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NON-CHARITABLE PURPOSE TRUSTS Robert D. Kaplow, Esq. November 11, - PowerPoint PPT Presentation

Feb 17, 2023 •380 likes •520 views

November 11, 2017 THE HOW AND WHY OF NON-CHARITABLE PURPOSE TRUSTS Robert D. Kaplow, Esq. November 11, 2017 Types of Trusts A. Private B. Charitable C. Non-Charitable Purpose 2 November 11, 2017 Private Trust A. Examples 1. Revocable

  1. November 11, 2017 THE HOW AND WHY OF NON-CHARITABLE PURPOSE TRUSTS Robert D. Kaplow, Esq.

  2. November 11, 2017 Types of Trusts A. Private B. Charitable C. Non-Charitable Purpose 2

  3. November 11, 2017 Private Trust A. Examples 1. Revocable Living Trust 2. Irrevocable Life Insurance Trust 3. Dynasty Trust 4. Intentionally Defective Grantor Trust 3

  4. November 11, 2017 Private Trust B. Elements 1. Grantor (settlor, trustor) 2. Trustee 3. Beneficiary 4. Trust Corpus (principal) 5. Trust protector 4

  5. November 11, 2017 Charitable Trust A. Purposes B. Elements 1. Grantor 2. Trustee 3. No identifiable beneficiary 5

  6. November 11, 2017 Non-Charitable Purpose Trust A. Meets a particular non-charitable purpose B. Examples 1. Trust for maintenance of graves or monuments 2. Trust for saying of masses and other religious services 3. Trust for animals 4. Gun trusts 6

  7. November 11, 2017 Non-Charitable Purpose Trust C. Legal issues 1. No beneficiary 2. Violates the rule against perpetuities D. Current Law 1. Uniform Probate Code allows for Honorary Trusts Michigan statutes (MCL § 700.2722) 2. 7

  8. November 11, 2017 Pet Trust A. Statute 1. For the care of a designated domestic or pet animal 2. Trust terminates when no living animal is covered by the trust 3. Trust shall be liberally construed 8

  9. November 11, 2017 Pet Trust B. Why have a pet trust? 1. Who will take care of the pet? 2. Where will funds come from to pay for the care of the pet? 3. What care will be provided to the pet? 9

  10. November 11, 2017 Pet Trust C. Typical Provisions Don’t incentivize the death 1. Trustee and successor 7. of the pet 2. Caregiver 8. Instructions for standard of 3. Adequate duration of trust living and care of the pet 4. Adequate funding 9. Wallet card 5. Pets to be kept together 10. Compensation to trustee if appropriate and caregiver 6. Trust protector 11. Identify animal specifically 12. Sample provisions of a pet trust 10

  11. November 11, 2017 Gun Trust A. Separate trust B. Facilitates passing of firearms to heirs C. Avoids paperwork required for additional transfers D. Can own general firearms or NFA firearms 11

  12. November 11, 2017 Gun Trust E. NFA firearms 1. Short barrel shotgun 4. Any other weapon 2. Short barrel rifle 5. Any silencer 3. Machine gun 6. A destructive device 12

  13. November 11, 2017 Gun Trust F. Trust provisions 1. State the purpose of the trust 2. Trust name 3. Provide for trustee and qualifications of the trustee 4. Stand-alone trust 5. Provide for continued ownership of the firearms for the benefit of grantor’s family 6. Laws and regulations regarding firearms are continually changing 13

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