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Investors & landlords
Thanks for the link, but yes saw it already as that was my post to get a thoughts to my question from a attorney on that web site as I seeked on this forum and when I personally spoke to a tax consultant attorney.
With the above said can I ask:
1) When you say the said clause "is boiler plate" and it contains non specific language about income, but nevertheless states ("the trustee can make distributions of trust property") which is rather broad and makes no distinction between principal or income, but includes both, since both are forms of trust property, and apparently means I as trustee can make distributions of income the trust produces, like rental income) I should be nevertheless be assured this vague but broad clause gives me the right to make such distributions nevertheless?
2) When you say: "If there are no overriding clauses that are more specific then that clause controls......rule of construction is specific clauses take precedence over general clauses" WHICH MY TRUST DOES NOT CONTAIN in regards to trust income, distributions etc ,
can I ask is my trust language abnormal since it does not contain more specific clauses in regards to trust income, distributions etc , or in your opinion or is it normal to see such boiler plate, vague but broad trust clauses, dictate if such distributions are allowed as apparently is the case in my trust ?
Thanks for your thoughts