422858 }} 4. ^{{cite book |title=Restatment of Trusts |edition=Third |location=St. Paul, Minn. |publisher=American Law Institute |year=1992 |chapter=Chapter 15 |page=67 |isbn=9780314842466 |oclc=25422858}} 5. ^Ben-Barak, Zafrira. "Meribaal and the System of Land Grants in Ancient Israel." Biblica (1981): 73–91. 6. ^{{cite book|last1=Goode|first1=Roy M.|title=Commercial Law|date=2 January 1996|publisher=Penguin UK|location=London, U.K.|isbn=0140125345|edition=2nd}} 7. ^{{cite journal|url=http://www.cifa-curacao.com/pdfdocuments/WPNR%202012-6926%20De%20Boer.pdf|title=De Curaçaose trust in de partijk|language=Dutch|author=M. Bergervoet and D.S. Mansur|date=14 April 2012|journal=Weekblad voor Privaatrecht, Notariaat en Registratie}} 8. ^{{cite web | title = Loi n°2007-211 du 19 février 2007 instituant la fiducie | url = http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000000821047&dateTexte= | date = 1 February 2009 | publisher = Legifrance.gouv.fr, le service public de la diffusion du droit}} 9. ^{{cite web | title = Ordonnance n°2009-79 du 22 janvier 2009 (consolidated version) | url = http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000000821047&dateTexte= |date = 1 February 2009 | publisher = Legifrance.gouv.fr, le service public de la diffusion du droit}} 10. ^1 2 3 4 {{cite journal | last = Hansmann |first=Henry | last2= Mattei |first2= Ugo | date = May 1998 | format = PDF | url = http://www.nyulawreview.org/sites/default/files/pdf/NYULawReview-73-2-Hansmann-Mattei.pdf |title = The Functions of Trust Law: A Comparative Legal and Economic Analysis | journal = New York University Law Review | accessdate = 17 August 2018}} 11. ^{{cite web |url=http://www.westlaw.com.au.wwwproxy0.library.unsw.edu.au/maf/wlau/app/document?docguid=I896d6d3213d411e18eefa443f89988a0&tocDs=AUNZ_CASES_TOC&isTocNav=true&startChunk=1&endChunk=1 |title=Database Access – UNSW Library |publisher=}} 12. ^{{cite web |url=http://www.austlii.edu.au/au/cases/cth/HCA/1988/16.html|title=Bahr v Nicolay (No 2) [1988] HCA 16; (1988) 164 CLR 604 (15 June 1988) |publisher=}} 13. ^See for example T Choithram International SA and others v Pagarani and others [2001] 2 All ER 492 14. ^For example, in England, trusts over land must be evidenced in writing under s.56 of the Law of Property Act 1925 15. ^1 2 {{cite book |last1=Glister |first1=James |last2=Lee |first2=James |title=Hanbury and Martin: Modern Equity |date=2015 |publisher=Sweet & Maxwell |isbn=9780414032408 |edition=20 |chapter=Certainty and Capacity}} 16. ^1 {{cite court |litigants=McPhail v Doulton |vol= [1970]|reporter=UKHL 1|opinion= |pinpoint=|court=|date=|url=|accessdate= |quote=}} 17. ^{{cite court |litigants=Re Gulbenkian's Settlements Trusts |vol= [1968]|reporter=UKHL 5|opinion= |pinpoint=|court=|date=|url=|accessdate= |quote=}} 18. ^{{cite court |litigants=Re Hay's Settlement Trusts |vol= [1981] 3|reporter=All ER 786|opinion= |pinpoint=|court=|date=|url=|accessdate= |quote=}} 19. ^Edward Jones Trust Company. Fundamental Duties of a Trustee: A Guide for Trustees in a post-Uniform Trust Code World. 20. ^{{cite web|url=http://www.trusts.it/admincp/UploadedPDF/200801171738350.jEnghouseBoardmanPhipps19661103.pdf|title=Boardman v Phipps [1966] UKHL 2|publisher=}} 21. ^Last Beneficiary Standing: Identifying the Proper Parties in Breach of Fiduciary Cases. American Bar Association, Section of Real Property, Trust, & Estate Law. 20th Annual Real Property & Estate Planning Symposia. 22. ^Trust Code Summary. Uniform Law Commission. 23. ^Schanzenbach MM, Sitkoff RF. (2007). Did Reform of Prudent Trust Investment Laws Change Trust Portfolio Allocation?. Harvard Law School John M. Olin Center for Law, Economics and Business Discussion Paper Series. Paper 580. 