Bronx New York Trust Agreement between Insituform Southeast Corp. and Trustee

• Category: Corporations - Public - Indemnification
• State: Multi-State
• County: Bronx
• Control #: US-CC-17-176
• Format: Word; Rich Text

Description

17-176 17-176 . . . Trust Agreement under which corporation will establish and fund an irrevocable trust for payment of liabilities and expenses arising out of or relating to claims or legal proceedings to which a director or officer is made party or threatened to be made party by reason of his position with corporation or any of its subsidiaries A Bronx New York Trust Agreement is a legal document that outlines the specific terms and conditions of a trust established between Insituform Southeast Corp. (the Granter) and a Trustee. This agreement sets forth the rules regarding the management, distribution, and protection of assets within the trust while the Granter is alive or after their passing. Under this agreement, Insituform Southeast Corp. designates a Trustee, who is typically an individual or a financial institution, to oversee the administration and execution of the trust's provisions. The Trustee is responsible for carrying out the Granter's wishes by managing the assets, making investment decisions, and distributing funds to the beneficiaries according to the terms stipulated in the agreement. The Bronx New York Trust Agreement provides various types, each tailored to specific circumstances and objectives. Some common variants include: 1. Revocable Living Trust: This type of trust allows the Granter to maintain control over their assets during their lifetime. They have the ability to modify, revoke, or amend the trust's provisions as they see fit. Upon their passing, the trust becomes irrevocable, and the assets are distributed to the beneficiaries as designated. 2. Irrevocable Trust: Unlike the revocable living trust, this type cannot be modified, amended, or revoked without the consent of all parties involved, including beneficiaries and the Trustee. Once established, the Granter relinquishes control over the assets, providing asset protection, tax advantages, and potential Medicaid eligibility. 3. Charitable Trust: This trust is designed to benefit charitable organizations or causes while simultaneously providing potential tax benefits to the Granter. It allows for the transfer of assets to a trust, with the Trustee ensuring that the designated charitable purposes are met. 4. Special Needs Trust: Intended for individuals with disabilities, a special needs trust safeguards the assets of the beneficiary while preserving their eligibility for government assistance programs such as Medicaid and Supplemental Security Income (SSI). The Bronx New York Trust Agreement between Insituform Southeast Corp. and the Trustee serves as the foundation of a legally binding relationship, ensuring that the Granter's intentions and wishes regarding the management and distribution of their assets are upheld. It is essential for all parties involved to have a thorough understanding of the agreement's terms to ensure the smooth administration and protection of the trust.

A Bronx New York Trust Agreement is a legal document that outlines the specific terms and conditions of a trust established between Insituform Southeast Corp. (the Granter) and a Trustee. This agreement sets forth the rules regarding the management, distribution, and protection of assets within the trust while the Granter is alive or after their passing. Under this agreement, Insituform Southeast Corp. designates a Trustee, who is typically an individual or a financial institution, to oversee the administration and execution of the trust's provisions. The Trustee is responsible for carrying out the Granter's wishes by managing the assets, making investment decisions, and distributing funds to the beneficiaries according to the terms stipulated in the agreement. The Bronx New York Trust Agreement provides various types, each tailored to specific circumstances and objectives. Some common variants include: 1. Revocable Living Trust: This type of trust allows the Granter to maintain control over their assets during their lifetime. They have the ability to modify, revoke, or amend the trust's provisions as they see fit. Upon their passing, the trust becomes irrevocable, and the assets are distributed to the beneficiaries as designated. 2. Irrevocable Trust: Unlike the revocable living trust, this type cannot be modified, amended, or revoked without the consent of all parties involved, including beneficiaries and the Trustee. Once established, the Granter relinquishes control over the assets, providing asset protection, tax advantages, and potential Medicaid eligibility. 3. Charitable Trust: This trust is designed to benefit charitable organizations or causes while simultaneously providing potential tax benefits to the Granter. It allows for the transfer of assets to a trust, with the Trustee ensuring that the designated charitable purposes are met. 4. Special Needs Trust: Intended for individuals with disabilities, a special needs trust safeguards the assets of the beneficiary while preserving their eligibility for government assistance programs such as Medicaid and Supplemental Security Income (SSI). The Bronx New York Trust Agreement between Insituform Southeast Corp. and the Trustee serves as the foundation of a legally binding relationship, ensuring that the Granter's intentions and wishes regarding the management and distribution of their assets are upheld. It is essential for all parties involved to have a thorough understanding of the agreement's terms to ensure the smooth administration and protection of the trust.