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TRUST HISTORY

History of our Trust and how it came to be

     The current Masters Spendthrift Trust had its beginnings IN 1954. A Harvard Attorney, who studied under Austin Wakefield Scott, the author of Scott on Trust Law the recognized authority of U.S. Trust Law, practiced law in New York. He was a protégé of Scott and taught his classes in Trust Law at Harvard as an assistant. After graduation this Attorney became a partner in a prominent Wall Street Law Firm where he worked with wealthy clients in New York to plan and protect their estates through Spendthrift Trusts. The firm also handled the insurance claim for the famous ship wreck of the Andrea Doria which had millions of dollars of cargo on board when it went down.

 

     During the late 1950s the Attorney expanded his business to Texas where he practiced Bankruptcy, Trust and Copyright Law. It became obvious to him as he worked over the years that a new type of Trust which would provide a wide section of society with an estate planning tool that would provide bullet proof asset protection had to be created and copyrighted. This was the catalyst that produced Master’s Spendthrift Format.  In 1999 the first Masters Spendthrift Trust Format Copyright was filed with the U.S. Copyright Office and a Copyright was issued for this Trust which was an original work. The Copyright Office noted and advised the Attorney that it was the first and only Trust that had ever been copyrighted.

 

     The Attorney partnered with a Tarrant County, Texas Judge and a paralegal to form a new Law Firm which offered the Trust to everyone, not just wealthy clients. The rest is history!  As people heard about the advantages of the Trust, thousands were created and sold over the years. Other lawyers purchased the Trusts and resold them to their clients as the reputation of this estate planning tool became known and appreciated.

 

     Over the years many tried to steal the Copyrights from us as a money making tool but were shut down and sued.  Every one paid a huge price and they were forbidden to use or sell the Copyright with paying a license fee to Master’s Trust.

 

     As the 21st century dawned, it became obvious that certain additions and changes had to be made to which would modernize the Masters Trust and bring it into compliance with the Internal Revenue Code and Tax Laws. This was accomplished by a CPA who was also an Attorney.  He worked with other attorneys to make additions and changes that made the Masters Trust comply with TITLE 26, Subtitle A, CHAPTER 1, Subchapter J, PART I, Subpart A, Sec 643, STATUTE (3) and (4) and (7)(b) of the Internal Revenue Code. This states the following: Items of gross income constituting extraordinary dividends or taxable stock dividends which the fiduciary, acting in good faith, determines to be allocable to corpus under the terms of the governing instrument and applicable local law shall not be considered income.

 

     This was critical in nature because the law states that the Trust must be a Non-Grantor, Irrevocable, and Discretionary Trust in order to comply with this curtail provision.  This tax code also states that Capital gains and losses are excluded in this type of Trust saying that Gains from the sale or exchange of capital assets shall be excluded to the extent that such gains are allocated to the corpus of the Trust.  It also says that items of gross income constituting extraordinary dividends or taxable stock dividends which the Trustee, acting in good faith, determines to be allocable to corpus under the terms of the governing instrument and applicable local law shall not be considered income. This was huge and critical in that Trust could invest in the stock market and profits from these investments were not taxable to the Trust. It also allowed royalties from oil and gas and like dividends that were declared as extraordinary to be paid to the Trust and it was not taxable income!

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     The Masters Trust comes with all documents needed to accomplish the endowment and to also declare the “Extraordinary Dividends” that make the exchange “not income” to the Trust. No other Company provides these invaluable documents and the legal advice needed to accomplish these vital actions.

 

     The bottom line is this; with the combination of our Copyrighted Trust and legal support our clients may rest assured they are in compliance with the Internal Revenue Code and have purchased a “legal Trust”.

 

     Also The Master’s Spendthrift Trust, who owns the Copyrights, uses the entire amount it receives to pass on to its beneficiaries who are: God, Jesus Christ, the Holy Spirit, Works of Faith, Hope and Love, the Poor, the Indigent, Widows and Orphans, Christian Education and Christian Causes, and Other Works the Lord shall call on the Trust to Perform and the Church of Christ.  They have done this since the creation of the Copyright in 1999. The Attorney, Judge and paralegal who wrote the Trust Copyright dedicated all the proceeds to these beneficiaries and desired that no single individual should ever prosper from their work. No Trustee has ever been paid a salary or reimbursed for any expenses nor can they ever be.

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All rights reserved. No part of this material may be reproduced, initiated, or utilized, in whole or in part, in any form or by any means, electronic or mechanical, including but not limited to photocopying, recording, or by any information storage and retrieval system, without the express permission in writing from Benson Financial LLC. Violators are subject to both civil & criminal liability. See 17 U.S.C. § 501-506, which includes civil liability for damages, loss of profits, statutory damages up to $150,000, and atty fees. See 18 USCS § 2319, which includes imprisonment of up to 10 years.

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“Benson Financial does not give legal or tax advice to any purchaser of the Copyrights. We encourage everyone to seek legal and tax advice from qualified professionals.”

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NOTICE: Benson financial US Business Trust (“BENSON”) strongly encourages the purchasers of a Benson Trusts Product to be mindful of all rules and regulations that apply and should be followed in structuring, implementing, and operating any of the various Benson Trust Products. Accordingly, Benson strongly urges each trustee and/or their authorized agent or representative to at all times be knowledgeable of, and compliant in all material respects with the provisions of Trust by: (1) not engaging in any type of fraudulent activity in connection with the administration of the Trust, (2) not taking any action in contravention to the Trust, local law, state law, and/or federal law, (3) timely filing an accurate income tax return with the Internal Revenue Service (and where required the filing of an accurate income tax return with all local and state governments), and (4) not understating income or overstating a deduction on an income tax return. By purchasing a Benson Trust Product, directly or indirectly, the purchaser agrees that he, she, it, is solely responsible for consulting with their own tax advisor as to the tax consequences associated with the income and principal distributions made from this trust and that you the purchaser assume sole responsibility, to the complete exclusion of Benson for the tax consequences resulting from the use of the Benson trust product including specifically with respect to income and principal distribution and IRC Section 643 treatment and application. The tax rules governing Non-Grantor, Irrevocable, Complex, Discretionary, Spendthrift Trusts are complex, change frequently, and depend on each individual taxpayer’s situation. By purchasing A Benson Trust Product, you the purchaser acknowledge that any tax liability or other tax consequences to you resulting from the establishment of this trust is solely your responsibility. Purchaser further acknowledges that he, she, or it, bears sole responsibility for the structure, implementation, and operation of any of the various Benson products purchased by you, directly or indirectly, and that you, to the express exclusion of Benson, shall bear sole responsibility for any adverse consequences for improperly structuring, implementing, and operating, a Benson Trust Product or otherwise improperly using a Benson trust product.

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