Remedy October 30, 2019 at 9:47 am
Personal Trust accounts are public accounts. You should have had your Bailors Trust created when you did your SPC which is to be used as a Private Administrative Trust which means you would use a Business Trust Account not a Personal Trust Account. Taxation is done different since your Personal Trust Account appears as an alter ego on paper and offers no level of separation for you and your property. Anything you put into a personal trust account is deemed as an income from the beginning.
For more information, please, feel free to reach out to our office Monday thru Thursday 9am to 5pm or Friday 9am to 12pm (EST) at our direct number of (614)302-9752. Thanks!
Steven Buchanan October 29, 2019 at 9:47 am
I just had my personal bank account turned into a Trust account, transforming the “U.S. Person” into a Trust. It was crazy having the social # deleted from the account as I am now an American National, Trustee; no longer bearing the “Mark”. I just thought of this, if it is a “Personal” Irrevocable Trust account, will it be a big deal or cause issues later on in the future if it was not converted into a business account?
I was reading information on this site and after remembering how I did my account, that is the only difference.