Letter Re: Trusts

Hi Hugh / JWR,

In reply to the post about trusts I would inform your readers of another kind of trust. There are a number of different kinds of trust and many I would not consider to be asset protection; there is however a trust that is known as a Massachusetts or Contract Trust. While most trusts are statutory documents, a Contract Trust is a Constitutional document and has stood the test of multiple court challenges from the likes of the IRS. Many very wealthy people have their assets in this type of trust. This trust does not die until the members wish it, which means that when I pass the trust lives on and my son (trustee) gains control of our farm and possessions. This means no estate taxes; no will; no probate. The only thing that I own is a 1987 Subaru that I use around the farm… The goal is to OWN NOTHING but still control your possessions and have asset protection. Yours in Liberty and Faith from the Redoubt, -DB