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    21 DIFFERENT TYPES OF TRUSTS

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    Carol
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    21 DIFFERENT TYPES OF TRUSTS

    Post  Carol on Sat Apr 26, 2014 4:14 pm

    21 DIFFERENT TYPES OF TRUSTS

    Trusts go by many different names, depending on the characteristics or the purpose of the trust. Because trusts often have multiple characteristics or purposes, a single trust might accurately be described in several ways. For example, is often an express trust, which is also a _______ and might include an incentive trust, and so forth.


    Constructive trust. Unlike an express trust, a constructive trust is not created by an agreement between a settlor and the trustee. A constructive trust is imposed by the law as an "equitable remedy." This generally occurs due to some wrongdoing, where the wrongdoer has acquired legal title to some property and cannot in good conscience be allowed to benefit from it. A constructive trust is, essentially, a legal fiction. For example, a court of equity recognizing a plaintiff's request for the equitable remedy of a constructive trust may decide that a constructive trust has been created and simply order the person holding the assets to deliver them to the person who rightfully should have them. The constructive trustee is not necessarily the person who is guilty of the wrongdoing, and in practice it is often a bank or similar . The distinction may be finer than the preceding exposition in that there are also said to be two forms of constructive trust, the institutional constructive trust and the remedial constructive trust. The latter is an "equitable remedy" imposed by law being truly remedial; the former arising due to some defect in the transfer of property.

    Directed trust. In these types, a directed trustee is directed by a number of other trust participants in implementing the trust's execution; these participants may include a distribution committee, trust protector, or . The directed trustee's role is administrative which involves following instructions, holding legal title to the trust assets, providing fiduciary and tax accounting, coordinating trust participants and offering dispute resolution among the participants

    Dynasty trust (also known as a generation-skipping trust). A type of trust in which assets are passed down to the grantor's grandchildren, not the grantor's children. The children of the grantor never take title to the assets. This allows the grantor to avoid the estate taxes that would if the assets were transferred to his or her children first. Generation-skipping trusts can still be used to provide financial benefits to a grantor's children, however, because any income generated by the trust's assets can be made accessible to the grantor's children while still leaving the assets in trust for the grandchildren.

    Express trust. An express trust arises where a settlor deliberately and consciously decides to create a trust, over their assets, either now, or upon his or her later death. In these cases this will be achieved by signing a trust instrument, which will either be a will or a trust deed. Almost all trusts dealt with in the trust industry are of this type. They contrast with resulting and constructive trusts. The intention of the parties to create the trust must be shown clearly by their language or conduct. For an express trust to exist, there must be certainty to the objects of the trust and the trust property. In the USA Statute of Frauds provisions require express trusts to be evidenced in writing if the trust property is above a certain value, or is real estate.

    Fixed trust. In a fixed trust, the entitlement of the beneficiaries is fixed by the settlor. The trustee has little or no discretion. Common examples are:

    • a trust for a minor ("to x if she attains 21");
    • a life interest ("to pay the income to x for her lifetime"); and
    • a remainder ("to pay the capital to y after the death of x")


    Hybrid trust. A hybrid trust combines elements of both fixed and discretionary trusts. In a hybrid trust, the trustee must pay a certain amount of the trust property to each beneficiary fixed by the settlor. But the trustee has discretion as to how any remaining trust property, once these fixed amounts have been paid out, is to be paid to the beneficiaries.

    Implied trust. An implied trust, as distinct from an express trust, is created where some of the legal requirements for an express trust are not met, but an intention on behalf of the parties to create a trust can be presumed to exist. A resulting trust may be deemed to be present where a trust instrument is not properly drafted and a portion of the equitable title has not been provided for. In such a case, the law may raise a resulting trust for the benefit of the grantor (the creator of the trust). In other words, the grantor may be deemed to be a beneficiary of the portion of the equitable title that was not properly provided for in the trust document.

    Incentive trust. A trust that uses distributions from income or principal as an incentive to encourage or discourage certain behaviors on the part of the beneficiary. The term "incentive trust" is sometimes used to distinguish trusts that provide fixed conditions for access to trust funds from discretionary trusts that leave such decisions up to the trustee.

    Inter vivos trust (or living trust). A settlor who is living at the time the trust is established creates an inter vivos trust.

    Irrevocable trust. In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in rare cases, a court may change the terms of the trust due to unexpected changes in circumstances that make the trust uneconomical or unwieldy to administer, under normal circumstances an irrevocable trust may not be changed by the trustee or the beneficiaries of the trust.

    Offshore trust. Strictly speaking, an offshore trust is a trust which is resident in any jurisdiction other than that in which the settlor is resident. However, the term is more commonly used to describe a trust in one of the jurisdictions known as offshore financial centers or, colloquially, as tax havens. Offshore trusts are usually conceptually similar to onshore trusts in common law countries, but usually with legislative modifications to make them more commercially attractive by abolishing or modifying certain common law restrictions. By extension, "onshore trust" has come to mean any trust resident in a high-tax jurisdiction.

    Personal injury trust. A personal injury trust is any form of trust where funds are held by trustees for the benefit of a person who has suffered an injury and funded exclusively by funds derived from payments made in consequence of that injury.

    Private and public trusts. A private trust has one or more particular individuals as its beneficiary. By contrast, a public trust (also called a charitable trust) has some charitable end as its beneficiary. In order to qualify as a charitable trust, the trust must have as its object certain purposes such as alleviating poverty, providing education, carrying out some religious purpose, etc. The permissible objects are generally set out in legislation, but objects not explicitly set out may also be an object of a charitable trust, by analogy. Charitable trusts are entitled to special treatment under the law of trusts and also the law of taxation.

    Protective trust. Here the terminology is different between the UK and the USA:
    In the UK, a protective trust is a life interest which terminates on the happening of a specified event such as the bankruptcy of the beneficiary or any attempt by him to dispose of his interest. They have become comparatively rare.

    In the USA, a protective trust is a type of trust that was devised for use in estate planning. (In another jurisdiction this might be thought of as one type of asset protection trust.) Often a person, A, wishes to leave property to another person B. A however fears that the property might be claimed by creditors before A dies, and that therefore B would receive none of it. Acould establish a trust with B as the beneficiary, but then A would not be entitled to use of the property before they died. Protective trusts were developed as a solution to this situation. A would establish a trust with both A and B as beneficiaries, with the trustee instructed to allow A use of the property until they died, and thereafter to allow its use to B. The property is then safe from being claimed by A's creditors, at least so long as the debt was entered into after the trust's establishment. This use of trusts is similar to life estates and remainders, and are frequently used as alternatives to them.

    Purpose trust. Or, more accurately, non-charitable purpose trust (all charitable trusts are purpose trusts). Generally, the law does not permit non-charitable purpose trusts outside of certain anomalous exceptions which arose under the eighteenth century common law (and, arguable, Quistclose trusts). Certain jurisdictions (principally, offshore jurisdictions) have enacted legislation validating non-charitable purpose trusts generally.

    Resulting trust. A resulting trust is a form of implied trust which occurs where (1) a trust fails, wholly or in part, as a result of which the settlor becomes entitled to the assets; or (2) a voluntary payment is made by A to B in circumstances which do not suggest gifting. B becomes the resulting trustee of A's payment.

    Revocable trust. A trust of this kind may be amended, altered or revoked by its settlor at any time, provided the settlor is not mentally incapacitated. Revocable trusts are becoming increasingly common in the US as a substitute for a will to minimize administrative costs associated with probate and to provide centralized administration of a person's final affairs after death.

    Secret trust. A post mortem trust constituted externally from a will but imposing obligations as a trustee on one, or more, legatees of a will.

