Briefly describe what is a trust.
Now I would like to talk to you about, what is a trust. A trust, no matter what type – irrevocable trust, revocable trust, grantor trust, non-grantor trust – is really nothing more than a contract between you and someone else. If there is a contract between you and I, we can sit down and decide you’re going to do this, you’re going to do that. Therefore, an Ultra Trust® is nothing more than a private contract between you, the person with the money, and your trustee. The trustee is the person who manages the money on behalf of your beneficiaries (i.e. your heir or your children). And the beneficiaries can be you, your wife, your children, anyone you wish, your girlfriend, boyfriend, dog, cat, whatever. It’s whomever you desire.
Continue to read part 4 of 11 on the Ultra Trust® benefits as one of the best irrevocable trust plans for asset protection here: Ultra Trust® Asset Protection Plan
- Part 1 – Estate Street Partners
- Part 2 – What is the Ultra Trust®?
- Part 4 – Asset Protection Plan
- Part 5 – Asset Protection Eligible Assets
- Part 6 – Irrevocable Trust Tax Benefits
- Part 7 – What is Probate?
- Part 8 – What is Estate Tax?
- Part 9 – Medicaid Spend Down Rules
- Part 10 – What is the Ultra Trust®?
- Part 11 – Irrevocable Trust Benefits
Rocco Beatrice, CPA, MST, MBA, Managing Director, Estate Street Partners, LLC.
Mr. Beatrice is an asset protection award winning trust and estate planning expert.
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