A nominee trust is a trust in which the trustee holds legal title to the trust property for the trust's beneficiaries, but the beneficiaries exercise the controlling powers, and the actions that the trustees may take on their own are very limited. Such trusts are a common device for holding title to real estate, and afford certain tax advantages. A nominee trust is not a trust in the strict classical sense, because of the trustee-beneficiary relationship. Despite a nominee trust's nontraditional relationship between trustee and beneficiary, such a trust must still adhere to the rule that no trust exists when the same individual is the sole settlor, sole trustee, and sole beneficiary. The trustees of a nominee trust act at the direction of the beneficiaries.
Queens New York Nominee Trust is a legal entity established in Queens, New York, primarily used for holding assets on behalf of beneficiaries. This type of trust can have several variations, each tailored to suit different purposes and specific needs. Here are some types of Queens New York Nominee Trusts: 1. Real Estate Nominee Trust: This type of trust is commonly used to hold real estate properties in Queens, New York. The trust acts as the legal owner and holds the property on behalf of the beneficiary. This arrangement provides various benefits such as privacy, asset protection, and ease of management. 2. Business Nominee Trust: A business nominee trust allows individuals or entities to maintain ownership interests in Queens-based businesses while ensuring the trustee has control over management and decision-making. This trust structure provides flexibility and protection for business owners. 3. Financial Nominee Trust: Also known as a custodial trust, a financial nominee trust is established to hold and manage financial assets, including bank accounts, investments, stocks, bonds, and other securities, on behalf of the beneficiary. This protects the assets from potential risks and can simplify financial management. 4. Estate Planning Nominee Trust: This type of trust is created to facilitate the seamless transfer of assets upon the granter's death and avoid probate proceedings. Assets such as real estate, businesses, and financial holdings in Queens, New York, can be held within the trust, ensuring efficient distribution to beneficiaries. 5. Special Needs Nominee Trust: Designed to provide financial support and manage assets for individuals with disabilities or special needs, this trust type ensures that beneficiaries maintain eligibility for government benefits while still having access to necessary funds for supplemental care and support. Queens New York Nominee Trusts offer numerous advantages, such as asset protection, privacy, efficient estate planning, and flexibility in managing various properties or legal entities. It is important to consult with a qualified attorney to determine the most suitable type of trust based on individual circumstances and objectives.