    Simple trust.
    In the US jurisdiction this has two distinct meanings:

    1) In a simple trust the trustee has no active duty beyond conveying the property to the beneficiary at some future time determined by the trust. This is also called a bare trust. All other trusts are special trusts where the trustee has active duties beyond this.
    2) A simple trust in Federal income tax law is one in which, under the terms of the trust document, all net income must be distributed on an annual basis.

    In the UK a bare or simple trust is one where the beneficiary has an immediate and absolute right to both the capital and income held in the trust. Bare trusts are commonly used to transfer assets to minors. Trustees hold the assets on trust until the beneficiary is 18 in England and Wales, or 16 in Scotland.[17]

    Special trust. In the US, a special trust, also called complex trust, contrasts with a simple trust (see above). It does not require the income be paid out within the subject tax year. The funds from a complex trust can also be used to donate to a charity or for charitable purposes.

    Special Power of Appointment trust (SPA Trust). A trust implementing a special power of appointment to provide asset protection features


    _________________
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    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
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    Re: 21 DIFFERENT TYPES OF TRUSTS

    Post  Carol on Sat Apr 26, 2014 4:38 pm

    Attorneys to set up Trusts for Asset Protection
    Here is a valuable site to find attorneys to setup Trusts for asset protection. This is just a good start to search but everyone is responsible for interviewing your own attorney.

    http://www.actec.org

    The American College of Trust and Estate Counsel (ACTEC) is a nonprofit association of lawyers established in 1949. Its members are elected to the College by demonstrating the highest level of integrity, commitment to the profession, competence and experience as trust and estate counselors.

    All ACTEC members have made substantial contributions to the field of trusts and estates law through writing, teaching and bar leadership activities. The members work together in a collegial manner to

    • Enhance their ability to provide the most efficient and highest quality services to their clients;

    • Develop qualified trust and estate counselors;

    • Improve and reform probate, trust and tax laws, procedures, and standards of professional responsibility; and

    • Cooperate with bar associations and other organizations with similar missions.

    ACTEC members advise clients or teach in one or more of the following areas: planning for the orderly and tax efficient transfer of wealth during life and after death and preparing all related estate planning documents; administering trusts, decedent's estates, guardianships, conservatorships and other family entities; planning for incapacity and elder concerns; planning for employee benefits; Planning charitable gifts and advising exempt organizations; and handling tax controversy and fiduciary litigation.

    Membership in ACTEC is by election of the regents of the College. Individual lawyers meeting the criteria for membership are nominated for membership by fellows of the College, and subjected to careful review by both state and national membership selection committees, prior to consideration by the regents of the College. Applications for membership by members of the bar are not accepted by the College.


    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
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    Carol
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    Re: 21 DIFFERENT TYPES OF TRUSTS

    Post  Carol on Sat Apr 26, 2014 6:07 pm

    Trusts go by many different names, depending on the characteristics or the purpose of the trust. Because trusts often have multiple characteristics or purposes, a single trust might accurately be described in several ways. For example, is often an express trust, which is also a , and might include an incentive trust, and so forth.

    21 DIFFERENT TYPES OF TRUSTS

    Constructive trust: Unlike an express trust, a constructive trust is not created by an agreement between a settlor and the trustee. A constructive trust is imposed by the law as an "equitable remedy." This generally occurs due to some wrongdoing, where the wrongdoer has acquired legal title to some property and cannot in good conscience be allowed to benefit from it. A constructive trust is, essentially, a legal fiction. For example, a court of equity recognizing a plaintiff's request for the equitable remedy of a constructive trust may decide that a constructive trust has been created and simply order the person holding the assets to deliver them to the person who rightfully should have them. The constructive trustee is not necessarily the person who is guilty of the wrongdoing, and in practice it is often a bank or similar . The distinction may be finer than the preceding exposition in that there are also said to be two forms of constructive trust, the institutional constructive trust and the remedial constructive trust. The latter is an "equitable remedy" imposed by law being truly remedial; the former arising due to some defect in the transfer of property.

