The Middlesex Massachusetts Special Cemetery Gift Trust Fund is a unique initiative specifically aimed at supporting and preserving cemeteries in Middlesex County, Massachusetts. This dedicated fund provides crucial financial assistance for the maintenance, restoration, and beautification of cemeteries in the county. The primary objective of the Middlesex Massachusetts Special Cemetery Gift Trust Fund is to ensure the upkeep of these historical burial grounds, safeguarding their rich heritage and cultural significance. The fund serves as a vital resource to address the financial needs of cemeteries, enabling them to carry out necessary tasks such as repairing headstones, maintaining landscaping, and implementing preservation projects. As Middlesex County encompasses several municipalities, each having its distinct cemeteries, the Middlesex Massachusetts Special Cemetery Gift Trust Fund caters to the diverse needs of these burial sites. Some various types of cemeteries that can benefit from this fund include public cemeteries, private cemeteries, religious cemeteries, municipal cemeteries, and veteran cemeteries. Public cemeteries within Middlesex County, such as the Lowell Cemetery in Lowell and the Forest Hills Cemetery in Boston, can access the Middlesex Massachusetts Special Cemetery Gift Trust Fund to supplement their maintenance budgets. Similarly, private cemeteries, which are independently owned and operated, like the Middlesex Institute of Technology Cemetery in Framingham, can receive financial support to ensure their maintenance and preservation goals are met. The Middlesex Massachusetts Special Cemetery Gift Trust Fund also serves religious cemeteries affiliated with various denominations or religious institutions across the county, providing them with essential financial aid. Additionally, municipal cemeteries, which are owned and operated by local governments, along with veteran cemeteries honoring the brave individuals who served in the armed forces, are eligible to access the fund's resources. Overall, the Middlesex Massachusetts Special Cemetery Gift Trust Fund is a vital source of financial support for the diverse array of cemeteries finds within Middlesex County. By providing the necessary funds for maintenance, restoration, and beautification efforts, this initiative ensures the long-term preservation of these sacred grounds and their historical significance for generations to come.
Middlesex Massachusetts Special Cemetery Gift Trust Fund
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FAQ
The Discretionary Gift Trust (Investment) is a trust that allows you to make an inheritance tax (IHT) effective gift of cash, with the intention of investing into investment bonds and/or collective investments. You can also control who will benefit from the trust fund.
A Discounted Gift Trust (DGT) is a trust-based inheritance tax (IHT) planning arrangement for those individuals who wish to undertake IHT planning but who are unable to lose full access to their investment.
Generally trusts are used as they allow the settlor a degree of control over how the property is to be used whereas gifts are used when no control over the asset is required.
Generally trusts are used as they allow the settlor a degree of control over how the property is to be used whereas gifts are used when no control over the asset is required.
Gift trusts can include a trust protector who has extraordinary powers such as the ability to amend or revoke the trust.
Transferring assets to your revocable trust is not a giftbecause you still have total control over the assets in a revocable trust (and can therefore revoke it at any time), the funding is not considered a completed gift as you did not really give it away.
A gift in trust is a special legal and fiduciary arrangement that allows for an indirect bequest of assets to a beneficiary. The purpose of a gift in trust is to avoid the tax on gifts that exceed the annual gift tax exclusion limit. This type of trust is commonly used to transfer wealth to the next generation.
A beneficiary can neither make a gift to a trust held for his/her benefit nor to a trust of which he/she is Trustee. WHAT ARE THE BENEFITS OF RECEIVING GIFTS THROUGH A TRUST? These are the most important reasons: The trust property will be protected from the claims of creditors of the beneficiary.
The value of the discounted gift trust (DGT) fund does not form part of the settlor's estate for IHT on death. The settlor's right to the capital payments ceases upon death and therefore has no value for IHT. This means that, provided the settlor survives for seven years, no IHT will be payable.
Discretionary trusts may be subject to ten-yearly and exit charges. An absolute trust may be suitable if there is more certainty as to beneficiaries. From 2020, discounted gift trusts must be registered with HMRC's trust registration service.