(DOWNLOAD) "Holmes v. State" by In the Court of Appeals of Maryland " eBook PDF Kindle ePub Free
eBook details
- Title: Holmes v. State
- Author : In the Court of Appeals of Maryland
- Release Date : January 20, 2000
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 54 KB
Description
On report. This was a complaint brought pursuant to the provisions of R.S., Chap. 155, Sec. 33 seeking abatement of an inheritance tax. In 1952 Gould & Scammon, Inc. established a profit sharing plan and trust naming the Manufacturers National Bank of Lewiston as trustee and providing for annual contributions by the employer for the benefit of its participating employees. Contributions to the trust were to be made only by the employer corporation. The plan was carefully prepared so that it might fully qualify for exemptions from federal taxation as provided by legislation currently in effect. In essence the plan provides for retirement benefits and a death benefit. The contributions out of net earnings are determined by formula. The share of each participating employee in the trust fund is likewise determined by formula in which the factors are salary or wages and continuity of employment. The plan is for the sole benefit of the participating employees and there is no possibility of reversion of any part of the trust fund to the employer. The trustee is to keep a separate account with respect to each participating employee, although the fund is to be managed and invested as a whole. Upon retirement as a result of age or disability, the share of the participating employee is to be determined and paid to him either in the form of an annuity contract or in instalments or in a single sum or by a combination of these methods as the trustee may determine. In event of the death of such an employee either while actively employed or during his retirement and before his share has been fully distributed, that share or the remainder of it is to be paid to the person or persons named by the participant in the last written document filed by him with the trustee. If no such designation has been filed, payment is to be made to the employees estate. Upon termination of the trust, the fund is to be distributed to the participants in accordance with their interests. Upon termination of employment other than through retirement or death, the employee may forfeit part or all of his share depending on the length of his employment, but if employed for fifteen years or more there is no forfeiture. The employees interest is protected by a spend-thrift clause which forbids alienation, commutation, anticipation or assignment by him and puts his interest beyond the reach of his creditors. The employer may terminate, alter or amend the trust, but not so as to reclaim any part of the fund.
 "Holmes v. State" by In the Court of Appeals of Maryland " eBook PDF Kindle ePub Free){kind=link}