- 7 -
discretion to terminate any trust before the end of the 25-year
period and, at the end of the period, could renew the trust
agreement for another period up to 25 years.
Petitioners intended that 20 percent of the beneficial
interest in the OMK Family Trust was to be held by their children
and 80 percent was to be held by P.I. Ministries. Minutes of the
board of trustees of OMK Family Trust, dated November 17, 1995,
indicate that there were 100 beneficial units, of which 80 were
held by the OMK Charitable Trust5 and 20 were held by
petitioners’ children. Minutes of the board of trustees of the
OMK Company Trust, dated November 18, 1995, indicate that the OMK
Family Trust was the sole beneficiary of the OMK Company Trust.
Minutes of the board of trustees of the OMK Family Trust,
dated November 17, 1995, state that the beneficial certificates
convey no interest of any kind in the trust assets; convey no
voice in the management or control of the trust but do convey a
right to receive a pro rata share of “emoluments” that may be
distributed by the trustees.
5The minutes of the board of trustees of the OMK Family
Trust, dated Nov. 17, 1995, state that the trustees agreed to
create a private charitable foundation (a charitable trust) to
which units of beneficial interest were issued. The declaration
of trust for the OMK Charitable Trust is not in the record.
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