Personal Expense Clause Samples

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.

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.

Personal Expense. When an employee is out of the County on assignment or attending school or training, for a minimum of three (3) hours and during a regular meal time (5:00 AM to 8:00 AM, 11:00 AM to 2:00 PM, and 5:00 PM TO 8:00 PM), the employee shall be entitled to per diem as fixed by this Agreement or the employee shall be reimbursed his actual expenses for essentials upon furnishing receipts therefore, except when meal is provided by training venue; and if he is required to use his personal vehicle for official police business. The employee will be compensated, therefore at a rate established by the Internal Revenue Service for business deductions. However, City owned vehicle, shall be utilized whenever possible, and when an employee attends a training school, out of town, which requires transportation from and thereto the City shall furnish the employee with a City-owned car for such official use, if available. The following rates of per diem shall be paid to any employee required to be out of the county except when the employee is a recruit police officer while attending the Basic Police Academy: thirty dollars ($30.00) per diem for meals with no receipt required for reimbursement. The following shall be paid to any City employee required to take lodging out of town: Motel/Hotel rate, expenses to be paid at prevailing rate at the relevant location where employee is sent on City business or Training Schools.

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between legitimate trust expenses (which the trust can pay for) and personal expenses (which require funds to be withdrawn): • Trust expenses encompass costs related to maintaining trust assets, such as mortgages and property taxes.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 ▇▇▇▇▇▇▇▇, 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 ▇. ▇▇▇▇▇▇ DC 269, 155, ▇▇▇▇▇▇▇ v Commissioner. 41512E1, 532 10th Cir, (1959) and Philips ▇. ▇▇▇▇▇▇▇▇▇ 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...