24. ^{{cite book |last1=Martinez |first1=Michael J. |title=Vault Career Guide to Private Wealth Management |date=2007 |publisher=Vault, Inc. |location=New York, New York |isbn=9781581314489 |oclc=86069641 |page=18 |url=https://books.google.com/books?id=cuseaZWNAvUC&pg=PA18&dq=%22trust+fund+baby%22&hl=en&sa=X&ved=0ahUKEwiwus6ntqfSAhUMLcAKHaLeDtYQ6AEIHzAB#v=onepage&q=%22trust%20fund%20baby%22&f=false}} 25. ^{{cite web | title = Frequently Asked Questions |url = http://scottrosenberglaw.com/faq.html#Trusts | first = Scott D. | last = Rosenberg | date = 2009–2010}} 26. ^Paul BW Chaplin#Biography 27. ^{{Cite journal |title = Construction law: Breach of trust in the construction industry |url = http://www.iflr.com/Article/1984910/Channel/193438/Construction-law-Breach-of-trust-in-the-construction-industry.html |first = Harvey J |last = Kirsh |first2 = Lori A |last2 = Roth |publisher = International Finance Law Review (IFLR) |date = 1 September 1997}} 28. ^{{cite book|title=Indian Public Administration: Institutions and Issues|url=https://books.google.com/books?id=nvzcy7o4sgAC&pg=PA271|accessdate=2 January 2017|year=1995|publisher=New Age International|isbn=978-81-7328-068-9|pages=271–272}} 29. ^Julius B. Levine & Randall L. Holton, Enforcement of Secret and Semi-Secret Trusts, 5 Prob. L.J. 7, 16 (1983) 30. ^{{cite web | url = http://www.hmrc.gov.uk/trusts/types/bare.htm | title = Bare trusts | publisher = HM Revenue & Customs | accessdate = 1 November 2012}} 31. ^{{Cite web|url=http://www.uniformlaws.org/Act.aspx?title=Statutory%20Trust%20Entity%20Act%20(2009)%20(Last%20Amended%202013)|title=Statutory Trust Entity Act (2009) (Last Amended 2013)|website=www.uniformlaws.org|access-date=2017-01-24}} 32. ^Kam Fan Sin, The Legal Nature of the Unit Trust, Clarendon Press, 1998. 33. ^{{cite web|publisher=Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates |url=http://www.skadden.com/Cimages/siteFile/Skadden_Insights_Special_Edition_Dodd-Frank_Act1.pdf |title=The Dodd–Frank Act: Commentary and Insights |format=PDF |deadurl=yes |archiveurl=https://web.archive.org/web/20120414222136/http://www.skadden.com/Cimages/siteFile/Skadden_Insights_Special_Edition_Dodd-Frank_Act1.pdf |archivedate=14 April 2012 }} 34. ^{{cite web|last1=Caraway|first1=David|title=Testamentary Trusts|url=http://www.nycbar.org/get-legal-help/article/wills-trusts-and-elder-law/trusts/testamentary-trusts/|website=New York City Bar|accessdate=14 December 2017|date=April 2015}} 35. ^1 {{cite web|last1=Larson|first1=Aaron|title=What is a Trust and Why You May Need One|url=https://www.expertlaw.com/library/estate_planning/trusts.html|website=ExpertLaw.com|publisher=ExpertLaw|accessdate=4 May 2017}} 36. ^American Bar Association. Ch.5 Living Trusts. Appears to be online copy of: [https://books.google.com/books?id=DdDdCfxSxAwC&q The American Bar Association guide to wills and estates] (1995). See also Ch. 4, Trusts. 37. ^The formula clause may be: "I leave to my child the maximum allowable amount that is not subject to federal estate tax, with the remainder going to my wife." As of 2013, transfers to spouses are exempt from estate tax. See: [https://www.forbes.com/sites/deborahljacobs/2013/01/02/after-the-fiscal-cliff-deal-estate-and-gift-tax-explained/ After The Fiscal Cliff Deal: Estate And Gift Tax Explained]. Forbes. 38. ^Trust Overview. Moore Stephens Chartered Accountants. 39. ^Oakley JA. (1996). Trends in Contemporary Trust Law, [https://books.google.com/books?id=VvM-CsSb1EYC&pg=PA108&lpg=PA108&dq#v=onepage&q&f=false p. 108]. 40. ^E-book: Trusts for Business Owners, by Peter Carruthers and Robert Velosa. 41. ^{{cite web | first = Winston E. | last = Miller | title = Dump That Trust Through The Window: Family Trust Tax Window | url = http://www.lawchambers.co.za/article_family_trust_tax_window.htm | date = 18 December 2009 | publisher = Winston Miller Attorneys}} References
Further reading{{EB1911 Poster|Trust and Trustees|Trust law}}
4 : Common law|Wills and trusts|Equity (law)|Inheritance |
随便看 |
|
开放百科全书收录14589846条英语、德语、日语等多语种百科知识,基本涵盖了大多数领域的百科知识,是一部内容自由、开放的电子版国际百科全书。