Maintenance-trusts laws and accounts, Financial Accounting

MAINTENANCE

Trustees may pay to the parent or guardian out of income of a fund held on the trust for an infacnt reasonable sums for his maintenance and education, having regard to his age and station in life, subject to the following conditions:

1. The power is subject to any prior interest or charge affecting the property;

2. A payment must be in proportion to amounts paid from other available funds (if any);

3. The power is not affected by the existence of a person bound by law to maintain or educate the infant; nor it is affected by the fact that particular sums have already been set aside for this purpose;

4. The power exists whether  the infant’s interest is vested or contingent (provided, in the latter case, that the trust carriers the intermediate income);

5. Payments out of capital may be valid, but should normally only be made under S.34 (see below) or  with the consent of the court;

6. The residue of the income must be accumulated and invested;

7. The trust instrument may exclude this power.

Posted Date: 12/13/2012 11:55:51 PM | Location : United States







Related Discussions:- Maintenance-trusts laws and accounts, Assignment Help, Ask Question on Maintenance-trusts laws and accounts, Get Answer, Expert's Help, Maintenance-trusts laws and accounts Discussions

Write discussion on Maintenance-trusts laws and accounts
Your posts are moderated
Related Questions
Prepare a cash budget The following information appeared on the balance sheet of XYZ Ltd at 30 June 2012:                              Accounts receivable


Mr N. M. is lucky to have a lottery prize of Rs 20 million. He does not have any liability and does not have any claimant over this money. He has the following alternatives: (i)

for a typical manufacturing company, the most common critical point for recognizing revenue is the date a an order is recieved b. production is completed c the product is delievere

Beginning balance 24,000 cash Sales 250,000 Gross profit 45% of sales Accounts receivable increase by 24,000 Accounts payable increased by 51,000 Inventory increased by 98,000 Sell

Balance Sheets: contains the balance sheets as of December 31, 2010, 2009, and 2008. Accounting practice and tradition dictates that the most current year is placed nearest to the

Case study Josephine Josephine has just landed her first job out of graduate school.  She is lucky enough to be working for one of the Big Four, earning $50,000 per year.  S

Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. kSH.000 Account payables 15,800 equipment 46,000


Q. What is Stock Split? Stock Split - Increase in number of shares of a company's COMMON STOCK outstanding that result from the issuance of additional shares proportionally to