I have heard it said that winners of a lottery who pooled their money (played in a lottery pool) often form a legal trust to collect large sums so that taxes are paid by the Trust or something before the after-tax proceeds are divided.
I don't know much about Trusts other than people wealthier than me have them for various financial and liability reasons.
But it got me to thinking and wondering if my questions have been asked before...
What if search partners form some kind of legal trust that is established for the purpose of finding the chest and dealing with taxes and other legalese issues as a means to insulate those working for the trust from some degree of personal liability? That a Trust rather than individuals actually have and make a claim to the "Title to the Gold"?
If this applicable and doable, then couldn't the terms of such a Trust be declared in its charter or whatever the documents used to establish a Trust are called?
Could a Trust also work as or in lieu of a legal contract agreement between search partners as to what happens if the chest is found?
I don't know much about Trusts other than people wealthier than me have them for various financial and liability reasons.
But it got me to thinking and wondering if my questions have been asked before...
What if search partners form some kind of legal trust that is established for the purpose of finding the chest and dealing with taxes and other legalese issues as a means to insulate those working for the trust from some degree of personal liability? That a Trust rather than individuals actually have and make a claim to the "Title to the Gold"?
If this applicable and doable, then couldn't the terms of such a Trust be declared in its charter or whatever the documents used to establish a Trust are called?
Could a Trust also work as or in lieu of a legal contract agreement between search partners as to what happens if the chest is found?
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