SoCal Approach, you have it correct. The FAA did state clearly that their intent was not to abolish or otherwise hinder this mechanism. The FAA is doing an extensive review of their complete "aircraft registry," including cancelling registrations that do not have valid addresses.
The beneficiary of the trust is the owner. Here is an example of a trust registration. I know these owners and neither are U.S. citizens and they live outside the U.S.
WELLS FARGO BANK NORTHWEST NA TRUSTEE
299 SOUTH MAIN ST 12TH FLOOR
MAC U1228-120
SALT LAKE CITY, UTAH 84111
UNITED STATES