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Trusts and limited liability companies (LLCs) are both legal vehicles that can be used to protect assets. Both are also created at the state level but they have different features and different uses.
If a trust is part of your estate plan, your assets will need to be transferred into it at some point. Most of the time, this is a fairly simple process that requires nothing more than listing the ...
A trust can turn non-taxed accounts into taxable ones. However, you can make the trust itself the beneficiary, so that these accounts pass directly to your trustees without an IRS agent crashing ...
The Beneficial Ownership Data Standard (BODS) has been developed to serve as a conceptual and practical framework for collecting and publishing beneficial ownership data, and enabling the resulting data to be interoperable, more easily reused, and higher quality. A beneficial owner of a Company must be an individual at all times.
A nominee trust is a legal arrangement whereby a person, termed the settlor, appoints another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property. [1] Although the legal title is transferred to the nominee, the beneficial ownership of the property is transferred to a third person, termed the ...
An Ultra Trust is a legal entity with special provisions, benefits, and limitations created and drafted by an attorney who has expertise in debtor—creditor law, income tax law, gift tax law, estate tax law, as well as trust law. The purpose of an Ultra Trust is to reposition assets from a person's legal ownership to limit one's exposure to ...
When the trust owner dies, the trustee can transfer property out of the trust by using a quitclaim or grant deed transferring ownership of the property to the beneficiary. Here are details on the ...
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal