Maryland Grantor Trust Agreement between Cumberland Mountain Bancshares, James J. Shoffner, et al.

• Category: Corporations - Public - Agreements - Trusts
• State: Multi-State
• Control #: US-EG-9218
• Format: Word; Rich Text

Description

Grantor Trust Agreement between Cumberland Mountain Bancshares, James J. Shoffner, Barry Litton, Robert R. Long, J.D. Howard and Raymond C. Walker regarding the establishment of Trust with the intention of the company to make contributions to the Trust The Maryland Granter Trust Agreement, between Cumberland Mountain Ranchers, James J. Shaffer, et al., serves as a legally binding document outlining the terms and conditions of a trust established in the state of Maryland. This agreement lays out the roles, responsibilities, and rights of the parties involved, namely, Cumberland Mountain Ranchers (the granter), James J. Shaffer (the trustee), and other beneficiaries (et al.). Key Features of the Maryland Granter Trust Agreement: 1. Purpose: The agreement highlights the specific objectives and purposes for which the granter establishes the trust. These may include asset management, preservation, or allocation for the benefit of the beneficiaries. 2. Granter's Powers: The granter retains certain powers over the trust, allowing control and management of the trust assets. These powers might include the ability to modify or revoke the agreement, direct investment decisions, or appoint successor trustees. 3. Trustee's Duties: The trustee, in this case, James J. Shaffer, assumes various fiduciary responsibilities, such as managing trust assets, distributing income or principal to beneficiaries, and adhering to state laws and regulations governing trusts. 4. Beneficiaries: The agreement lists the beneficiaries, which could be individuals or organizations entitled to receive benefits from the trust. It outlines the conditions for distributions and the frequency by which they may occur. 5. Tax Considerations: The Maryland Granter Trust Agreement may address the tax implications of the trust, highlighting how tax obligations are handled, who is responsible for filing tax returns, and any potential tax benefits or consequences for the granter or beneficiaries. 6. Trust Termination: The agreement may specify the circumstances or conditions under which the trust may terminate, such as reaching a certain date, achieving a specific purpose, or at the granter's request. Types of Maryland Granter Trust Agreements: While the specific types of Maryland Granter Trust Agreements can vary based on individual circumstances and objectives, some common types include: 1. Revocable Living Trust: This type of trust can be modified or revoked by the granter during their lifetime, allowing flexibility in managing assets and beneficiary designations. 2. Irrevocable Trust: In contrast, an irrevocable trust cannot be modified or revoked without the consent of all beneficiaries. This type of trust may offer certain tax benefits or asset protection. 3. Testamentary Trust: This trust is established within a will and goes into effect upon the granter's death. It allows for the distribution of assets to beneficiaries according to the granter's instructions. 4. Special Needs Trust: This trust is designed specifically to provide for the financial needs of individuals with disabilities, ensuring they can retain eligibility for government benefits while receiving supplemental income from the trust. In summary, the Maryland Granter Trust Agreement between Cumberland Mountain Ranchers, James J. Shaffer, et al., is a comprehensive legal document that outlines the details and provisions governing the trust relationship. By using relevant keywords such as granter, trustee, beneficiaries, and different trust types like revocable, irrevocable, testamentary, and special needs trusts, this description provides an informative overview of the agreement.

The Maryland Granter Trust Agreement, between Cumberland Mountain Ranchers, James J. Shaffer, et al., serves as a legally binding document outlining the terms and conditions of a trust established in the state of Maryland. This agreement lays out the roles, responsibilities, and rights of the parties involved, namely, Cumberland Mountain Ranchers (the granter), James J. Shaffer (the trustee), and other beneficiaries (et al.). Key Features of the Maryland Granter Trust Agreement: 1. Purpose: The agreement highlights the specific objectives and purposes for which the granter establishes the trust. These may include asset management, preservation, or allocation for the benefit of the beneficiaries. 2. Granter's Powers: The granter retains certain powers over the trust, allowing control and management of the trust assets. These powers might include the ability to modify or revoke the agreement, direct investment decisions, or appoint successor trustees. 3. Trustee's Duties: The trustee, in this case, James J. Shaffer, assumes various fiduciary responsibilities, such as managing trust assets, distributing income or principal to beneficiaries, and adhering to state laws and regulations governing trusts. 4. Beneficiaries: The agreement lists the beneficiaries, which could be individuals or organizations entitled to receive benefits from the trust. It outlines the conditions for distributions and the frequency by which they may occur. 5. Tax Considerations: The Maryland Granter Trust Agreement may address the tax implications of the trust, highlighting how tax obligations are handled, who is responsible for filing tax returns, and any potential tax benefits or consequences for the granter or beneficiaries. 6. Trust Termination: The agreement may specify the circumstances or conditions under which the trust may terminate, such as reaching a certain date, achieving a specific purpose, or at the granter's request. Types of Maryland Granter Trust Agreements: While the specific types of Maryland Granter Trust Agreements can vary based on individual circumstances and objectives, some common types include: 1. Revocable Living Trust: This type of trust can be modified or revoked by the granter during their lifetime, allowing flexibility in managing assets and beneficiary designations. 2. Irrevocable Trust: In contrast, an irrevocable trust cannot be modified or revoked without the consent of all beneficiaries. This type of trust may offer certain tax benefits or asset protection. 3. Testamentary Trust: This trust is established within a will and goes into effect upon the granter's death. It allows for the distribution of assets to beneficiaries according to the granter's instructions. 4. Special Needs Trust: This trust is designed specifically to provide for the financial needs of individuals with disabilities, ensuring they can retain eligibility for government benefits while receiving supplemental income from the trust. In summary, the Maryland Granter Trust Agreement between Cumberland Mountain Ranchers, James J. Shaffer, et al., is a comprehensive legal document that outlines the details and provisions governing the trust relationship. By using relevant keywords such as granter, trustee, beneficiaries, and different trust types like revocable, irrevocable, testamentary, and special needs trusts, this description provides an informative overview of the agreement.