How Long can Trusts Last?
That’s an interesting question because it depends on where you establish your trust at. Various states do various things. But most states do a 20-year contract.
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Hi! My name’s Lou Brown. I’ve been asked. How long can trusts last? Well, that’s an interesting question because it depends on where you establish your trust at. There’s different States within the United States that compete against each other to attract your business, to come to their state.
So one of the things they do is, for example, if you establish your trust in South Dakota, they have something called a perpetual trust. Which means it just goes on and on and on. In Alaska, they have a thousand year trust. So you can just have it for a thousand years, and then it expires after that. Right? And so various States do various things, but most States establish these under contract law. Which means that the contract has a 20 year life span. So what a trust really is, is a contract. It’s a contract between the trustee and the beneficiary or beneficiaries.
And so that contract has a lifespan in most States, 20 years. Now what’s cool about that is you can extend the contract for another 20 years. So you can make a non-perpetual trust into somewhat of a perpetual trust by extending it through that time frame and just continually doing that. And so the answer is, it depends on the state you live in. And it can be extended.
Well, I’m going to be teaching you more about this in an upcoming event that’s called Maximum Asset Shield. MaximumAssetShield.com is where you go to learn more about that. There’s a home study course there you can do. As well as coming to the four day live training, where we literally take you soup to nuts through actually transferring properties into trust. First of all, getting your head on straight. Why am I doing this? And then who to choose as trustee. Who to choose a successor trustee. Who to choose as beneficiary. Who to choose a successor beneficiary. Where to side as your trust and why. And all the other entities that might be involved. LLC, corporation, limited partnership that could be beneficiaries of the trust.
There’s lots to learn. And there’s several different types of trusts that can deliver several different types of things. You’re going to learn that as well as you’re going to learn about the Elite Trust. Which is, the bomb! It’s the best trust ever. And so there’s different reasons that different people would do different things. And it just depends on what your particular situation is. So I invite you to check us out. MaximumAssetShield.com and I invite you to come to the live training. Yeah, baby! I hope to see you soon.