A Massachusetts nominee trust is (a) in writing, (b) has one or more persons or corporations named as trustees, (c) has an identified corpus, (d) has beneficiaries identified on a written schedule held by the trustees but not disclosed to the public, and (e) contains various trustee powers as to corpus dispositions that can only be exercised when authorized by the beneficiaries.
The beneficiaries are the owners of the corpus for all purposes, including income, gift and estate taxation, except being the owners of record of the corpus. There is a Principal/Agent relationship between the Trustees and the Beneficiaries, and it is somewhat the reverse where usually in a Grantor Trust, the Trustee instructs the Beneficiaries on what he will/is allowed to do for them, but in a Nominee Trust the Beneficiaries direct the Trustee.
The nominee trust was conceived as an estate-planning vehicle to allow a decedent's real estate to pass to beneficiaries without the necessity of it being probated, e.g., the undisclosed beneficiaries would be also be the trustees of the Nominee trust (you can't have the same trustee be the only beneficiary, but the same two trustees can be the same two beneficiaries!)
The trustees have liability in tort but not in contract if the trust has appropriate language stating that those dealing with the trust may look only to trust property when a dispute arises with the trustee and giving the trustee ostensible authority to deal with the trustee.
The Collin Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that governs the establishment and operation of a real estate business trust based in Collin, Texas. This trust has trustees who are bound to act solely in accordance with the directions given by the beneficiaries. The purpose of this agreement is to provide a framework for the management, operation, and administration of a real estate business within the trust structure. By establishing a trust, the property owners or beneficiaries can protect their assets, ensure proper management, and enjoy certain tax advantages. There may be different types of Collin Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, depending on the specific circumstances and objectives of the involved parties. These may include: 1. Residential Real Estate Trust: This type of trust primarily focuses on residential properties such as single-family homes, condominiums, or apartments. The beneficiaries may be individual homeowners or investors seeking rental income. 2. Commercial Real Estate Trust: Commercial properties such as office buildings, retail spaces, or industrial warehouses are the main assets held by this trust. Both individual and institutional investors can benefit from this type of trust arrangement. 3. Mixed-use Real Estate Trust: This trust encompasses a combination of residential and commercial properties within a single portfolio. The trust can generate income from both rental properties and business operations. 4. Vacation/Second Home Real Estate Trust: Designed for individuals who own vacation or second homes, this trust ensures proper management, maintenance, and succession planning for these properties. It may also provide a means for sharing ownership among family members or friends. 5. Real Estate Investment Trust (REIT): While not specific to the Collin Texas Agreement and Declaration of Real Estate Business Trust, a REIT is a type of trust that allows investors to pool their funds together and invest in income-generating real estate properties. Rests can be publicly traded on stock exchanges or privately held. It is important to note that the specific terms, conditions, and provisions of the Collin Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may vary depending on the negotiations and requirements of the parties involved. Legal advice from a qualified professional should be sought to ensure compliance with local laws, address specific needs, and protect the best interests of all parties.The Collin Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries is a legal document that governs the establishment and operation of a real estate business trust based in Collin, Texas. This trust has trustees who are bound to act solely in accordance with the directions given by the beneficiaries. The purpose of this agreement is to provide a framework for the management, operation, and administration of a real estate business within the trust structure. By establishing a trust, the property owners or beneficiaries can protect their assets, ensure proper management, and enjoy certain tax advantages. There may be different types of Collin Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries, depending on the specific circumstances and objectives of the involved parties. These may include: 1. Residential Real Estate Trust: This type of trust primarily focuses on residential properties such as single-family homes, condominiums, or apartments. The beneficiaries may be individual homeowners or investors seeking rental income. 2. Commercial Real Estate Trust: Commercial properties such as office buildings, retail spaces, or industrial warehouses are the main assets held by this trust. Both individual and institutional investors can benefit from this type of trust arrangement. 3. Mixed-use Real Estate Trust: This trust encompasses a combination of residential and commercial properties within a single portfolio. The trust can generate income from both rental properties and business operations. 4. Vacation/Second Home Real Estate Trust: Designed for individuals who own vacation or second homes, this trust ensures proper management, maintenance, and succession planning for these properties. It may also provide a means for sharing ownership among family members or friends. 5. Real Estate Investment Trust (REIT): While not specific to the Collin Texas Agreement and Declaration of Real Estate Business Trust, a REIT is a type of trust that allows investors to pool their funds together and invest in income-generating real estate properties. Rests can be publicly traded on stock exchanges or privately held. It is important to note that the specific terms, conditions, and provisions of the Collin Texas Agreement and Declaration of Real Estate Business Trust — Massachusetts Nominee RealtThusus— - Trustees to Act only as Directed by Beneficiaries may vary depending on the negotiations and requirements of the parties involved. Legal advice from a qualified professional should be sought to ensure compliance with local laws, address specific needs, and protect the best interests of all parties.