    Directed trust: In these types, a directed trustee is directed by a number of other trust participants in implementing the trust's execution; these participants may include a distribution committee, trust protector, or . The directed trustee's role is administrative which involves following instructions, holding legal title to the trust assets, providing fiduciary and tax accounting, coordinating trust participants and offering dispute resolution among the participants

    Dynasty trust (also known as a generation-skipping trust): A type of trust in which assets are passed down to the grantor's grandchildren, not the grantor's children. The children of the grantor never take title to the assets. This allows the grantor to avoid the estate taxes that would if the assets were transferred to his or her children first. Generation-skipping trusts can still be used to provide financial benefits to a grantor's children, however, because any income generated by the trust's assets can be made accessible to the grantor's children while still leaving the assets in trust for the grandchildren.

    Express trust: An express trust arises where a settlor deliberately and consciously decides to create a trust, over their assets, either now, or upon his or her later death. In these cases this will be achieved by signing a trust instrument, which will either be a will or a trust deed. Almost all trusts dealt with in the trust industry are of this type. They contrast with resulting and constructive trusts. The intention of the parties to create the trust must be shown clearly by their language or conduct. For an express trust to exist, there must be certainty to the objects of the trust and the trust property. In the USA Statute of Frauds provisions require express trusts to be evidenced in writing if the trust property is above a certain value, or is real estate.

    Fixed trust: In a fixed trust, the entitlement of the beneficiaries is fixed by the settlor. The trustee has little or no discretion.

    Common examples are:
    a trust for a minor ("to x if she attains 21");
    a life interest ("to pay the income to x for her lifetime"); and
    a remainder ("to pay the capital to y after the death of x")

    Hybrid trust: A hybrid trust combines elements of both fixed and discretionary trusts. In a hybrid trust, the trustee must pay a certain amount of the trust property to each beneficiary fixed by the settlor. But the trustee has discretion as to how any remaining trust property, once these fixed amounts have been paid out, is to be paid to the beneficiaries.

    Implied trust: An implied trust, as distinct from an express trust, is created where some of the legal requirements for an express trust are not met, but an intention on behalf of the parties to create a trust can be presumed to exist. A resulting trust may be deemed to be present where a trust instrument is not properly drafted and a portion of the equitable title has not been provided for. In such a case, the law may raise a resulting trust for the benefit of the grantor (the creator of the trust). In other words, the grantor may be deemed to be a beneficiary of the portion of the equitable title that was not properly provided for in the trust document.

    Incentive trust: A trust that uses distributions from income or principal as an incentive to encourage or discourage certain behaviors on the part of the beneficiary. The term "incentive trust" is sometimes used to distinguish trusts that provide fixed conditions for access to trust funds from discretionary trusts that leave such decisions up to the trustee.

    Inter vivos trust (or living trust): A settlor who is living at the time the trust is established creates an inter vivos trust.

    Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in rare cases, a court may change the terms of the trust due to unexpected changes in circumstances that make the trust uneconomical or unwieldy to administer, under normal circumstances an irrevocable trust may not be changed by the trustee or the beneficiaries of the trust.

    Offshore trust: Strictly speaking, an offshore trust is a trust which is resident in any jurisdiction other than that in which the settlor is resident. However, the term is more commonly used to describe a trust in one of the jurisdictions known as offshore financial centers or, colloquially, as tax havens. Offshore trusts are usually conceptually similar to onshore trusts in common law countries, but usually with legislative modifications to make them more commercially attractive by abolishing or modifying certain common law restrictions. By extension, "onshore trust" has come to mean any trust resident in a high-tax jurisdiction.

    Personal injury trust: A personal injury trust is any form of trust where funds are held by trustees for the benefit of a person who has suffered an injury and funded exclusively by funds derived from payments made in consequence of that injury.

