Franklin Ohio Grantor Trust Agreement between Cumberland Mountain Bancshares, James J. Shoffner, et al.

• Category: Corporations - Public - Agreements - Trusts
• State: Multi-State
• County: Franklin
• Control #: US-EG-9218
• Format: Word; Rich Text

Description

Grantor Trust Agreement between Cumberland Mountain Bancshares, James J. Shoffner, Barry Litton, Robert R. Long, J.D. Howard and Raymond C. Walker regarding the establishment of Trust with the intention of the company to make contributions to the Trust The Franklin Ohio Granter Trust Agreement is a legally binding agreement between Cumberland Mountain Ranchers and individuals such as James J. Shaffer, et al. This agreement establishes a trust in Franklin, Ohio, and outlines the terms and conditions under which the trust operates. Key elements of the Franklin Ohio Granter Trust Agreement may include: 1. Trust Purpose: The agreement will specify the purpose for which the trust is created, such as estate planning, asset protection, or charitable donations. 2. Trust Assets: It will detail the assets contributed to the trust, which may include real estate, stocks, bonds, or other investments. 3. Granter(s): The agreement will identify the granter(s) who establish the trust and transfer assets into it. In this case, Cumberland Mountain Ranchers, James J. Shaffer, et al. are mentioned as potential granters. 4. Trustee(s): The trustee(s) are responsible for managing and administering the trust assets in accordance with the granter's instructions and the terms of the agreement. Their duties may include investment management, distribution of income or principal, and record-keeping. 5. Beneficiaries: The agreement will identify the beneficiaries who will ultimately receive the benefits of the trust. This can include individuals, organizations, or charitable causes. The agreement may also outline how distributions will be made to the beneficiaries. 6. Termination of the Trust: Conditions under which the trust may be terminated or modified will be specified, such as at the death of the granter(s) or a specific date in the future. Types of Franklin Ohio Granter Trust Agreements under Cumberland Mountain Ranchers, James J. Shaffer, et al.: 1. Revocable Granter Trust: This type of trust allows the granter(s) to retain control and make changes or revoke the trust during their lifetime. 2. Irrevocable Granter Trust: Unlike a revocable trust, an irrevocable trust cannot be changed or revoked once established. This type of trust provides more asset protection but limits the granter's control. 3. Charitable Granter Trust: This trust is established with the purpose of benefiting a charitable organization or cause. It provides potential tax benefits to the granter while allowing them to support a charitable endeavor in Franklin, Ohio. Overall, the Franklin Ohio Granter Trust Agreement is a foundational legal document that outlines the intentions, responsibilities, and rights of the involved parties within the trust. It serves to protect assets, provide for beneficiaries, and ensure the efficient management of the trust in the best interest of all parties involved.

The Franklin Ohio Granter Trust Agreement is a legally binding agreement between Cumberland Mountain Ranchers and individuals such as James J. Shaffer, et al. This agreement establishes a trust in Franklin, Ohio, and outlines the terms and conditions under which the trust operates. Key elements of the Franklin Ohio Granter Trust Agreement may include: 1. Trust Purpose: The agreement will specify the purpose for which the trust is created, such as estate planning, asset protection, or charitable donations. 2. Trust Assets: It will detail the assets contributed to the trust, which may include real estate, stocks, bonds, or other investments. 3. Granter(s): The agreement will identify the granter(s) who establish the trust and transfer assets into it. In this case, Cumberland Mountain Ranchers, James J. Shaffer, et al. are mentioned as potential granters. 4. Trustee(s): The trustee(s) are responsible for managing and administering the trust assets in accordance with the granter's instructions and the terms of the agreement. Their duties may include investment management, distribution of income or principal, and record-keeping. 5. Beneficiaries: The agreement will identify the beneficiaries who will ultimately receive the benefits of the trust. This can include individuals, organizations, or charitable causes. The agreement may also outline how distributions will be made to the beneficiaries. 6. Termination of the Trust: Conditions under which the trust may be terminated or modified will be specified, such as at the death of the granter(s) or a specific date in the future. Types of Franklin Ohio Granter Trust Agreements under Cumberland Mountain Ranchers, James J. Shaffer, et al.: 1. Revocable Granter Trust: This type of trust allows the granter(s) to retain control and make changes or revoke the trust during their lifetime. 2. Irrevocable Granter Trust: Unlike a revocable trust, an irrevocable trust cannot be changed or revoked once established. This type of trust provides more asset protection but limits the granter's control. 3. Charitable Granter Trust: This trust is established with the purpose of benefiting a charitable organization or cause. It provides potential tax benefits to the granter while allowing them to support a charitable endeavor in Franklin, Ohio. Overall, the Franklin Ohio Granter Trust Agreement is a foundational legal document that outlines the intentions, responsibilities, and rights of the involved parties within the trust. It serves to protect assets, provide for beneficiaries, and ensure the efficient management of the trust in the best interest of all parties involved.