- 9 - authorized the selection of a new trustee by unanimous vote of the remaining trustees. One week after the CFT was created, petitioner was appointed a trustee. On February 11, 1996, Nelly died. On February 14, 1996, Steven Castro (Steven), petitioner’s brother, replaced Nelly as trustee. During the years at issue, only Mrs. Castro received a fiduciary fee from the CFT. 2. The CCJT The declaration of trust for the CCJT provides very little guidance concerning the function and purpose of the CCJT, even though it directs the trustees to regard it “as their principal guide”. The declaration of trust summarizes its “purport” as follows: THE PURPORT of This Instrument is to convey title to real & personal property to THE BOARD OF TRUSTEES to CONSTITUTE A TRUST for the Benefit of THE BENEFICIARIES, with such title held by THE TRUSTEES, IN-TRUST in joint tenancy, and as Fiduciaries, with instructions to maintain & preserve such property, for the duration hereof, AND to provide for an economical administration of THE TRUST’S CORPUS, including the effective management of TRUST BUSINESS, AND to make distributions of Income and/or Corpus to THE BENEFICIARIES on a pro-rata basis and in amounts determined within the discretionary powers of THE TRUSTEES. The nature and principle activity of THIS TRUST, is first and foremost to preserve and maintain assets. The conducting of business, including the holding of title to property, with the necessary management and control of such TRUST property, are such that there may be attempts by outside concerns, agencies,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