Bulletproof Trust Secrets
The Assets Have UCC-1 / Prior Judgement / Lien Against Them - How Can They Be Protected
One cannot transfer assets that have a prior lien, judgement or UCC-1 filed against them; however, the equity can be exchanged for Capital Interest Certificates. Then when assets of any value are required to be declared, the Capital Interest ...
Does The Trust Bank Account Need To Be A Personal or Business Account
One does not need a business account for the trust except when building corporate credit. What matters is that the account is non-interest bearing.
How Are Capital Interest Certificates & Beneficial Interest Certificates Paid Out When Trust Ends / Vests
Capital Interest Certificates (CIC) are paid to owners when trust vests BEFORE Beneficial Interest Certificates (BIC) are exchanged. An account will probably be required to determine amount of assets, divided between CIC and BIC holders. CIC holders ...
What's The Difference Between Capital Interest Certificates & Beneficial Interest Certificates
Capital Interest Certificates (CIC) are issued based on an exchange (outside funding) going into the trust res - think of it like a stock. Beneficial Interest Certificates (BIC) are issued based on the Board of Trustees decisions and the trust ...
Rule Against Perpetuities: What Happens After 21 Years When The Trust Vests
So as not to violate the rule against perpetuities a trust must vest within 21 years after the lifetimes of those living at the time of creation of the interest. In other words, a trust must close 21 years after the last named beneficiary who was ...
Can A Trust Have Just 1 Beneficiary
Yes, a trust can have one beneficiary. But if just a single beneficiary, it cannot be anyone who is administrating the trust.
What's The Difference Between "IN" and "AT"
IN is a general term (e.g. let's meet IN the area). AT is a specific term (e.g. let's meet AT the restaurant).
Does Protector Trustee Hold A Position on Board of Trustees
No, they are available to break voting locks and to protect the trust from a negligent or malicious trustee.
Does A Protector Trustee Require Voting
There is no voting for protector IF there are no other trustees on the board at time of election. If there are 2 or more trustees, a vote is required. NOTE: Use the Appointment of Additional Trustee form and simply specify their office in the ...
What Does "RES" Mean In Trust Res
Trust property is also known as the “trust res” or “corpus.”
Can Court Subpoena Trustee To Show Trust Minutes
Yes, but the subpoena occurs due to evidence that minutes contain elements crucial for deciding the case. The trustee may also disclose trust information if it will exonerate the trust and its trustees. Whether trust information (e.g. trust minutes, ...
Does A Trustee Have To Participate In Trust Affairs
All trustees must participate in trust affairs unless they are absent for some reason. This absence typically cannot extend beyond a certain period, depending on each individual state or trust indenture bylaws.
Is It A Good Idea to Open Additional Trust Accounts While At The Bank
Yes, open any additional accounts while at the bank. Opening additional accounts will take an extra 20-30 minutes compared to 2-3 hours if one came back another day.
What Papers / Documents Are Needed To Open The Bank Account
All one must typically take to the bank is the Trust Indenture and personal identification(s). If an agent, who is not a trustee, is opening a bank account on one's behalf, they will need the notarized Letter of Banking Authorization. NOTE: They may ...
Can Head Trustee Be 100% Holder of Capital Interest Certificates
Yes, anyone can own 100% of the Capital Interest Certificates; further, more can always be issued.
How To Find & Replace Terms in Document
Use the FIND & REPLACE feature found in most word processor programs. For PCTo use Find and Replace, use the shortcut (CTRL + H) or navigate to Editing in the Home tab of the ribbon, then choose Replace. For Mac Click in the toolbar, then choose Show ...
How Should a IRA & Roth IRA Be Handled
IRAs can remain in a personal name. Even if the IRA is within the trust's name it will incur early withdrawal fees. If one still desires to place the IRA in the trust's name, just ask the IRA management to change the name on the account to that of ...
Which Trusts Must File A Tax Return
WE CANNOT ANSWER THAT. The most important factor is whether or not lawful money was redeemed. All trusts which have income over the IRS minimum trust filing requirement (e.g. $600), will result in filing a tax return. If one has not redeemed in ...
Is Vehicle Trust Required To Have A Bank Account
Yes, almost certainly. Unless one can afford private insurance (~$25,000 deposit in mutual trust with Secretary of State), public insurance is required. The insurance company will legally require the payments (check, wire, credit card) be in the name ...
