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Irrevocable Trust leader:Top 10 Reasons Why Ultra Trust®

Posted on: June 21, 2021 at 4:04 am, in

Irrevocable Trust Leader: Top 10 Reasons Ultra Trust® offers Superior peace-of-mind

The top ten reasons why we offer Superior:
  1. Statutory Basis. The Ultra Trust® irrevocable trust is supported by state and federal statutes all across the U.S. Laws supporting the Ultra Trust®.
  2. Trust Flexibility. The terms, conditions, and beneficiaries of the Ultra Trust® can be changed, and the assets can be returned to you without any cost or tax effect, at any time.
  3. Asset-Type Flexibility. When executed correctly, the Ultra Trust® can protect any asset type including real estate, investments, S-Corp, LLC, and C-Corp’s, in any state, from any type of liability
  4. Supporting Case Law. The Ultra Trust® is proven by a number of court cases across the U.S. at the State, Federal, and Bankruptcy court level. Laws supporting the Ultra Trust®.
  5. Privacy. The Ultra Trust® repositions assets from your personal ownership and from any disclosure of your personal assets. It is a private agreement and it cannot be “discovered” through any public record.
  6. Set-up Timeline. The Ultra Trust® can be set up quickly and requires no appraisals, no gift taxes, no extra tax returns, and no ongoing maintenance.
  7. Tax Affect. You can reposition any asset into the Ultra Trust® without any tax consequences. The Ultra Trust® will have no affect on your income taxes, but will eliminate estate tax. We can coordinate with your CPA to be sure they agree with the tax treatment.
  8. Ethical Foundation. The Ultra Trust® should be done in advance of a problem for the purpose of providing security for your family in the event of currently unforeseen liabilities. We do not endorse or facilitate fraud or fraudulent conveyance of any kind.
  9. Price. The Ultra Trust® comes at a better price and with lower ongoing fees than similar plans. With the Ultra Trust® there are no recurring annual fees to Estate Street Partners associated with the Ultra Trust® what-so-ever.
  10. Design and Support. Rocco teaches attorneys and CPA about asset protection though an annual seminar in the Boston area. We have designed asset protection trusts for countless clients and have seen many of them tested in court. Because the concept of the Ultra Trust® is the best in the industry, we are often asked by other attorney’s across the country to prepare the Ultra Trust® for their clients. The Ultra Trust® is sophisticated enough for clients with over $75 million, while simple and affordable enough for those with under $100,000. We customize your documents to your specific situation, and we are available to provide ongoing support for years subsequent to your set-up.
If you would like to receive a detailed explanation and a diagram of the Ultra Trust®, please call us at (888) 938-5872 or email us:
[email-obfuscate email=”” link_title=”Email Rocco Beatrice” class=”email_obfuscate_class” tag_title=”Question from UltraTrust.com”]

Notable Facts about our Ultra Trusts:

“Ultra Trust”® is a name that we made up to describe our strongest asset protection trust. No one else provides a trust with support as strong as this. //en.wikipedia.org/wiki/Ultra_trust
Our Ultra Trust® have been tested in lawsuits, bankruptcy, and IRS audits. None have EVER failed to protect the trust assets so far in 31 years.

Being the Trustee of Your Own Trust

Posted on: June 21, 2021 at 4:02 am, in

What do you mean, I Shouldn’t be the Trustee of “my own” Irrevocable Trust? Have no discretion as the trustee with regard to trust asset distributions.

Being trustee of your own trust can undo what the purpose of the irrevocable trust should be doing; this is, protecting your assets. We understand the confusion. Some lawyer told you that you could be your “own trustee.” At Estate Street Partners, although we will honor your wishes in the end, we strongly believe and advise in the safest option, period.

Being “Your Own” Trustee

First, let’s take a look at why we believe that you should not be your own trustee. While you, as the grantor, may technically be allowed to serve as the trustee of your UltraTrust irrevocable trust, you may end up in a precarious situation. If you have any discretion, as the trustee, with trust asset distributions, these assets may be included in your estate for tax, Medicaid, bankruptcy, debt collection and other purposes.
The key here is: “any discretion.” As a trustee, you need to have a lot of discretion to manage the assets of the trust. If any of those discretions are types that cause the court or government agency to claim that you have discretion to distribute assets in such a way that would benefit you, at the very least you will have to pay a lawyer a lot of money to defend you. Estate Street Partners would rather see you relaxing on a beach than stressing in a court room.
Here is an example of the difficulties when a grantor merely “can become” the trustee:

Estate of McTighe v. Comm’r, 36 T.C.M. 1655 (1977).

Fred set up some irrevocable trusts for his sons. When Fred died, the IRS attempted to tax the money left in the trust. The trust challenged the IRS in court. The IRS argued that since Fred had left himself the power to appoint himself the trustee, that he had sufficient control over the trust and should therefore be taxed on it. The trust argued that he never was the trustee and therefore the assets should not be taxed. The IRS won the case because the power to appoint himself as trustee gave him enough control over the trust to keep it in his estate.
Here is an example of very little discretion:

Estate of Farrel v. U.S., 553 F.2d 637 (Ct. Cl. 1977).

Marian set up an irrevocable trust and funded it. She wrote into her trust documents the ability to “fill in” as trustee whenever there was a gap in trustees (i.e. a trustee death or resignation). Otherwise, she could not fill in as trustee. Twice, there was a gap in trustees during Marian’s lifetime, but neither time did she assume the role of trustee, but rather appointed someone else. When Marian died, the IRS imposed a tax based on the amount in the trust. The trust appealed and lost as Marian still had a “thread” attached to the trust.
As you can see, being the trustee of your own trust is a quagmire that can potentially eliminate the advantages of an irrevocable trust. We would like you to reap the full benefits of the UltraTrust irrevocable trust and therefore kindly encourage you to elect a trusted non-family member as a trustee.