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Old 17th February 2009 | 07:11
  #25 (permalink)  
Mike Cross
 
Joined: Sep 2002
Posts: 1,784
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From: Savannah GA & Portsmouth UK
The point Shirley is that:-

A Trust has legal ownership of the asset, which it holds in trust for the beneficial owner. The beneficial owner has legal entitlement to the use of the asset and the trustee cannot wriggle out of that. A creditor of the trustee cannot readily seize the asset because it is held in trust.

Ownership by a US corporation puts the asset more at risk because a creditor of the corporation could sieze the asset. Not hard to imagine a situation where someone is in trouble with the IRS, who discovers that he owns a company that in turns has unencumbered title to a nice aeroplane that can be sold to defray the debt.
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