The party to which legal title and management responsibilities are initially given in a trust agreement is referred to as the
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20) The party to which legal title and management responsibilities are initially given in a trust agreement is referred to as the
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1 |
trustee |
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2. |
remainderman. |
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3 |
grantor. |
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4 |
beneficiary. |
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- The party to which legal title and management responsibilities are initially given in a trust agreement is referred to as the a. trustee. b. remainderman. c. grantor. d. beneficiary.a. What is the difference between distributing property per capita and per stirpes? When would a per stirpes distribution be required? what are two ways in which the duties of an administrator differ from those of an executor? Must the grantor, trustee, and beneficiary of a trust all be different people? What formalities must be followed to create a testamentary trust?What do you mean by “Trust Deed” in context of debenture?
- Describe the usefulness of a discretionary intervivos trust when used as part of an estate freeze.ALM (Asset Liability Management) is particularly critical for: Group of answer choices B. Trust Companies C. Endowments D. Financial Institutions A. Nonprofit EntitiesQuestion 12 of 30.Who is required to issue Schedule K-1 (Form 1041) for a nongrantor trust?O The grantor.Each beneficiary.O The trustee.The IRS.OMark for follow up2.
- Which one of the following statements best describes the most important feature of a support trust? A) Trust assets must revert to the grantor. B) It is created by the terms of a will and therefore does not become effective until death. C) It provides for the trustee to take over management of the grantor's assets only upon the occurrence or nonoccurrence of certain specified events. D) It provides that the trustee shall distribute only so much of the income or principal as the trustee deems necessary for the support of a named beneficiary.A note secured by a deed of trust provides for an automatic action of the laws known as a.a strict foreclosure. b.equitable rights. c.a power of sale. d.a statutory right.Does a trust have to have assets? – Explain
- A release clause in a note and deed of trust is activated by a.the full satisfaction of the terms of the loan. b.the reconveying of the property to the trustee. c.the foreclosure on the property. d.the conveying of title to the trustee.TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE IS RECOGNIZED IN OTHER COMPREHENSIVE INCOME4. PFRS17 APPLIES TO INVESTMENT CONTRACTS WITH DISCRETIONARY FEATURES REGARDLESS IF THE ENTITY ALSO ISSUES INSRANCE CONRACS OR NI21. The purpose of preparation of Profit and loss appropriation account is: a. To know the balance of goodwill of each partner b. To know the share of profit or loss of each partner c. To know the balance of capital of each partner d. To know the balance of drawings of each partner