- Joined
- May 17, 2021
Is a 'trust' in the United States the same as an 'LLC' though?I know I'm a few days behind in this thread (but trying to catch up). I just saw your message and wanted to respond. Yes, that's absolutely possible. In fact, that's the exact situation my family has. My parents created a family trust when they did their estate planning. My house and all my tangible assets are technically owned by that trust, but they are mine, free and clear. There's just legal separation there, and it came in handy during my divorce because nothing of mine was touchable in terms of splitting assets because on paper I look like I own absolutely nothing because it's all held in ownership by the trust. My ex did try to sue my parents and the trust to force the sale of my home so that he could get access to a large lump sump from the equity, but he failed miserably. I'm not a trust fund brat like Nick primarily because I find the notion of living off my parents absolutely disgusting, but I did embrace the benefits of the trust in protecting my assets and do to this day. I largely opted out of all conversations related to the estate planning but what I learned just tangentially is that there are all sorts of options available to rich people to contain their assets and those of their children in pretty much untouchable ways. I have no doubt Nick's parents have made sure to protect themselves and their wealth any way they can.
I am not experienced in American corporate structure, so I do not want to state that it is possible when it is not.