Sample Trust Agreement For Minors For Oci
Description
How to fill out General Form Of Trust Agreement For Minor Qualifying For Annual Gift Tax Exclusion?
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FAQ
If a person dies within that seven year period, any gifts that were made in the previous seven years before the establishment of a trust would also form part of the calculation of inheritance tax. So, any gifts made up to 14 years before death can attract the tax.
Under a bare trust the assets are registered through an account set up by the parents in their name and designated with the child's initials. This establishes the bare trust with the parent holding the assets as trustee for the child as beneficiary.
A child under 18 cannot take legal title to property, so there are two ways in which the property can be held: a simple 'bare trust' or a more formally constituted trust, such as a life interest or discretionary trust. Under a 'bare trust', another person holds the title to the property as a nominee.
These could be:Copy of the Indian Passport; or.Copy of the Domicile Certificate issued by the Competent Authority; or.Copy of Nativity Certificate from the Competent Authority; or.OCI Card/ PIO card of parents/ spouse along with the documents upon which the OCI/ PIO card was issued; or.More items...
Under Section 663(b) of the Internal Revenue Code, any distribution by an estate or trust within the first 65 days of the tax year can be treated as having been made on the last day of the preceding tax year.