Consent of liquidating trust

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To the extent that the Trustee becomes liable for the payment of taxes, including withholding taxes, in respect of income derived from the investment of funds held hereunder or any payment made hereunder (collectively, the “Taxes”), the Trustee may pay such Taxes.

The Trustee may withhold from any payment of the Trust Assets such amount as the Trustee estimates to be sufficient to provide for the payment of such Taxes not yet paid, and may use the sum withheld for that purpose.

The Trustee shall be indemnified and held harmless against any liability for Taxes and for any penalties or interest in respect of Taxes on such investment income or payments in the manner provided herein..

(a) The Trust shall not continue or engage in the conduct of any trade or business, except as necessary for the orderly liquidation of the Trust Assets.

Any assets transferred to an Irrevocable Trust are subject to federal gift tax.

The 2013 annual gift tax exclusion is ,000, which means that up to ,000 in assets may be transferred to the trust tax-free.Irrevocable Trusts can also be established in preparation for applying for Medicaid benefits, specifically for long-term care benefits.Since long-term care can be very expensive, it may be beneficial for some people to put the bulk of their assets into an Irrevocable Trust so that they have a smaller net worth, which will qualify them for long-term care Medicaid benefits.Estate tax returns are required of all estates with a value of over ,000,000.By transferring property to an Irrevocable Trust, the property is no longer considered an asset of the person who died, and can't be counted toward the deceased’s taxable estate.It is intended that the granting, assignment and conveyance of the Cash Reserve and the Retained Assets by the Partnership to the Trustee pursuant hereto shall be treated for federal and state income tax purposes as if the Partnership made such distributions directly to the holders of Partnership Interests.It is further intended that for federal, state and local income tax purposes the Trust shall be treated as a liquidating trust under Treasury Regulation Section 301.7701-4(d) and any analogous provision of state or local law, and the Beneficiaries shall be treated as the owners of their respective share of the Trust pursuant to Sections 671 through 679 of the Code and any analogous provision of state or local law and shall be taxed on their respective share of the Trust’s taxable income (including both ordinary income and capital gains) pursuant to Section 671 of the Code and any analogous provision of state or local law.Irrevocable Trusts are often established in order to protect assets when the beneficiary is under 18 years old, a person with a disability, or a financially irresponsible adult.There are a number of specific Irrevocable Trusts (specifically a "Spendthrift Trust" and a "Special Needs Trust") that are designed to distribute funds according to a specified schedule, while keeping the remaining funds inaccessible to the beneficiary, the beneficiary’s creditors, or the beneficiary’s caretakers.This means you can't change the beneficiaries or the terms or conditions under which beneficiaries will receive the property in the trust.In addition, you can't revoke or terminate the Trust without the consent of the beneficiaries and Trustees.


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