The Master Trust and Real Estate Pack

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What is an Estate

An estate refers to the total sum of an individual's assets, properties, and financial holdings at the time of their passing. It includes everything from real estate and investments to personal belongings and bank accounts. When it comes to establishing a trust, it is essential for a couple of reasons.


Firstly, setting up a trust allows you to have more control over how your assets are managed and distributed after your passing. By appointing a trustee, you can ensure that your wishes regarding the distribution of your estate are carried out precisely as you desire.


Secondly, a trust can also help minimize the complexities and costs associated with the probate process.


Probate is the legal process through which a deceased person's assets are distributed to their beneficiaries.


However, it can be a lengthy and expensive process. By having a trust in place, you can potentially bypass probate and provide your loved ones with quicker access to their inheritance.


Additionally, trusts can offer privacy and protection. Unlike wills, which become public records during the probate process, trusts allow for a more confidential and discreet transfer of assets. Moreover, certain types of trusts, such as irrevocable trusts, can provide protection against creditors and lawsuits, ensuring that your assets are safeguarded for your intended beneficiaries.


Overall, establishing a trust as part of your estate planning can provide you with greater control, efficiency, privacy, and protection when it comes to distributing your assets and taking care of your loved ones after you're gone.


Establishing trust in 3 steps

Here are three key steps you can take to set up a trust:


  1. Determine your objectives: Start by clearly defining your goals and intentions for the trust. Consider who you want to benefit from your assets, how you want those assets to be managed and distributed, and any specific conditions or instructions you may have. Having a clear understanding of your objectives will guide you in selecting the most appropriate type of trust.
  2. Consult with us for estate planning: It is highly advisable to work with an experienced estate planner who can guide you through the process of setting up a trust. They will help you choose the right type of trust that aligns with your objectives and ensure that all the necessary legal documents are correctly prepared, such as the trust agreement.
  3. Fund the trust: After the trust is established, you need to transfer ownership of your assets into the trust. This process is known as funding the trust. It involves updating the titles or deeds of your properties, changing beneficiary designations on accounts, and reassigning ownership of other assets to the trust. By funding the trust, you ensure that these assets are held and managed according to the terms of the trust.


Generational wealth

Generational wealth refers to the accumulated financial assets and resources that are passed down from one generation to the next within a family. It is a way of creating a financial legacy that can provide for future generations. A trust can be an effective tool for preserving and transferring generational wealth.


When using a trust to pass on generational wealth, here are some key considerations:

Establishing a trust: A trust is created by a grantor (the person setting up the trust) who transfers their assets into the trust. The trust then holds and manages those assets for the benefit of the beneficiaries. By setting up a trust, you can ensure that the assets are protected, managed, and distributed according to your wishes, even after your passing.


Preservation and growth: One of the primary goals of passing generational wealth through a trust is to preserve and potentially grow the assets over time. By appointing a trustee (an individual or a corporate entity) to manage the trust, you can ensure that the assets are invested wisely and the trust's value is maintained or increased.

Distribution instructions: Within the trust document, you can provide specific instructions on how and when the trust assets should be distributed to the beneficiaries. For example, you may choose to distribute a portion of the assets at certain milestones, such as reaching a certain age, completing education, or for specific purposes like starting a business. By using a trust, you have control over how the assets are distributed, ensuring that the wealth is passed on responsibly and according to your wishes.


Tax advantages: Trusts can offer potential tax advantages when it comes to passing on generational wealth. Depending on the type of trust, you may be able to minimize estate taxes, gift taxes, or even income taxes on trust income. 


A small estate.

In a small estate placed in a trust, the assets can vary depending on the specific circumstances and preferences of the settlor. However, here are some common types of assets that may be placed in a trust:


Real estate properties: This can include residential homes, vacation properties, or commercial buildings.


  1. Financial accounts: Such as bank accounts, savings accounts, certificates of deposit (CDs), or investment accounts.
  2.  Stocks and bonds: Investments in publicly traded companies or government-issued securities.
  3.  Personal belongings: Including jewelry, artwork, collectibles, furniture, or vehicles.
  4.  Intellectual property: This can involve patents, copyrights, trademarks, or royalties.
  5.  Business interests: Ownership or shares in a small business or partnership.
  6.  Life insurance policies: Trusts can be named as beneficiaries of life insurance policies to provide for designated beneficiaries.
  7.  Retirement accounts: Such as individual retirement accounts (IRAs) or 401(k) plans.
  8.  Debts owed: Trusts can also hold assets that are owed to the settlor, such as loans or mortgages.


These are just a few examples, and the assets placed in a trust can be tailored to the specific needs and goals of the settlor.

