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Summary of an Irrevocable Trust Article 1: General Provisions
This Agreement is made between WILLIAM SMITH and SUSAN SMITH as Grantors and WILLIAM SMITH, SUSAN SMITH and their son ROBERT SMITH, as Trustees. This grantor-retained-interest Trust shall be known as the SMITH 2002 IRREVOCABLE TRUST. Its income will be reported under the Social Security number of WILLIAM SMITH during his lifetime and the Social Security number of SUSAN SMITH if she survives him. The Trust shall be legally identified as follows: WILLIAM SMITH and SUSAN SMITH, Trustees, or their successors in trust, under the SMITH 2002 IRREVOCABLE TRUST. This trust shall be irrevocable. The Grantors expressly waive all right to alter, amend, revoke or terminate the Trust or any of its terms, except as provided in Article 2. The Grantors retain the power, however, without the approval of Trustees, to remove assets from the Trust, provided the assets are replaced simultaneously with assets of equal value. If the Trust holds residential property used by the Grantors, they shall retain the exclusive right to lifetime use, occupancy and possession of the real property for the rest of their lives, together with the right to any income from the property. The Trustees may accept additional property for the Trust in their discretion. The Grantors intend that this Trust conform to the Medicare Catastrophic Coverage Act of 1988, New York State Social Services Law § 366, the Omnibus Budget Reconciliation Act of 1990 § 5041, the Omnibus Budget Reconciliation Act of 1993, and the later regulations promulgated in compliance with the federal and state enabling statutes.
Article 3: Use of Income and Principal Article 4: Designation of Trustees Article 5: Power of Authority of Trustees
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