Personal Expense Sample Clauses

Personal Expense. Costs incurred without prior approval of the court shall be treated as a personal expense of the attorney.
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Personal Expense. Employees shall not be required to purchase at personal expense tools and equipment necessary to do the job. For purposes of this Section, automobiles are not considered tools or equipment.
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Personal Expense. Allowance In addition to the reimbursement to by ---------------------------- Employer to Principal of expenses as described in Section 4.2 above, Employer agrees to pay to Principal a personal expense allowance of not greater than $2,000 USD per month provided that Principal gives Employer a written accounting of the expenses incurred. In addition, Employer agrees to pay for any club fees and dues in respect of health and sport clubs, entertainment centers, and the like that Principal is a member or otherwise utilizes.
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Personal Expense. It's crucial to distinguish between legitimate trust expenses (which the trust can pay for) and personal expenses (which require funds to be withdrawn): • Trust expenses encompass costs related to maintaining trust assets, such as mortgages and property taxes. • Personal expenses like those for food, entertainment, fashion, or personal enhancements must be funded directly by withdrawing from the trust. By understanding these distinctions and utilizing structured approaches like demand notes or trustee salaries, you can effectively manage both the operational and personal financial needs within the framework of the trust. For assets sold to the trust • Unlimited amounts can be sold • Non-taxable event • Zero Capital Gains on Growth or sale of Trust owned assets For Example: Stocks and Bonds Real Estate Currency Trading Buying/Selling of Businesses Bitcoin/Crypto Currencies No federal or state probate Sales of assets to other trusts No gift tax Spendthrift Trusts are designed for the sole benefit of the beneficiary, but our clients will use the Trust without giving anything to the beneficiaries. They give only beneficial interest to the beneficiaries, not the asset itself. Expenses to maintain trust assets that are used by beneficiaries and paid directly from the trust bank account are considered trust expenses and are not taxable to the beneficiary. Pre-taxed income distributed directly to a beneficiary is a taxable distribution to the beneficiary. Pursuant to Narragansett Mut. F. Ins. Co. v Burnhamun 51 r1371, 154a 909, it is not an evasion of legal responsibility to take what advantage may accrue from the choice of any particular form of organization permitted by law. The Department of the Treasury, IRS Handbook for Special Agents 412, Tax Avoidance Distinguished from Evasion states: “Avoidance of taxes is not a criminal offence.” Edison California Stores, Inc., v XxXxxxxx, 20 cal 26472.183 P2d 16, ruled that persons may adopt any lawful means for the lessening of the burden of income taxes. In Weeks x. Xxxxxx DC 269, 155, Xxxxxxx v Commissioner. 41512E1, 532 10th Cir, (1959) and Philips x. Xxxxxxxxx 37 Mass 510, the courts ruled that a Spendthrift Trust Organization is not illegal even if formed for the express purpose of reducing or deferring taxes. One of the common questions people have about their non-Grantor trusts is how to change trustees or adjust beneficiaries. When you receive your trust documentation, typically found in your trust book, you'll...
Sample 1

Related to Personal Expense

  • FUNERAL EXPENSES The City shall expend a sum not to exceed $30,000 for funeral expenses to the heirs of any employee covered by this MOU who dies while on active duty from injuries incurred while performing his/her job or who dies as a direct cause of such injuries. This amount includes the amount already available for this purpose in accordance with California State Labor Code Section 4701.

  • General Expenses You authorize the Manager to charge your account with your Underwriting Percentage of all expenses of a general nature incurred by the Manager and Co-Managers under the applicable AAU in connection with the Offering, including the negotiation and preparation thereof, or in connection with the purchase, carrying, marketing and sale of any securities under the applicable AAU and any Intersyndicate Agreement, including, without limitation, legal fees and expenses, transfer taxes, costs associated with approval of the Offering by the NASD and the costs of currency transactions (including forward and hedging currency transactions) entered into to facilitate settlement of the purchase of Securities permitted under Section 3.1 hereof.

  • Travel Expense Any EMPLOYEE who must use his personal automobile or otherwise provide his own transportation when on school district business shall be reimbursed by the BOARD according to the amount established by current BOARD policy.

  • A-E’S EXPENSE A-E will be responsible for all costs related to photo copying, telephone communications and fax communications while on COUNTY sites during the performance of work and services under this CONTRACT.

  • Professional Expenses Each calendar year during the Employment Term, the Company agrees to reimburse the Executive for up to $10,000 of reasonable professional expenses (i.e., accounting, financial planning, estate planning expenses) incurred by the Executive during such year for personal advice rendered to the Executive.

  • DIRECT PERSONNEL EXPENSE 4.1. Direct Personnel Expense of employees engaged on the Project by the ARCHITECT/ENGINEER includes ARCHITECT/ENGINEERS, other engineers, designers, job captains, draftsmen, specification writers and typists, in consultation, research and design in producing Drawings, Specifications and other documents pertaining to the Project, and in services during construction at the site. 4.2. Direct Personnel Expense includes actual cost and of mandatory and customary financial benefits paid.

  • Travel Expenses CONTRACTOR shall not be allowed or paid travel expenses unless set forth in this Agreement.

  • Personal Property Reimbursement Employees shall, in proper cases, be reimbursed for the repair or replacement of personal property damaged in the line of duty without fault of the employee. The amount of reimbursement for articles of clothing shall be the depreciated value based on the age and condition of the article. Reimbursement for a watch shall be limited to the functional value of the watch.

  • Additional Expenses to be inserted if applicable.

  • Medical Expenses 1. Employees exposed to hazardous physical, biological, or chemical agents shall be provided, at no cost to the employee, with medical examinations or evaluations required by VOSHA regulations. If there are no specific VOSHA regulations or standards for the agent in question, recommendations of the National Institute of Occupational Safety and Health or other generally recognized expert organization shall be used, as determined by the Commissioner of Health. 2. Employees determined by the Health Department to be at substantial risk for exposure to contagious diseases shall be provided appropriate vaccines. Groups at risk will be defined by the Vermont Department of Health. If no guidelines have been published by the Department of Health, the guidelines published by the Center for Disease Control in Atlanta, Georgia will apply. Vaccines and/or appropriate medical examinations will be provided at no cost to the employee according to applicable guidelines. 3. Any Department wishing to implement a Medical Monitoring Program on or after July 1, 1990, shall do so by conferring with the Health Department, and the Department of Human Resources. Prior to implementation, the Department of Human Resources shall notify VSEA. The parties shall meet within ten (10) days (unless mutually extended) after a request for negotiations by either party and thereafter on a regular basis for a period not exceeding forty-five (45) calendar days, after which the State may implement the program, whether or not the parties have bargained to genuine impasse. The VSEA shall retain all statutory impasse procedure rights as may be lawfully available to VSEA during the life of this Agreement, provided, however, the State at any time may withdraw its proposed medical monitoring program or terminate without further bargaining a medical monitoring program previously implemented, in which case, such retained statutory impasse procedure rights are extinguished.

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