limited trust
A trust created for a limited period. Cf. perpetual trust.
Search Results for: limited trust
umbrella limited partnership
A limited partnership used by a real-estate investment trust to acquire investment properties in exchange for shares in the partnership. See umbrella-partnership real-estate investment trust under REAL-ESTATE INVESTMENT TRUSTT.
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perpetual trust
A trust that is to continue as long as the need for it continues, such as for the lifetime of a beneficiary or the term of a particular charity. Cf. limited trust.
umbrella partnership real estate investment trust
A REIT that controls and holds most of its properties through an umbrella limited partnership, as a result of which the trust can acquire properties in exchange for the limited-partnership interests in the umbrella while triggering no immediate tax obligations for certain sellers. • This is a structure that many REITs now use. — Abbr.
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executed trust
A trust in which the estates and interests in the subject matter of the trust are completely limited and defined by the instrument creating the trust and require no further instruments to complete them. — Also termed complete voluntary trust.[Cases: Trusts 114. C.J.S. Trover and Conversion § 215.]
real estate investment trust
real-estate investment trust. A company that invests in and manages a portfolio of real estate, with the majority of the trust’s income distributed to its shareholders. • Such a trust may qualify for special income-tax treatment if it distributes 95% of its income to its shareholders. — Abbr. REIT. See investment company under COMPANY. Cf.
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Miller trust
An irrevocable trust funded with the income of an incompetent beneficiary who seeks to qualify for Medicaid in a state with an income cap. • Funding is strictly limited to the beneficiary’s income (from any source). The assets in the trust are not included in the beneficiary’s estate for Medicaid purposes if the trust assets
failing company doctrine
failing-company doctrine. Antitrust. The rule that allows an otherwise proscribed merger or acquisition between competitors when one is bankrupt or near failure. 15 USCA §§ 12–27. — Also termed failing-firm defense. [Cases: Monopolies 20(1). C.J.S. Monopolies §§ 106–111, 115–116, 125.] “The 1992 guidelines provide a limited defense for failing firms and failing divisions of firms.
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tax shelter
tax shelter, n. A financial operation or investment strategy (such as a partnership or real-estate investment trust) that is created primarily for the purpose of reducing or deferring income-tax payments. • The Tax Reform Act of 1986 — by restricting the deductibility of passive losses — sharply limited the effectiveness of tax shelters. — Often
real estate syndicate
real-estate syndicate. A group of investors who pool their money for the buying and selling of real property. • Most real-estate syndicates operate as limited partnerships or real-estate investment trusts.
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