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201605747
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Last modified
7/3/2017 5:40:35 PM
Creation date
9/2/2016 10:45:43 AM
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DEEDS
Inst Number
201605747
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20160571 <br />Page 11 of 15 <br />Tax Identification <br />40. For tax purposes, this Revocable Living Trust will be identified by the Grantors' Social Security <br />Numbers during the lifetime of the Grantors. After the death of the Grantors, the acting Trustee <br />will apply to the IRS for any necessary tax identification numbers. <br />Homestead Tax Exemption <br />41. If the principal residence of the Grantors is held within this Revocable Living Trust, the <br />Grantors maintain the right to possess and inhabit the residence without rent and charge -free, for <br />the duration of their lifetime. This is intended for the purpose of giving the Grantors a beneficial <br />interest and possessor rights in the residence and to ensure that the Grantors do not lose any <br />eligibility for a state homestead tax exemption that they would otherwise qualify for. <br />Vote of Minor or Adult Dependent Beneficiaries <br />42. Where a Beneficiary is a Minor or Adult Dependent Beneficiary and a vote, consent, or decision <br />of the Qualified Beneficiaries is required, then the parent, custodian or guardian for that Minor <br />or Adult Dependent Beneficiary, acting in the best interest of that Minor or Adult Dependent <br />Beneficiary, will be allowed to take the place of that Minor or Adult Dependent Beneficiary for <br />the purpose of that vote, consent, or decision. <br />Termination of Trust <br />43. This Living Trust will terminate where the Property of this Living Trust is exhausted through <br />distributions. <br />44. In the event that the acting Trustee concludes that the value of the Property is insufficient to <br />justify the cost of administration and that the aggregate value of the Property is less than <br />$50,000.00 (USD), the acting Trustee may terminate this Living Trust after providing notice to <br />the Qualified Beneficiaries. Where this Living Trust is terminated under this section, the acting <br />Trustee will distribute the Property in a manner consistent with and as described in the <br />distributions sections of this Living Trust. <br />
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