FAQS Page 2

FREQUENTLY ASKED QUESTIONS

Is there a Min/Max salary range that a Trustee or Compliance Overseer is paid? 
No

When traveling to visit Trust Assets, does the Trust pay for a Beneficiaries travel accommodation? 
Yes

Is the Interest from Trust funds used for investments taxed if they are deposited back immediately back into a Trust bank account? 
Interest earned by trust corpus paid back to corpus is not income to the trust.

Frequently Asked Questions

Is a Trust owned Property or an Auto paid with Trust funds through a Trust bank account taxable once it leaves the Trust bank account? 
No. But sales tax is paid on the purchase.

Are Trust to Trust funds transfers or assets taxable? 
No

Can the Trustee or Compliance Overseer receive income from another Trust if they are not a Trustee or Compliance Overseer on the new trust if they initially gave funds to the new Trusts? 
Yes

Is it advisable for the Trustee or Compliance Overseer to have a Trust Credit/Debit Card?
Yes

Is there a form for removing Trust Assets? 
For real property there is a Quit Claim Deed or Auto Transfer or Sales Form otherwise no.

Does a Compliance Overseer receive a salary/income from the Trust? 
They may

What is deemed an acceptable salary range for the Trustee(s)? 
No upper limits

Under what conditions should a notarized signature be used when signing Trust documents? 
Only if required by receiving party.

Can this Trust be legally used in all 50 states and overseas countries? 
Yes

What is the life of the Trust and who is responsible to renew it before it expires? 
21 years and is renewed by the Trustee.

What is the rule for a Trustee taking up residence in a Trust home, do they pay rent under the daytime /nighttime rule of 30% of the current rental value of the property?
They declare income personally for a stated amount determined by the Trustee.

Is this particular Trust free from Probate and Estate Taxes?
Yes

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