The current Masters Spendthrift Trust had its beginnings long ago in the 1950’s. 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-
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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