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I've had the misfortune of being in banking much of my life and met many POS rich people that do this kind of stuff. Trust's most certainly can be used to hide

I've had the misfortune of being in banking much of my life and met many POS rich people that do this kind of stuff. Trust's most certainly can be used to hide your identity. Banks are more than willing to let rich people leave their names in the bank trust as a service to hide their identity. Trusts are not used as a financing product, they are a wealth management tool. I'll give you a challenge. Find another vehicle title that has "trust" on it other than a yacht or private jet. Time saver, you won't. It's to hide the owners identity. I don't know why people are arguing with me about this. Trust's are a wealth management tool that provide a number of services including hiding a persons identity.

CommieBobDole 5y ago
You are correct that private jets are often owned by organizations including trusts in order to obscure their true ownership, but many of the jets on this site that are labeled as being owned by 'something something Trustee' are in fact commercial airliners owned and operated by major airlines, which seems to be pretty common. Here are some that I found in just a few seconds of clicking planes in the air over my own state on ADS-B Exchange: https://flightaware.com/resources/registration/N338DN https://flightaware.com/resources/registration/N338DN https://flightaware.com/resources/registration/N330DX https://flightaware.com/resources/registration/N330DX https://flightaware.com/resources/registration/N356FR https://flightaware.com/resources/registration/N356FR https://flightaware.com/resources/registration/N324DX https://flightaware.com/resources/registration/N324DX
aingisni_del 5y ago
Both of you are making valid points, I don't get why either is seen as an argument. Your original comment was one with a strong sense of anger at the rich, and it is not misplaced. People and corporations hide their wealth with many different instruments, and one step to achieving equity would be to put all of this in the open.
wildzzz 5y ago
My grandfather had his house and car in a trust for years so when he died, everything immediately went right to my mom. There was some concern about ex-wives and dirtbag relatives trying to take things in probate so a trust helped keep everything safe. He wasn't that wealthy but he had enough in assets that it was worth hiring a lawyer to draw up the trust.

CommieBobDole 5y ago

You are correct that private jets are often owned by organizations including trusts in order to obscure their true ownership, but many of the jets on this site that are labeled as being owned by 'something something Trustee' are in fact commercial airliners owned and operated by major airlines, which seems to be pretty common. Here are some that I found in just a few seconds of clicking planes in the air over my own state on ADS-B Exchange: https://flightaware.com/resources/registration/N338DN https://flightaware.com/resources/registration/N338DN https://flightaware.com/resources/registration/N330DX https://flightaware.com/resources/registration/N330DX https://flightaware.com/resources/registration/N356FR https://flightaware.com/resources/registration/N356FR https://flightaware.com/resources/registration/N324DX https://flightaware.com/resources/registration/N324DX

aingisni_del 5y ago

Both of you are making valid points, I don't get why either is seen as an argument. Your original comment was one with a strong sense of anger at the rich, and it is not misplaced. People and corporations hide their wealth with many different instruments, and one step to achieving equity would be to put all of this in the open.

wildzzz 5y ago

My grandfather had his house and car in a trust for years so when he died, everything immediately went right to my mom. There was some concern about ex-wives and dirtbag relatives trying to take things in probate so a trust helped keep everything safe. He wasn't that wealthy but he had enough in assets that it was worth hiring a lawyer to draw up the trust.