I think that the argument that a US based trust can be argued to be the operator of an aircraft is totally farcical, The trust is a token entity to facilitate a loophole in international aviation law. No more, no less.
Well as Silvaire points out it is a farcical as a lot of the nonsense I read on here, and if it was such a large 'loophole' as you put it I am sure the FAA would have taken steps to close it by now.