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Blind Trust Agreement for Private Individual as Opposed to Government

Hillsborough Florida Blind Trust Agreement for Private Individual as Opposed to Government

Name: Hillsborough Florida Blind Trust Agreement for Private Individual as Opposed to Government
Brand: US Legal Forms
Rating: 4.74 (414 reviews)

Category:

Trusts - Blind

State:

Multi-State

County:

Hillsborough

Control #:

US-02480BG

Format:

Instant download

Description

A blind trust is a trust in which the beneficiaries are unaware of the trust's specific assets, and in which a fiduciary third party has discretion over all management of the trust assets. For example, politicians may use a blind trust to hold their assets while they're in office to avoid conflict of interest accusations. Blind trusts are set up with grantor and beneficiary being the same, and a trust company as trustee. The trust company holds stocks, bonds, real estate, and other income-generating property in trust for the beneficiary, but the beneficiary lacks knowledge of what stocks or bonds or real estate or other investments are in the trust.

This trust is not meant for a politician but for a person in private life who desires a blind trust. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Hillsborough Florida Blind Trust Agreement For Private Individual As Opposed To Government?

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FAQ

Blind trusts create a layer of separation between the grantor's assets and professional or political activities that helps to eliminate real or perceived conflicts of interest and accusations of wrongdoing. Individuals who receive a windfall can also use them to maintain financial privacy.

The key difference between a blind trust and other types of living trusts is that neither the trustor nor his or her beneficiaries have the authority to manage any aspect of the trust or the assets held in it after the blind trust has been finalized.

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Prepare a petition to the district court with jurisdiction over the trust assets. The petition should ask the court to issue an order terminating the trust and distributing its assets in a manner that satisfies your reasons for wanting to terminate it in the first place.

Qualified blind trusts. (1) The Legislature finds that if a public officer creates a trust and does not control the interests held by the trust, his or her official actions will not be influenced or appear to be influenced by private considerations.

The purpose of such a trust is to allow a politician not to declare an interest in certain assets because they do not know at any time what assets are owned by the trust. The settlor may retain an interest or the trust may even be a bare trust in which the settlor remains absolutely entitled to the assets.

Depending on the complexity of your trust agreement, you might pay a professional between $1,000 and $10,000 to set up a trust. You'll also pay yearly management fees, as much as 3 percent of trust assets.

A blind trust can be a revocable trust, meaning the trustor can make any changes to the trust, trustee, and terminate the trust. A blind trust can also be an irrevocable trust, which means nothing can be changed once it has been established.

How to Set Up a Blind Trust Gather the documentation for the assets that you want put into the blind trust.Appoint a trustee.Create the trust agreement.Sign the trust and have it notarized, taking care to follow any recording laws that your state has. Officially transfer the relevant assets into the trust.

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Ethics in government. Quality of the intrusion on the individual's Fourth Amendment interests'" against the countervailing governmental.Department for a benefit (e.g. Use only blue or black ink when completing your application. • Fill in the applicable ovals completely like this: . Birth records are considered private and confidential, with access limited to those individuals who have a "direct and tangible" interest in the record. Return of Private Foundation. Form 990-PF or Section 4947(a)(1) Trust Treated as Private Foundation. Requirements concerning the contents of the trust agreement and who can serve as trustee.

Hillsborough Florida Blind Trust Agreement for Private Individual as Opposed to Government

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