"Cherish your visions and your dreams as they are the children of your soul, the blueprints of your ultimate achievements."
~ Napoleon Hill

Tuesday, November 20, 2007

Spin Me Some Magic ... Henson Trust Magic

We talked about the need for precicely correct wording in drafting a Henson Trust. Almost 'magic wording' ...

That your lawyer needs to know .
  • the Trustee must be given "absolute and unfettered discretion"
  • "shall not vest" ... no share of the income or capital of the Trust shall vest in the benificiary
  • "the only interest he has shall be the amount paid to him ..."

Also, the usual practice would be to make "a gift over", meaning that after the child (the beneficiary of the Trust) dies, anything remaining in the Trust will pass to someone else.

Next up, we will look at the current status of the Henson Trust in Nova Scotia.

That's all for now, folks ...


**Once again, with grateful acknowledgment to Mr. Ken Pope and the Nova Scotia Downs Syndrome Society for 'bringing him to town'.

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