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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Trusts - My Plan Make Sense? Posted by Jerry - Ca. on April 22, 2008 at 11:38 AM In Reply to: Re: Trusts - My Plan Make Sense? posted by hard money lender on April 22, 2008 at 10:46 AM HML: There are two basic types of intervivos,revocable trusts. Testamentary Trusts: Single beneficiary ... anyone as Trustee ... no protection from creditors, but does avoid probate. Multiple Co-Beneficiaries ... with a beneficiary as Trustee ... same as above because through the legal "Doctrine of Merger" the legal and equitable title has fused into one person and is only afforded the same protection from creditors of all the beneficiaries as a Single Beneficiary Trust. Illinois Model Land Trust: With single Beneficiary ... same as above! With Co-Beneficiaries (more than one) and an acceptable neutral third party trustee ... the co-beneficiaries have protection form the creditors of the other Beneficiares because of the "Doctrine of Equitable Conversion" whereby the Beneficial intersts are treated as personalty (not Realty) and cannot be partitioned. This protection is LOST through the "Doctrine of Merger" with Trustee who is also a Beneficiary! These unprotected properties are subject to the charging orders of any creditor of any beneficiary! Jerry-Ca. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : from the wiki article. : In the law of trusts the term "doctrine of merger" refers to the fusing of legal and equitable title in the event the same person becomes both the sole trustee and the sole beneficiary of a trust. In such a case, the trust is sometimes deemed to have terminated (with the result that the beneficiary owns the trust property outright). : "sometimes deemed to be terminated ?" : what the heck does that mean. one day it is, and another day it isnt ? : if this were true, then a gazillion trusts that own property would be deemed to have terminated. : i sincerely do not believe you have a correct understanding. : in this particular case, the trustee is not the sole beneficiary. : i dont have any interest in researching something until it makes sense for me to research it. : this does not seem to jive with real life happenings. : so yes, i would say that you need to prove what you are saying to everyone here on the board, since the burden of your claim is on you. Follow Ups: Re: Trusts - My Plan Make Sense? hard money lender 6:35 PM, 04/22/08 (2) Correct! (nt) Jerry - Ca. 6:52 PM, 04/22/08 (1) Re: Correct! But???? Mark Hamilton 11:24 AM, 04/26/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : HML: : There are two basic types of intervivos,revocable trusts. : Testamentary Trusts: : Single beneficiary ... anyone as Trustee ... no protection from creditors, but does avoid probate. : Multiple Co-Beneficiaries ... with a beneficiary as Trustee ... same as above because through the legal "Doctrine of Merger" the legal and equitable title has fused into one person and is only afforded the same protection from creditors of all the beneficiaries as a Single Beneficiary Trust. : Illinois Model Land Trust: : With single Beneficiary ... same as above! : With Co-Beneficiaries (more than one) and an acceptable neutral third party trustee ... the co-beneficiaries have protection form the creditors of the other Beneficiares because of the "Doctrine of Equitable Conversion" whereby the Beneficial intersts are treated as personalty (not Realty) and cannot be partitioned. This protection is LOST through the "Doctrine of Merger" with Trustee who is also a Beneficiary! These unprotected properties are subject to the charging orders of any creditor of any beneficiary! : Jerry-Ca. : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : from the wiki article. : : In the law of trusts the term "doctrine of merger" refers to the fusing of legal and equitable title in the event the same person becomes both the sole trustee and the sole beneficiary of a trust. In such a case, the trust is sometimes deemed to have terminated (with the result that the beneficiary owns the trust property outright). : : "sometimes deemed to be terminated ?" : : what the heck does that mean. one day it is, and another day it isnt ? : : if this were true, then a gazillion trusts that own property would be deemed to have terminated. : : i sincerely do not believe you have a correct understanding. : : in this particular case, the trustee is not the sole beneficiary. : : i dont have any interest in researching something until it makes sense for me to research it. : : this does not seem to jive with real life happenings. : : so yes, i would say that you need to prove what you are saying to everyone here on the board, since the burden of your claim is on you. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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