Receipt of Schedule of Beneficiaries

Receipt of Schedule of Beneficiaries (Not to be recorded)

I, the undersigned, hereby certify that I am one of the Trustees under said Declaration of Trust and that the attached Schedule of Beneficiaries has been filed with me this ______day of ______, 20______.

______Name:

Caveats

If there are multiple beneficiaries, there is some question that they may be taxed as an “association” (corporation) for which no tax pass-through treatment is available. For that reason and for clarification of the relationship between the parties, if there is more that one proposed beneficiary, it is strongly recommended that a written agreement be made among the proposed beneficiaries dealing with such matters as how decisions (including tax elections) are to be made, profits and losses allocated, capital contributions required, etc., and creating a single Beneficiary. For example, A and B would create A-B Partnership, pursuant to agreement dated ______, 20____, which Partnership would hold 100% of the Beneficial Interest.

To minimize possible tax issues, the Trustees should only act upon direction of the Beneficiaries, only hold bare legal title, and have bank accounts in the name of the Beneficiaries, not in the name of the Trust or Trustees. Changes in the form of trust may have tax implications.

For tax classification, see Treas. Reg. S.301.7701.

To avoid a possible gap in the Trustees of record, more than one Trustee should be named in the Trust.

Although a grant from the Trustees of a nominee trust may give good record title, the nature of the Beneficiaries may cause off-record defects, if, for example, a beneficiary is a minor, a corporation selling all or substantially all of its Massachusetts assets, or a personal representative of an estate subject to estate tax liens.

Notwithstanding Paragraphs 2.2 and 4.4 of the Trust and the agreements of the Beneficiaries in the Schedule of Beneficiaries, there may be situations in which the Trustees or Beneficiaries may be personally liable and in which the Trustees may not be entitled to indemnification or against which they cannot be indemnified.]

Adopted November 20, 1989