    Private and public trusts: A private trust has one or more particular individuals as its beneficiary. By contrast, a public trust (also called a charitable trust) has some charitable end as its beneficiary. In order to qualify as a charitable trust, the trust must have as its object certain purposes such as alleviating poverty, providing education, carrying out some religious purpose, etc. The permissible objects are generally set out in legislation, but objects not explicitly set out may also be an object of a charitable trust, by analogy. Charitable trusts are entitled to special treatment under the law of trusts and also the law of taxation.

    Protective trust: Here the terminology is different between the UK and the USA:
    In the UK, a protective trust is a life interest which terminates on the happening of a specified event such as the bankruptcy of the beneficiary or any attempt by him to dispose of his interest. They have become comparatively rare.

    In the USA, a protective trust is a type of trust that was devised for use in estate planning. (In another jurisdiction this might be thought of as one type of asset protection trust.) Often a person, A, wishes to leave property to another person B. A however fears that the property might be claimed by creditors before A dies, and that therefore B would receive none of it. Acould establish a trust with B as the beneficiary, but then A would not be entitled to use of the property before they died. Protective trusts were developed as a solution to this situation. Awould establish a trust with both A and B as beneficiaries, with the trustee instructed to allow A use of the property until they died, and thereafter to allow its use to B. The property is then safe from being claimed by A's creditors, at least so long as the debt was entered into after the trust's establishment. This use of trusts is similar to life estates and remainders, and are frequently used as alternatives to them.

    Purpose trust: Or, more accurately, non-charitable purpose trust (all charitable trusts are purpose trusts). Generally, the law does not permit non-charitable purpose trusts outside of certain anomalous exceptions which arose under the eighteenth century common law (and, arguable, Quistclose trusts). Certain jurisdictions (principally, offshore jurisdictions) have enacted legislation validating non-charitable purpose trusts generally.

    Resulting trust: A resulting trust is a form of implied trust which occurs where (1) a trust fails, wholly or in part, as a result of which the settlor becomes entitled to the assets; or (2) a voluntary payment is made by A to B in circumstances which do not suggest gifting. B becomes the resulting trustee of A's payment.

    Revocable trust: A trust of this kind may be amended, altered or revoked by its settlor at any time, provided the settlor is not mentally incapacitated. Revocable trusts are becoming increasingly common in the US as a substitute for a will to minimize administrative costs associated with probate and to provide centralized administration of a person's final affairs after death.

    Secret trust: A post mortem trust constituted externally from a will but imposing obligations as a trustee on one, or more, legatees of a will.

    Simple trust: In the US jurisdiction this has two distinct meanings:
    In a simple trust the trustee has no active duty beyond conveying the property to the beneficiary at some future time determined by the trust. This is also called a bare trust. All other trusts are special trusts where the trustee has active duties beyond this.
    A simple trust in Federal income tax law is one in which, under the terms of the trust document, all net income must be distributed on an annual basis.

    In the UK a bare or simple trust is one where the beneficiary has an immediate and absolute right to both the capital and income held in the trust. Bare trusts are commonly used to transfer assets to minors. Trustees hold the assets on trust until the beneficiary is 18 in England and Wales, or 16 in Scotland.[17]

    Special trust: In the US, a special trust, also called complex trust, contrasts with a simple trust (see above). It does not require the income be paid out within the subject tax year. The funds from a complex trust can also be used to donate to a charity or for charitable purposes.

    Special Power of Appointment trust (SPA Trust): A trust implementing a special power of appointment to provide asset protection features

    BB&T IRREVOCABLE LIFE INSURANCE TRUSTS & THE POWER OF GIFTING (LINK)

    http://www.bbt.com/bbtdotcom/wealth/advisory-services/wealth-magazine/irrevocable-life-insurance-trusts.page


    BARRON'S TOP WOMEN FINANCIAL ADVISORS 2013
    http://online.barrons.com/report/top-financial-advisors/women/2013


    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
    avatar
    Carol
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    Re: 21 DIFFERENT TYPES OF TRUSTS

