Executive Summary and History of the “Copyrighted Irrevocable, Complex, Non-Grantor, Discretionary, Spendthrift Trust”
Trusts are legal entities that can be used to transfer through sale or gift, and manage, property or assets. The Trust relationship comes under the realm of equity based on Common Law. It is an ingeniously created legal entity empowering Trustees of the Trust to have and hold all control over trust property and/or assets assets. The terms and conditions of the Trust strictly define the form of the trust to meet the needs of the persons or entities it is created to serve; all in accordance with the intent of the Settlor creating the trust.
The substance and form of the original Master Spendthrift Trust, and the current Benson Financial Trust, were first constructed in the early 1950’s. The original series of Master Trusts’ was created by Robert N. Benson, Esq., who was a Harvard educated attorney and a protégé of Professor Austin Scott who taught at Harvard Law School. Professor Scott is renowned author of “Scott on Trust Law” which is the recognized as the leading treatise and authority on Trust Law in the United States. Mr. Benson studied and taught classes under the guidance of Professor Scott. After graduating from Harvard, Mr. Benson became a partner in a prominent Wall Street Law Firm providing his legal acumen to high-net-worth individuals to plan and protect their estates through various Spendthrift Trusts, which are the predecessors to the subsequently copyrighted Master Trusts, copyrighted under the authority and approval of Mr. Benson.
In approximately 1995, Mr. Benson partnered with Tarrant County Judge George Boren, who, utilizing paralegal Richard Ronald, formed a new Law Firm which offered Trusts to everyone, not just wealthy clients. Mr. Ronald partnered with Mr. Benson to refine and copyright various trusts, including the Master Spendthrift Trust. In 1999, the first Master Spendthrift Trust Format Copyright was filed with the U.S. Copyright Office and a copyright was issued for as an original work. The Copyright Office noted that it was the first and only trust that had ever been copyrighted.
Many people have recognized the multiple advantages to the copyrighted Master Trust which subsequently became the current Benson Financial Trust. Thousands of Mr. Bensons “tried & true” Spendthrift Trusts, and the subsequent Master Trust and Benson Financial Trust, have been created and sold over the last 70 plus years. Over the years others have unsuccessfully infringed on the copyrights of the Master Trust and paid a significant penalty for doing so. Benson actively protects the unauthorized use and sale of its copyrighted trusts, utilizing various legal avenues.
©Copyright 1999-2012
All rights reserved. No part of this material may be reproduced, initiated, or utilized, in whole or in part, in any form or by any means, electronic or mechanical, including but not limited to photocopying, recording, or by any information storage and retrieval system, without the express permission in writing from Benson Financial Trust. Violators are subject to both civil & criminal liability. See 17 U.S.C. § 501-506, which includes civil liability for damages, loss of profits, statutory damages up to $150,000, and atty fees. See 18 USCS § 2319, which includes imprisonment of up to 10 years.
“Benson Financial Trust does not give legal or tax advice to any purchaser of the Copyrights. We encourage everyone to seek legal and tax advice from qualified professionals.”
NOTICE: Benson Financial US Business Trust (“BENSON”) strongly encourages the purchasers of a Benson Trusts Product to be mindful of all rules and regulations that apply and should be followed in structuring, implementing, and operating any of the various Benson Trust Products. Accordingly, Benson strongly urges each trustee and/or their authorized agent or representative to at all times be knowledgeable of, and compliant in all material respects with the provisions of Trust by: (1) not engaging in any type of fraudulent activity in connection with the administration of the Trust, (2) not taking any action in contravention to the Trust, local law, state law, and/or federal law, (3) timely filing an accurate income tax return with the Internal Revenue Service (and where required the filing of an accurate income tax return with all local and state governments), and (4) not understating income or overstating a deduction on an income tax return. By purchasing a Benson Trust Product, directly or indirectly, the purchaser agrees that he, she, it, is solely responsible for consulting with their own tax advisor as to the tax consequences associated with the income and principal distributions made from this trust and that you the purchaser assume sole responsibility, to the complete exclusion of Benson for the tax consequences resulting from the use of the Benson trust product including specifically with respect to income and principal distribution and IRC Section 643 treatment and application. The tax rules governing Non-Grantor, Irrevocable, Complex, Discretionary, Spendthrift Trusts are complex, change frequently, and depend on each individual taxpayer’s situation. By purchasing A Benson Trust Product, you the purchaser acknowledge that any tax liability or other tax consequences to you resulting from the establishment of this trust is solely your responsibility. Purchaser further acknowledges that he, she, or it, bears sole responsibility for the structure, implementation, and operation of any of the various Benson products purchased by you, directly or indirectly, and that you, to the express exclusion of Benson, shall bear sole responsibility for any adverse consequences for improperly structuring, implementing, and operating, a Benson Trust Product or otherwise improperly using a Benson trust product.
