Establishing a liquidating trust

09 Feb

(related document(s)255)Monthly Application for Compensation of Cooley LLP, Special Corporate Counsel to the Debtor and Debtor-in-Possession, for Compensation and Reimbursement of Expenses for the period March 1, 2018 to March 31, 2018 (Second Monthly) Filed by Dex Liquidating Co.. (Attachments: # 1 Notice # 2 Exhibit A)Affidavit/Declaration of Mailing re: Notice of Hearing to Consider Order (I) Approving the Disclosure Statement; (II) Approving Solicitation and Voting Procedures, Including (A) Fixing Voting Record Date, (B) Approving Solicitation Packages and Procedures for Distribution, (C) Approving Form of Ballots and Establishing Procedures for Voting, and (D) Approving Procedures for Vote Tabulation; (III) Scheduling a Confirmation Hearing and Establishing Notice and Objection Procedures; and (IV) Granting Related Relief [Docket No. Affidavit/Declaration of Mailing re: Notice/Debtors Motion for an Order (I) Approving the Disclosure Statement; (II) Approving Solicitation and Voting Procedures, Including (A) Fixing Record Date, (B) Approving Solicitation Packages and Procedures for Distribution, (C) Approving Form of Ballots and Establishing Procedures for Voting, and (D) Approving Procedures for Vote Tabulation; (III) Scheduling a Confirmation Hearing and Establishing Notice and Objection Procedures; and (IV) Granting Related Relief [Docket No. Unless you are already experienced in setting up a trust in Texas, you might consider using a third-party document preparation service, which can provide you with a set of forms that will work for your purposes. You and the trustee -- or just you, if you're serving as the trustee --must sign the trust agreement in front of a notary.In Texas, trust agreements must be signed in front of a notary public in order to be binding. Hearing scheduled for 4/25/2018 at AM at US Bankruptcy Court, 824 Market St., 5th Fl., Courtroom #5, Wilmington, Delaware.Before VEASEY, Chief Justice, WALSH, HOLLAND, BERGER, Justices, and DEL PESCO 1 , Judge (constituting the Court en Banc). Brown, Esquire (argued), Gordon Fournaris & Mammarella, P. Schoell, Esquire, of Morris, James, Hitchens & Williams LLP, Wilmington, Delaware, for Petitioners below-Appellants Daniel Rosenbloom, Trustee of the Panex Industries, Inc. Connolly, Jr., Esquire, of Connolly, Bove, Lodge & Hutz, Wilmington, Delaware; and Robert T. The Petition was filed by the Trustees of the Panex Trust, a liquidating trust created by Panex, Inc. Stockholders' Liquidating Trust, and Norman Halper and Oliver Lazare, co-executors for the Estate of Paul Lazare, former Trustee of the Panex Industries, Inc. (also referred to as the “Liquidating Trust”) as part of its 1984 liquidation plan implemented prior to its 1985 dissolution.

In Texas there are many different types of trusts, including revocable and irrevocable trusts.

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Thus, if you are the grantor of your Living Trust, you must report the income from the Living Trust assets on your individual income tax return in the same manner as you did prior to transferring the assets into your trust.

If some other party is the trustee, the grantor is not responsible for paying income taxes generated by trust assets; instead, the trustee has additional tax reporting requirements.