Trusts are legal entities, made with contract law, existing of 3 parties that can be used to transfer and manage property or assets. The three parties in any trusts are the Grantors (Settlors), the Trustee, and the Beneficiaries. It is an ingenious entity empowering Trustees of the Trust to have and hold all control over that property or assets. The true purpose of a trust is always to manage the property or trust assets (also known as the corpus) for the specific benefit of the beneficiaries. The terms and conditions of the Trust strictly define the form of the trust used and the needs of the people it is created to serve.
There are many kinds of trusts, such as: Irrevocable, Revocable, Living and Testamentary, etc. Trusts can be simple and straightforward or complex. Ninety-nine percent (99%) of all trusts in the U.S. are created as Living Trusts, which are “revocable,” and they offer no privacy, tax advantages, asset protection or living benefits. Living trusts only help someone bypass probate, and that is it. They call it a “living trust,” but give no “living benefits.” Therefore, while bypassing probate is a great thing, it’s not what clients ultimately want. They not only want benefits at death, but they want to benefit now. Our trusts give our clients exactly what they really want when it comes to ultimate privacy, ultimate tax advantages and ultimate asset protection, not only at death but from day one of the trust creation.
The Nexxess Trust is irrevocable and complex in structure, and it comes with three main benefits. Our clients enjoy 1) complete invisibility of all assets, 2) total asset protection, allowing no creditors to ever seek to take assets, including the IRS, and 3) unbelievable tax advantages, using the current tax codes to the full extent of the codes. Trusts are legal entities that can be used to transfer, control, and manage property and/or assets for the benefit of another person or beneficiaries. Nexxess International specifically utilizes only one type of trust which will always have these characteristics: Irrevocable, Complex, Discretionary, Non-Grantor, Spendthrift, Private, Renewable and Domestic.
The spendthrift trust is derived from laws of antiquity, and it was first established in the early 1500’s by King Henry, VIII. It is a creature of the common-law legal system that is still used in most all countries of the world today. Its common-law foundation is what still today ensures that the integrity of the corpus (the assets) remain sacred and beyond the reach of creditors. In addition, it is used for preserving estates for future generations, shielding assets from litigation, deferring taxes, managing assets, complementing, or replacing wills, as well as minimizing or avoiding the complex legal and estate-tax system. The spendthrift trust is a unique type of entity, in that it has many powers and features within it that no other entity structure contains.
The terms and conditions of our spendthrift trust strictly define its unique structure and design, which insures all the benefits for which it was created. There are literally thousands of spendthrift trusts that remain today that were implemented hundreds of years ago. Even the Windsor Castle in England is known to still be a part of a spendthrift trust from the early 1500s. With the right structural planning, anyone can create a bullet-proof structure that can last for generations and protect their family assets as well.