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Frequently Asked Questions

  • Someone suggested that I get a bank managed Trust. What do you suggest?

    If you give any bank control of a Trust, they take full control and you are left out! Bankers love the get their hands on large trust accounts so they can convert them for the use of the bank and the beneficiaries get nothing. They like to scare people into thinking there is liability in Trust management so they may gain control of their asset and funds.


    We have seen this may times in NY and people with means became poor and unable to access anything. All transactions in Spendthrift Trusts are private and not public information unless you wish to make it so. I would never put anyone in a position as they suggest. You determine if  you want others to manage you and your family.

  • The name on my IRS Letter with the EIN number and the name of my Trust do not match. One has “Spendthrift Trust” and the other just “Trust.” Do I have to file a name change with the IRS?

    No, the Trust may do business or open any account in all or any part of the name.

  • Can a non-citizen Settlor create a Spendthrift Trust, or must they have an ITIN number?

    No foreign id numbers may be presented to gain an EIN number for a Trust. If a foreigner is the Settlor of a Trust, they must provide an SSN, an ITIN, or EIN number registered with the IRS.  For more about this, check out: http://www.irs.gov/Individuals/International-Taxpayers/Taxpayer-Identification-Numbers-TIN

  • We have a Settlor who are unwilling to have their SSN number associated with the Trust EIN number. Does this mean that the Trustee should find a different Settlor, or can the Trustee apply for the EIN number?

    The Settlor or Creator of a Trust must give a SSN or EIN period. However, a Settlor who provides their SSN for the EIN is assured that they have no tax consequences where the Trust is concerned. Therefore, they should be willing to present it for the EIN number.

  • Can a beneficiary witness the signatures of Trustees, etc on documentation pertaining to operating the Trust?

    No! Under no circumstances!

  • If I take $10 million of Trust assets at build a business developing, manufacturing and selling “a better mousetrap,” is the income from that business taxable for the Trust?

    A business trust is required to be a pass through and must disburse its earnings. If it endows a second trust, then the profits may be passed through without tax events.

  • If I take $5 million of Trust assets and invest in apartment houses, is the rental income considered taxable income?

    No.

  • If I invest $1 million of Trust assets in Euros and turn a profit of 10% is that taxable income for the Trust?

    No.

  • Has our Spendthrift Trust ever been challenged by the government and was it successful?

    Trust Law is not subject to any Federal, State or Local court and no judge or court may issue a turnover order against a Spendthrift Trust. The Spendthrift Trust is sold by a licensed attorney as a legal document and the Spendthrift Trust is created for the client by the Attorney unlike others who sell illegal documents or trusts who are not licensed lawyers. The IRS examined our Spendthrift Trust for compliance and a past District Director purchased one for himself. We have prosecuted vigorously those who have infringed on our Copyrighted Trust and prevailed in Federal court each time even when the defendants claimed invalid, it was found valid. The Federal cases are sealed.

  • Can a provision be written into the Trust stating that only a blood relative be qualified to hold the position of Trustee or Compliance Overseer of the Y Generation Trust during its entire existence? Does it need to be added with Trust initiation?

    Not needed; the named successor is the key here.

  • Are there any potential issues with a Trustee or Compliance Overseer residing in a Trust owned property full time?

    No.

  • Is it best for the trustee or the Compliance Overseer to be paid a salary and the best frequency?

    Salaries are optional and can be paid.

  • Is the Trustee and Compliance Overseer considered an employee or Contracted by the trust?

    No.

  • Do I have to place everything into the trust that I presently own all at once, or can I capitalize items at the time of my choosing?

    Your choosing.

  • Does a “Beneficiary” pay rent while living in a Trust property?

    No.

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