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                TYPES OF TRUST

                   AVAILABLE

                                                                             

 

             The Real Estate Trust - you must give a deed to the trust.  Although the general warranty deed is best, some banks will consider this to be a sale if there is a due on sale clause and will call the note, unless you notify the lender prior to giving the quitclaim deed.  When you talk with the lender, tell them that this is being done only for asset protection of your family. 

         One solution, acceptable to many banks, is to give the Real Estate Trust a quitclaim deed for whatever equity you have in the property, subordinate only to existing liens and easements of record. As you gain more equity, the trust will have this equity. Other banks will allow one to give any type of deed and will say that it will not trigger the due on sale clause.  If your trustees are purchasing a new home directly into your trust, the title company usually takes care of this for you at closing. 

 

          The Automobile Trust - you have to apply for a form from the motor vehicle department to transfer ownership. This usually is not deemed to be a sale, but usually considered a transfer within a family, which means that there is no sales tax to pay.  If your trustees are purchasing a new vehicle directly into your trust, the dealership usually takes care of this for you at closing. 

 

          The International Asset Management Trust - is usually funded by $10 - $21 (SILVER DOLLARS) and other good and valuable considerations (such as foreign currency). (Cook Island - the isle of Man - Nevis - Belize)

 

           Insurance Trust - the Trust becomes the owner and beneficiary of the policy. Either you or your agent will have to contact the company. 

          Stocks and Bond Trust - Assign the stocks and bonds to the trust – to assign them to on of yours, notify the secretary of the corporation that you wish to assign the stocks.

          Personal Property Trust– when you create the trust, all personal property (not major assets) of your family, now owned, or acquired in the future, belongs to the trust. You will find this verbiage in schedule A of the trust. In the future you may wish to have your receipts for purchases in the name of the trust.