The Nominee Trust is an extremely profitable real estate holding company compared to other options. The Trust`s registration fee is $225.00 in Massachusetts without annual reporting requirements. In contrast, a limited liability company in Massachusetts (”CLL”) costs $500.00 for the bid and $500.00 per year. However, a Trust Nominee does not constitute the same limited liability to its trustees and beneficiaries that an LLC may provide. Agents and beneficiaries of a Trust Nominee could be held personally responsible for an unlawful act and contract for fiduciary property claims, which means that a nominee trust may not be an appropriate vehicle for particularly sensitive illegal and contractual rights (e.g. B commercial or rental property). There are two main objectives for placing your home or other property in a real estate trust: a real trust does not provide protection against creditors, transfer taxes, gift fees or property taxes. Our competent lawyers can address your concerns with separate strategies; For example, the property may be transferred later to an irrevocable Medicaid foundation, pending home care and Medicaid approval. A Massachusetts nominating trust is (a) in writing, b) one or more individuals or companies designated as agents; (c) has a body identified, (d) beneficiaries on a written schedule kept by the directors but not made available to the public, and (e) has various fiduciary powers with respect to orders that can only be exercised if they are authorized by the beneficiaries. Since the beneficiaries actually own and control the trust, it is the beneficiaries who are responsible for the taxes attributable to the trust`s assets and who are entitled to all related tax deductions. ”Any agreement, lease, deed, mortgage or other documentary unit performed by the directors or by the majority of persons who present themselves as agents is conclusive evidence that any person relying on it argues that this trust was fully in force and effective at the time the provision of this act or the taking of such measures was effective.
that the implementation, implementation or taking of such a measure by the agent has been duly authorized, authorised and managed by the beneficiaries and that such an instrument or document or the measures taken is valid, binding, effective and legally applicable.” The Nominee Trust is generally used to hold real estate, in which case the trust must be registered in the deed register.