A TRUST means a legal arrangement in which a person or organizationcontrols property and/or money for another person or organization.Trust is defined in section 3 of the Trust Act, 1882 as ” an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another or of another and the owner. In simple words it is a transfer of property by the owner to another for the benefit […]
When and how should you set up a TRUST
Whom Should you Appoint as Trustee of a Trust
A trust is a relationship whereby property is held by one party on behalf of or for the benefit of another. A trust is created by a settler, who transfers property to a trustee. The trustee holds that property for the trust’s beneficiaries. Here are some benefits and objectives of using trusts: Avoiding taxes: An estate tax is a tax on a person’s right to transfer property after death . A trust helps to avoid or reduce estate taxes because assets […]
Differently abled child- how to secure their future.
If you are a parent to a differently abled child, you would need to not only support him mentally, physically but also financially for your special child for rest of his life. Our exclusive post will talk about how you could help your child and provide him with comforts and assistance when you are not around – What Does Differently Abled Mean? Some of the terminology used for a differently abled child is – Impairment any loss or abnormality of […]
What legal matters are to be considered before writing a Will?
According to the Indian Law, “Will is the legal declaration of a person’s intention which he wishes to be performed after his death and once the Will is made by the testator it can only be revoke during his lifetime.” A person cannot give his ancestors property in the form of a Will but he can make a Will only of his Self-Acquired property . A Will regulates the succession and provides for succession as declared by the testator. The statutory […]
Snapshot. Growth of the Indian Economy accelerated to 7.6% in 2015-16 despite unfavourable global conditions and two consecutive years of shortfall in monsoon by 13%. The government continues with fiscal prudence by retaining fiscal deficit at 3.9% in 2015-16. It aims to achieve 3.5% in 2016-17 and 3% in 2017-18. Revenue deficit improved from 2.8% to 2.5% in 2015-16 On the expenditure side, it will do away with the classification of plan / non-plan from 2017-18, since the category heads […]