- 6 - real and personal property, including the Castros’ home and furnishings, in exchange for $20 and other consideration. (2) On April 8, 1994, petitioner, as grantor, executed a declaration of trust prepared by Dependable Services Group (DSG) entitled “Castro Family Trust”. In the declaration of trust, petitioner promised to provide lifetime services and to transfer any remuneration paid for those services to the trust. Part of the consideration petitioner purportedly received in exchange for his transfer of assets to the CFT and his promise to provide lifetime services and any resulting remuneration exclusively for the benefit of the CFT consisted of all 100 units of beneficial interest in the CFT. (3) On April 8, 1994, petitioner executed a bill of sale and a quitclaim deed, which recited that petitioner conveyed all of his interest in real and personal property, including his home and furnishings, to the CFT in exchange for $20 and other consideration. (4) On May 5, 1994, the CFT, as grantor, executed a declaration of trust prepared by DSG entitled “Castro & Co. Jewelers”. The declaration of trust recited that the CFT had transferred the assets of the jewelry business to the CCJT in exchange for $10 and all 100 units of beneficial interest in the CCJT.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011