Where Should Public Assets (Accounts, Stocks, Bonds) Be Held
Funds in the public realm are typically held in an Operating Trust, which is a public entity itself. Further, one can have multiple Operating Trusts.
Best Method to Distribute Funds to Outside Companies
Any method of distribution (wire, check, cash) is acceptable when transferring funds to an outside party. Verify the outside company accepts the form of payment to be used.
Should Firearms Go Into Their Own Separate Trust
Yes, a separate trust created just for holding firearms is a great idea. Guns and vehicles are the deadliest and lawsuit heavy assets anyone can own. All weapons can go into a standard Bulletproof Trust, setup as an Operating Trust. It is a good idea ...
What Does A Surety Trust Do - Is It Needed
No it is not required. Surety trusts provide a limited liability form of private insurance. This type of insurance is typically used by the extremely wealthy with many physical assets to protect. No asset goes into a Surety Trust, it simply holds a ...
When "Trust A" Serves on "Trust B's" Board of Trustees - Who Votes from Trust A
The entire Board of Trustees of "Trust A" votes on behalf of a trust serving on another trust. Alternatively, the Board of Trustees can have a vote for a chosen representative that may vote on their behalf.
Should An Operating Trust Be Trustee for Master Trust or Other Trusts
That would be dangerous. The Operating Trust, being a public entity, could potentially enter into public contracts that expose the Master Trust.
Can Operating Trust Take Place of C-Corp, LLC or S-Corp
Yes, Operating Trusts can take the place of a C-Corp, S-Corp or an LLC in a trust web structure, and vice-versa.
With 2 or 4 Trustees - Is Protector Trustee A Tie-Breaker
Yes, a protector can break voting locks.
Does The Abbreviation "TR" Take The Place When Writing "TRUST"
The IRS is typically the entity that uses the abbreviation "TR" for "TRUST" and this is ok for their system; however, in all future applications or documents fully write out "TRUST" when giving the entity's name.
Can The Two Witnesses For The Trust Indenture Be Trustees
No. They must be non-parties to the trust in every way. They cannot be trustees, grantors, beneficiaries, successor trustees, etc.
Do Successor Trustees Have A Position or Title
No, they are simply named Successor Trustee. If so desired, the office of a Trustee they will replace can be named within their Successor Trustee Appointment form (e.g. Successor Trustee will take office of Executive Trustee upon appointment).
How Does One Put Their Body Into The Trust
Simply exchange the "body, blood, DNA, etc." into the trust for a Capital Interest Certificate and make note of the property in Schedule A. One can decide to place multiple people within a single trust OR create a trust for each individual.
What Documents To Take To The Bank
Just the trust indenture. Do not take the Schedules.
Bank Denial For Opening A Trust Account
One may need to try the same bank but a different branch. Most students don't have issues, but everyone has opened a trust account after a 2-3 tries. It all depends on the attorney's interpretation of the trust indenture.
What Should The Trust Seal Look Like & Have On It
The trust seal should be simple. There are no mandatory words that need be written on the stamp, although we suggest something like "Private Express Trust Seal". Typically a circular stamp is used, but it can be any shape desired. NOTE: Trustee ...
Is A Corporation Necessary (or) Is An Operating Trust Better Than A C-Corp
A C-Corp is not necessary, but serves in lieu of an Operating Trust. A C-Corp is highly recommended for students with a business that earns $100,000+ a year. The upsides to a C-Corp is the ability to have a CPA file any taxes that may occur for a ...
If A Bank Account Is Under The Monthly Minimum and Incurs A Fee - Is That A Benefit
Yes it is. While this won't greatly affect the trust's bank account, it is highly suggested that no benefits are incurred and the monthly minimum deposit amount is met every month!
Does The Trust Need A Phone Number
Only if one is obtaining corporate credit with the trust; otherwise, it is not necessary.
What Is A Successor Trustee
A Successor Trustee is the person responsible for administering the trust after its Grantor either passes away or becomes “Incapacitated” – that is, unable to administer the trust for themselves.
Bulletproof Trust FAQ Workshop
We have a workshop that answers many questions regarding the trust and discusses them in detail, both in video/audio and written (see below video): https://privatewealth.academy/bulletproof-trust-faq-webinar
14.02 Has A Reference [TRUSTEE'S NAME] - Does One Replace That
No. The reasons it does not have a replaceable term in the Table of Replaceable Terms is because it is shown as an example for all future trustees to follow.
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