    Post  Carol on Sat Apr 26, 2014 6:17 pm

    Now may be a good time to check out the new Obama tax changes for the rich...With that said, there is one recommended estate and gift tax change in the 2013 budget that has not been made before: Eliminate the estate and gift tax savings that can occur through the use of grantor trusts. For an excellent summary of this and all of the other 2013 estate and gift tax budget proposals, refer to Deborah L. Jacobs' article, Obama Declares War On Rich Folks And Wealth Advisors.  

    http://www.forbes.com/sites/deborahljacobs/2012/02/14/obama-declares-war-on-rich-folks-and-wealth-advisors/


    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
    avatar
    Carol
    Admin
    Admin

    Posts : 22561
    Join date : 2010-04-07
    Location : Hawaii

    Re: 21 DIFFERENT TYPES OF TRUSTS

    Post  Carol on Sat Apr 26, 2014 8:57 pm

    Financial team CPS; Tax Attorney - Trust Attorney - wealth manager

    Information for Agency Trust Accounts


    On the website  http://www.thecitizensbank.net/trust-services/agency-accounts


    Read it carefully because it does say the BANK MAKES ALL.......... DECISIONS, including investing..... THE MANAGING ACCOUNT MAKES DECISIONS , NOT THE CUSTODIAL ACCOUNT. 

    Link:
 http://www.fnbfs.com/trust/agency-accounts.asp
 

    http://www.thecitizensbank.net/trust-services/agency-accounts

http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_083.htm

http://www.kisstrust.com/home.htm

http://www.guaranty-bank.com/trust/trust-services/agency-accounts/

http://www.fnbfs.com/trust/agency-accounts.asp

http://www.fnbt.us/asp/products/product_1_4.asp

    Somewhere on this site, someone advised getting certified checks, but I just did a search for "certified checks"; the first hit was Wikipedia ( http://en.wikipedia.org/wiki/Certified_check ), and the 2nd was this ( http://www.credittoday.net/public/1480.cfm ).

    The latter plainly points one to cashiers checks.
 However, cashiers check requires a payee to be printed on the check; THUS there is no break in the privacy trail over the bank counter at issuance, but also knowing that eventually a payee probably has to be written in. It is unclear if a certified check requires a payee name on it to be issued.

    Some Cashier Checks do not have a payee on the check... One can be the remitter but not have the payee on the check.

    One can also draft a Cashiers Check and later remit to oneself for a certain amount.

    http://dictionary.law.com/Default.aspx?selected=163&bold=%7C%7C%7C%7C ..mentions "payee" for cashiers, but not certified, checks.

    It also says that there should be no delays in a payee using a certified check, as the money is, uh, certified as being in the payor's account. It also say that a certified check is more like cash, and therefore more subject to misuse or fraud.  

    One of the things that people might consider on NDA's, is that there is a interesting loophole and as some may know, any legal agreement signed under "DURESS" becomes null and void.

    BVK  Ibom (International bank of meekamui). They are a Christian bank and when their currency RVs it will be the ONLY currency backed solely on Gold. They pay Huge interest rates and are sitting on the second largest gold mine in the world in Papa New Ginea.

    A key point in setting up a trust is get someone else to set it up as the Grantor and they make you the trustee so that is where you place all of your funds, never never never give up control of your assets!

    The grantor gives up all rights to the assets placed into the trust, the Trustee has the control and is not required to follow the instructions of the grantor.

    Google UCC 1-308 and it will provide more info.

    Research STS (Strategic Trust Service) by going to Masters Protection Group. The man's name is Michael Clark. He has the best system of Protection and Privacy available. He has done extensive research and learned how the "Super Wealthy" protect themselves and how one should place all our assets into the Constitutional Trust, then move them into the LLC. Check it out! His fee for the entire package is only $3,850.00; a very low price for such a large value.

