Complete Application / Living Trust Application / Partnership Application
Business Trust Application / Net Worth Worksheet

VERSION  4  ~  BUSINESS  TRUST

APPLICATION

(All current forms and worksheets are dated April 15, 2003)

All applications and worksheets are downloadable in either Adobe Acrobat (.pdf), Scan Soft Omni Form (.exe), or Zip (.zip) versions of the Acrobat Reader format. 

Note:  Only the "CompletePackageApplication4.pdf", "LivingTrustApplication4.pdf" and "NetworthWorksheet4.pdf" files are fully operational as a fill-in form in the Acrobat Reader format.

Note:  Every Omni Form format application and worksheet is a fully functional self extracting fill-in form that can be saved, printed and used over and over again.  They can even be sent via email to The Baldwin Trust Group to assemble the appropriate documents for your estate preservation and asset protection if you so desire.

 

Download "Irrevocable 1041 Trust Application":      PDF (308KB)   |  Omni Form (645KB)  |  Zip  (165KB)

 

INSTRUCTIONS FOR FILLING OUT A "BUSINESS TRUST APPLICATION"

INSTRUCTIONS FOR ASSET PROTECTION TRUST APPLICATIONS

Note:  / means a "check mark."

PAGES 24 through 26 and PAGES 27 through 29:

NOTE: Pages 24 through 29 are enough to accommodate two common law entities; i.e., business trust, land trust, REIT, etc. or a combination of entities.

PAGE 24 and PAGE 27:

1. / which type of entity to create ... either a holding trust, business trust, CRAT, REIT, or other (e.g.; pure trust, blind trust, etc.).

2. / whether this is a "business" or "family" entity being created.

3. Fill in all the information for the name, address, and creation date, state and county of the entity.

4. Fill in the complete name, address and phone number for the "trust creator." This is the person who ensures that the trust document is correctly created, complete with funding, and will sign the documents, along with the "independent trustee," into existence. If there is a second "trust creator," his/her information is also required.

5. Fill in the complete name, address and phone number for the real/personal property "grantor." This is the person who makes exchanges of real and/or personal property into the trust. If there is a second "grantor," his/her information is also required.

6. Fill in the complete name, address and phone number for the "independent trustee." This person IS the boss of the trust with complete control without interference from the creator(s) and/or grantor(s). The "independent trustee" cannot be related to the grantor(s) or creator(s) by blood, marriage, or employment.

7. Fill in the complete name, address and phone number for the "adverse trustee." This person works with the "independent trustee" as a member of the Board of Trustees without interference or influence from the creator(s) and/or grantor(s). The "adverse trustee" represents the interest of the creator(s), grantor(s), or beneficial interest holder(s) and can be related to the grantor(s), creator(s) or beneficial interest holder(s) by blood, marriage, or employment; but does not have to be.

8. Fill in the complete name, address and phone number for the "successor independent trustee", if known This person will replace the "first independent trustee" of the trust in case of death or resignation. The "successor independent trustee" IS then the successor boss of the trust with complete control without interference from the creator(s) and/or grantor(s). The "successor independent trustee" cannot be related to the grantor(s) or creator(s) by blood, marriage, or employment.

7. Fill in the complete name, address and phone number for the "successor adverse trustee." This person works with the "independent trustee" and any other trustees without interference or influence from the creator(s) and/or grantor(s). The "successor adverse trustee" can be related to the grantor(s) or creator(s) by blood, marriage, or employment; but does not have to be.

PAGE 25 and PAGE 28:

8. Fill in the complete name, address and phone number for the "banking agent." This is the person who keeps the bank accounts current and balanced, writes checks, etc. all under the direction of the Board of Trustees. If there is a second "banking agent," his/her information is also required.

9. Fill in the complete name, address and phone number for the "assistant manager." This is the person who keeps the entity functioning on a day-to-day basis, etc. all under the direction of the Board of Trustees. If there is a second "assistant manager," his/her information is also required.

10. Fill in the complete name, address and phone number for the "trust advisor." This is the person who assists the Board of Trustees in wise business choices, investments, etc. all under the oversight of the Independent Trustee. If there is a second "trust advisor," his/her information is also required.

11. Fill in the complete name, address and phone number for the "reviewing attorney." This is the person who will review the trust documents on behalf of the creator(s), grantor(s), etc. to check for legality, accuracy, etc.

12. Fill in the complete name of the "grantor(s)" notary, if known.

13. Fill in the complete name of the "creator(s)" notary, if known.

14. Fill in the complete name of the "independent trustee’s" notary, if known.

15. / "Yes" or "No" to indicate if real property is being added to the trust. If "Yes," list all properties being exchanged into the trust.

16. List if this is an "Original" or "Reformation" of trust.

17. List if the trust is "Simple" or "Complex." "Simple" means all income MUST be distributed to the beneficial interest holder(s) at the end of each year. "Complex" means the trust can retain all or a portion of the profits; but if it does ... there could be severe income tax consequences.

18. Fill in the complete name, address and phone number for the "trust protector," if required. This is the person who will oversee the Board of Trustees to ensure that they do their job in their highest fiduciary capacity. The "trust protector" has the authority to fire the trustees but only "with cause."

19. / "Yes" or "No" to indicate if the "trust protector" will be a member of the Board of Trustees. Most "trust protectors" are NOT members of the Board of Trustees.

PAGE 26 and PAGE 29:

20. Enter the number of units of beneficial interest that will be given for the real and/or personal property exchanged into the trust. These units will be given to the grantor(s) of property and/or the unit holder(s). NOTE: The units of beneficial interest ARE NOT issued on a "pro rata" basis.

21. List the name, relationship, and percentage each successor beneficiary is to receive after the death of the grantor(s) / exchangor(s).

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