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[2] COPYRIGHT. The right of literary property as recognized and sanctioned by positive law. An intangible, incorporeal right granted by statute to the author or originator of certain literary or artistic productions, whereby he is invested, for a limited period, with the sole and exclusive privilege of multiplying copies of the same and publishing and selling them. In re Rider, 16 R.I. 271, 15 A. 72; Mott Iron Works v. Clow, C.C.A.Ill., 82 F. 316, 27 C.C.A. 250; Palmer v. De Witt, 47 N.Y. 536, 7 Am.Rep. 480; Stuff v. La Budde Feed & Grain Co., D.C.Wis., 42 F.Supp. 493, 497; Schill v. Remington Putnam Book Co., 179 Md. 83, 17 A.2d 175.
[3] COMMON-LAW LIEN. One known to or granted by the common law, as distinguished from statutory, equitable, and maritime liens; also one arising by implication of law, as distinguished from one created by the agreement of the parties. The Menominie, D.C.Minn., 36 F. 197; Tobacco Warehouse Co. v. Trustee, 117 Ky. 478, 78 S.W. 413, 64 L.R.A. 219. It is a right extended to a person to retain that which is in his possession belonging to another, until the demand or charge of the person in possession is paid or satisfied. Whiteside v. Rocky Mountain Fuel Co., C.C.A.Colo., 101 F.2d 765, 769; Goldwater v. Mendelson, 8 N.Y.S. 627, 629, 170 Misc. 422.
[4] COMMON-LAW REMEDY. This phrase, within the meaning of U. S. Judicial Code 1911, § 256 (Act March 3, 1911, c. 231, 36 Stat. 1100, see Historical and Revision Notes under 28 U.S.C.A. § 1333), was not limited to remedies in the common-law courts, but embraced all methods of enforcing rights and redressing injuries known to the common or statutory law. Kennerson v. Thames Towboat Co., 89 Conn. 367, 94 A. 372, 375, L.R.A. 1916A, 436. See, also, Northern Pacific S. S. Co. v. Industrial Acc. Commission of California, 174 Cal. 346, 163 P. 199, 202.
[5] COMMON-LAW TRADE-MARK. One appropriated under common-law rules, regardless of statutes. Stratton & Terstegge Co. v. Stiglitz Furnace Co., 258 Ky. 678, 81 S.W.2d 1, 3.
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[7] 17 U.S. Code § 401. Notice of copyright: Visually perceptible copies. 17 U.S. Code CHAPTER 5— COPYRIGHT INFRINGEMENT AND REMEDIES.

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Organizations, such as charities, seeking Federal tax exemption are required to file an application with the Internal Revenue Service (IRS).  Other organizations, such as social welfare organizations, may file an application but are not required to do so.  - https://www.treasury.gov/tigta/auditreports/2013reports/201310053fr.html#background

The IRS defines a social welfare organization as: [A]n organization is operated exclusively for the promotion of social welfare if it is primarily engaged in promoting in some way the common good and general welfare of the community.  - https://www.irs.gov/pub/irs-tege/eotopici03.pdf

RISE OF THE MOORS is a civic organization and is therefore tax-exempt.  In Erie Endowment v. United States, 316 F.2d 151, 156 (2d Cir. 1963), the court, in defining a civic organization, summed up the matter by stating that "the organization must be a community movement designed to accomplish community ends."

While some activities promote social welfare only if the community as a whole is the recipient of services, a membership organization is not automatically precluded from exempt status. In the exceptional case, an organization whose services are made available solely to its members may qualify. In such cases, it must be clearly established that making the service available to the membership benefits the community as a whole. Social welfare organization may engage in some political activities, so long as that is not its primary activity. 

Murdock v. Pennsylvania, 319 U.S. 105 (1943).
https://supreme.justia.com/cases/federal/us/319/105/

The mere fact that the religious literature is "sold", rather than "donated" does not transform the activities of the colporteur into a commercial enterprise.

A State may not impose a charge for the enjoyment of a right granted by the Federal Constitution.

A community may not suppress, or the State tax, the dissemination of views because they are unpopular, annoying, or distasteful.

But the mere fact that the religious literature is "sold" by itinerant preachers, rather than "donated," does not transform evangelism into a commercial enterprise. If it did, then the passing of the collection plate in church would make the church service a commercial project. The constitutional rights of those spreading their religious beliefs through the spoken and printed word are not to be gauged by standards governing retailers or wholesalers of books. The right to use the press for expressing one's views is not to be measured by the protection afforded commercial handbills. It should be remembered that the pamphlets of Thomas Paine were not distributed free of charge. It is plain that a religious organization needs funds to remain a going concern. But an itinerant evangelist, however misguided or intolerant he may be, does not become a mere book agent by selling the Bible or religious tracts to help defray his expenses or to sustain him. Freedom of speech, freedom of the press, freedom of religion are available to all, not merely to those who can pay their own way. As we have said, the problem of drawing the line between a purely commercial activity and a religious one will, at times, be difficult. On this record, it plainly cannot be said that petitioners were engaged in a commercial, rather than a religious, venture. It is a distortion of the facts of record to describe their activities as the occupation of selling books and pamphlets. And the Pennsylvania court did not rest the judgments of conviction on that basis, though it did find that petitioners "sold" the literature. The Supreme Court of Iowa, in State v. Mead, 230 Iowa 1217, 300 N.W. 523, 524, described the selling activities of members of this same sect as "merely incidental and collateral" to their "main object, which was to preach and publicize the doctrines of their order." And see State v. Meredith, 197 S.C. 351, 15 S.E.2d 678; People v. Barber, 289 N.Y. 378, 385-386, 46 N.E.2d 329. That accurately summarizes the present record.

Those who can tax the exercise of this religious practice can make its exercise so costly as to deprive it of the resources necessary for its maintenance. Those who can tax the privilege of engaging in this form of missionary evangelism can close its doors to all those who do not have a full purse. Spreading religious beliefs in this ancient and honorable manner would thus be denied the needy. Those who can deprive religious groups of their colporteurs can take from them a part of the vital power of the press which has survived from the Reformation.