    Also check out "http://www.theprotectiongroupllc.com"

    Great trust company, good referral program they have set up with a good offshore company and one gets 10 trusts; written under Wyoming Law for $3000 for all 10; plus customer service; plus additional trusts are $100 each and personal guidance with a tax attorney and trust attorney. Check both recommends out, talk to them, listen to their calls and see which one is the best fit for you.

    Advice on entity structuring from a group of lawyers that have been in this business for a long time out of Salt Lake City.  

    Here's a few notes:

    
- Off-shore protection from taxes is no longer viable, IRS/legal system has locked this out

    
- Revocable trusts offer little to no asset protection anymore.  Only irrevocable trusts offer true asset protection today.   This is a change over the past 10 years.

    
- Trusts are taxed at the maximum tax rate on your first dollar of income (normally, tax rates start low and increase as income increases) so don't put income producing assets in a trust.  Put non-income producing assets in an irrevocable trust and it is well protected.

    
- LLCs, only protect your personal assets when someone sues your business. There is no protection when someone sues you, they can reach in and take your business assets.  So, your only protection from someone suing you is insurance.  

     
- Lawyers that have reasonable experience can reach in and take your assets in a revocable trust fairly easily.  

    
- The LLC play in Nevada (in Nevada, no ownership records are kept/recorded) does not work as a judge can issue a charging order and demand LLC ownership information, if you don't comply you go to jail.

    
- It is still good to get your ownership information off the public record, but the tools provided to lawyers and Private Investigators can fairly quickly find everything about you and what you own.

 If going with Trusts, they must be irrevocable and cannot be changed and they are tax disadvantaged.  So, go with LLCs for income producing assets and irrevocable trusts for non-income producing assets and have a lot of insurance to cover lawsuits that may arise.   One can utilize land trusts for personal asset ownership to keep ones name out of the public record of ownership and not be a target for people wanting to sue.  

    What is a Trust-LINK FOR TRUST DOCUMENTS:
[/b ]http://www.uslegalforms.com/?auslf=unitedwegrow



    May people who have wealth have considered a Trust as a means of protecting or distributing funds they receive.  There are many types of Trusst, some are excellent for specific purposes, before getting a Trust (and there are many types all with different rules) know exactly what you want to achieve.



    Need professional Trust documents?  click here: http://www.uslegalforms.com/?auslf=unitedwegrow



    The law of trusts is voluminous and often complicated, but generally it is concerned with whether a trust has been created, whether it is a public or private trust, whether it is legal, and whether the trustee has lawfully managed the trust and trust property.  A trust may be created for the financial benefit of the person creating the trust, a surviving spouse or minor children, or a charitable purpose. Though a variety of trusts are permitted by law, trust arrangements that are attempts to evade creditors or lawful responsibilities will be declared void by the courts.  

    If wanting to decrease liability and help others a better option is probably the Unincorporated Church/Ministry since it is outside the jurisdiction of government (that's what Un-incorporated means), and it enjoys the separation of Church & State.Trust Defined (noun): "an entity created to hold assets for the benefit of certain persons or entities, with a trustee managing the trust (and often holding title on behalf of the trust).

    Most trusts are founded by the persons (called trustors, settlors and/or donors) who execute a written Declaration of Trust which establishes the trust and spells out the terms and conditions upon which it will be conducted. The Declaration also names the original trustee or trustees, successor trustees, or means to choose future trustees.

    The assets of the trust are usually given to the trust by the creators, although assets may be added by others. During the life of the trust, profits and, sometimes, a portion of the principal (called "corpus") may be distributed to the beneficiaries, and at some time in the future (such as the death of the last trustor or settlor) the remaining assets will be distributed to beneficiaries."

 

    State statutes and court decisions govern the law of trusts. The validity of a trust of real property is determined by the law of the state where the property is located. The law of the state of the permanent residence (domicile) of the settlor frequently governs a trust of Personal Property, but courts also consider a number of factors—such as the intention of the settlor, the state where the settlor lives, the state where the trustee lives, and the location of the trust property—when deciding which state has the greatest interest in regulating the trust property.



