Can trust fund stocks be sold off?

by hubert 4 Replies latest watchtower beliefs

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  hubert

  In my recent post about the Watchtower and Philip Morris stocks, it was mentioned that the Watchtower has a trust fund that they received from a j.w. inheritance, or something to that effect.

  It is the H.M. Reilly Trust for Watchtower Bible and Tract Society.

  I am unclear about this....

  Can the Watchtower SELL all or part of this Trust anytime they want to?

  If so, then there's no excuse for them to have it.

  If this is the case, it shows that the Watchtower Society is hypocrytical, and want to keep the stock for investment, even though they instruct J.W.'s NOT to buy any stock that is against the teachings of the Watchtower Society.

  Does anyone here know for sure that the stock could be sold off at any time, and is their any law or documentation that is written for proof of this?

  Hubert
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  jstalin

  Depends on how the trust is structured. Most likely, the trust has an independent trustee whose job is to ensure the assets are maintained and that any income then goes to WT. WT would have no control over the trust, just be the beneficiary of its income. A beneficiary of a trust generally has no control over the trust's assets. However, if they are aware that the income they are receiving comes from and "evil" source, it is within their right to refuse the income.
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  hubert

  Thanks, jstalin, That clears up some of my fogyness. (spelling)

  As in the case of Watchtower / Philip Morris tobacco stock, would you know if they can sell it off? or how we would know if they refused the money, without calling the broker?

  By the way is the broker H.M. Riley, or is this the guy that kicked off and left the stock to the Watchtower?

  Hubert
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  jstalin

  The entire tax return isn't there, so it's hard to say exactly where all the income comes from, but the attachment that was scanned shows clearly that MO (philip morris/altria) stock is owned in the trust. Watchtower likely has no control over the trust. The trust was probably set up by someone about to kick the bucket who decided to transfer a bunch of assets to it, and the beneficiary is Watchtower.

  A trust is not "owned" by anyone. A trustee (the bank, according to that tax return) oversees the assets of the trust and ensures that the wishes of the trust grantor or the trust document are carried out. Watchtower has no say over the assets of the trust, but they certainly should be aware of where the income from the trust is coming from (MO). It basically sits there forever and any dividend, royalty, etc income is distributed by the trustee to Watchtower. Again, Watchtower has every right to refuse the income from Evil Big Tobacco.
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  hubert

  jstalin,

  I understand it totally now, thanks to you.

  Hubert