Belmont Park is situated just outside New York City, in the hamlet of Elmont, New York in Nassau County on Long Island. It has an elegant edifice and is considered as one of the major thoroughbred horse racing facility in the world. Belmont Park is also known as The Championship Track. Almost every major thoroughbred champion in racing history has competed on its 2,414 meter or 1 ½ mile long dirt race course: the largest dirt course track in the world. Its impressive roster of participants already includes 11 Triple Crown winners. In addition to that, Belmont Park is also the famous home of the Belmont Stakes and sponsors the third leg of the Triple Crown (officially titled as the Triple Crown of Thoroughbred Racing.)
Locally nicknamed “Beautiful Belmont Park," this scrupulously landscaped horse track has been in service since the early part of 1905 and is often considered as one of the most elite race tracks in racing history. It is operated by the New York Racing Association or NYRA.
Belmont Stakes
It is said that the park was named after August Belmont II, a key member of the Westchester Racing Association; which, by the way, was the organization that eventually helped popularized Belmont Park as a reckoning force in the race horse industry. The Belmont Stakes, however, was named after August Belmont, Sr., father of the previously mentioned Belmont, and an avid sportsman who became the primary financier of most of the thoroughbred races in his day.
The Belmont Stakes is a very prestigious American Grade I stakes race. It is an annual event, held every June in Belmont Park, and is the main wagering avenue for the third leg of the Triple Crown. The first two legs of the Triple Crown are held in Kentucky Derby and Preakness Stakes, respectively. Also known as the “Run for the Carnations" (a reference to the blanket of white carnations that is always awarded to the winner), the Belmont Stakes is a 1.5 mile or 2.4 km thoroughbred horse race limited only to three-year old colts, fillies and geldings.
Aside from conducting qualifying races for the different horse racing divisions, and hosting the annual Belmont Stakes, Belmont Park also hosts the Breeders’ Cup World Championships, like it did in 1990, 1995, 2001 and 2005. Going to Belmont Park to watch the races is an experience in itself, with its grand architecture and its infectious racing atmosphere. However, if you find yourself unable to “graze" the race tracks, the easiest and fastest way to place a wager at the Belmont Stakes or any ongoing race at the park is through online betting stations.
In a beneficiary controlled trust, the primary beneficiary acts as co-trustee and exercises nearly all of the rights, benefits, and control over trust property that a person would have over that same property with outright ownership - but without the normal exposure to creditors, lawsuits, divorce courts, or the IRS.
Here are the elements of a beneficiary controlled trust:
1. The donor, often a parent or grandparent, is the grantor of the trust.
2. The beneficiary cannot be the grantor and cannot put any of his or her assets into the trust.
3. The trust is irrevocable. Once the assets are in the trust, they cannot be removed except under the terms of the trust.
4. The beneficiary of the trust is the primary beneficiary. The interests of the primary beneficiary take precedence over the interests of any descendants who might also be beneficiaries.
5. The trust has two trustees, one of whom is the beneficiary. The beneficiary is the primary trustee, also known as the investment trustee. The second, independent trustee is known as the distribution trustee.
6. The second trustee can be a friend, financial advisor, attorney, or a financial institution such as a bank.
7. The primary beneficiary has the power to replace the second (independent) trustee which gives the beneficiary the power to control the trust.
8. The second trustee cannot be a "related or subordinate party" as defined by the Internal Revenue Code.
9. The trustees can acquire assets for the beneficiary's use and enjoyment.
10. The trustees can invest in a business/corporation that can employ the beneficiary.
11. The primary beneficiary can protect the trust assets for future generations.
12. Assets in the trust are protected from the claims of creditors, ex-spouses, and the IRS.
13. Does not allow a creditor to force a distribution that would be attachable by the creditor.
14. The beneficiary is also protected in the event of a lawsuit or bankruptcy since the beneficiary does not technically own any trust asset.
15. At the beneficiary's death, assets pass to the beneficiary's children and not to a spouse or creditor - or to the taxman.
16. In most cases, the assets are protected from estate taxes.
By proper construction, a beneficiary controlled trust creates an almost insurmountable shield against the claims of creditors and ex-spouses.
For grantors who want their descendants to have the use of their property and assets - and not that rotten non-working husband or trampy wife - a beneficiary controlled trust is a superior strategy to outright gifts.
The inheritance becomes more valuable to the beneficiary in trust than through outright gifts. The assets can be used for living expenses, mortgage payments, new cars, and even vacations, all while having the added protections of a trust.
Expect beneficiary controlled trusts to grow in popularity as middle class estates become larger.
Both Jimmy Mayon & Charles Lamm are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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