    As a general rule, personal property can be held in a trust created orally. Express trusts of real property, however, must be in writing to be enforced. When a person creates a trust in his will, the resulting testamentary trust will be valid only if the will itself conforms to the requirements of state law for wills.

    Some states have adopted all or part of the Uniform Probate Code, which governs both wills and testamentary trusts.

The person who creates the trust is the settlor. The person who holds the property for another's benefit is the trustee. The person who is benefited by the trust is the beneficiary, or cestui que trust.

    The property that comprises the trust is the trust res, corpus, principal, or subject matter. For example, a parent signs over certain stock to a bank to manage for a child, with instructions to give the dividend checks to him each year until he becomes 21 years of age, at which time he is to receive all the stock. The parent is the settlor, the bank is the trustee, the stock is the trust res, and the child is the beneficiary.



    A fiduciary relationship exists in the law of trusts whenever the settlor relies on the trustee and places special confidence in her. The trustee must act in Good Faith with strict honesty and due regard to protect and serve the interests of the beneficiaries. The trustee also has a fiduciary relationship with the beneficiaries of the trust.



    A trustee takes legal title to the trust res, which means that the trustee's interest in the property appears to be one of complete ownership and possession, but the trustee does not have the right to receive any benefits from the property. The right to benefit from the property, known as equitable title, belongs to the beneficiary.



    The terms of the trust are the duties and powers of the trustee and the rights of the beneficiary conferred by the settlor when he created the trust.

 Within this section of the United WE Grow website you will find information on different types of Trust.

    The main thing to know is that there are still tax liabilities upon foreign currency exchange when using a Trust, after exchange a Trust may be useful, especially for leaving wealth to others upon one's demise, for charitable purposes, or providing


    Last edited by Carol on Mon Apr 28, 2014 11:04 am; edited 1 time in total


    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
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    Carol
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    Re: 21 DIFFERENT TYPES OF TRUSTS

    Post  Carol on Mon Apr 28, 2014 10:57 am

    IRS Form 1041 for Federal Common Law Trusts
    This is a plan that can minimize the taxes inside the trust. Trusts make money on the profits they generate. Exchanging inside the trust is not income - plus one can pass profits onto the beneficiary, just like distributing your profits to the stake holders in a corporation.

    Make the Family Trust beneficiary of the Business Trust; and the Charitable Trust is beneficiary of Family Trust.

    Once the funds passes to the Charitable Trust, then one can distribute funds to the to the Private Family Foundation. One needs to have all the 3 components of the trust structure in place. Can't do this if you just have one trust.

    Each trust costs about 2k
    10 days to get them all completed.

    Tony Franklin’s conference call goes through the structure.

    It is Federal, Common law, not statutory
    530 881-1499, pin 850406#

    In 1933 when the politicians developed the 1040 tax form, they developed the 1041 for themselves. Every time the Money Masters make a law to tax us, they make rule that gives them another path to save money on their own personal taxes.

    Every heard of a IRS Form1041? This is the form you file for your Trusts.

    Go to irs.gov and search for it and print it out, only 2 pages
    Yes.  Common law trust are international, recognized by the Hague

    If my trust is holding a piece of real estate and it goes up in value, do I pay taxes on it?  No, there is no tax until you sell and realize a gain.

    You can do anything with a trust that you can do with an LLC, but with less paperwork and no prying eyes.

    All 3 trusts can hold the dinar currency.

    LLCs are permission based, you have to go thru the state, Common Law Trust, you do not.

    Remember when Romney was running for President they were pressuring him and Rand Paul and others to release their tax returns...

    Why? Because they were common law trusts, 1041, you and I file 1040, and give up all our power.

    http://www.irs.gov/pub/irs-pdf/i1041sd.pdf

    https://www.google.com/#q=IRS+1041


    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol

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    Re: 21 DIFFERENT TYPES OF TRUSTS

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