TRUST FOUNDATIONS
This private entity is established to own and administer assets according to its governing terms and
cannot be revoked once created. What is it?
What is an irrevocable trust?
This person establishes a trust and transfers property into it. Who is it?
Who is the Grantor?
In the course, this term describes a supposed legal entity or legal fiction used for administrative and
commercial purposes. What is the term?
What is a Strawman?
For an irrevocable trust, this course recommends opening a bank account that does not pay interest.
What type of account is it?
What is a non-interest-bearing account?
This document records and authorizes an administrative change previously decided by the Trustee.
What is it?
What is a Minutes Form?
Establishing this arrangement has been compared in the course to entering into a contract with
yourself. What is the comparison?
What is writing a contract with yourself?
This person manages and administers a trust according to its governing terms. Who is it?
Who is the Trustee?
The course associates this way of writing a person’s name with the Strawman. What is it?
What is the ALL CAPS NAME?
The course teaches that this kind of business entity itself should not be placed inside its irrevocable
trust arrangement. What is the entity?
What is an LLC?
This person serves alongside the Trustee in administering the trust. Who is it?
Who is the Co-Trustee?
The course describes the tax treatment of its irrevocable trust arrangement as tax free rather than
what other form of tax treatment?
What is tax deferred?
In the course, the Trustee is associated with this financial position in relation to the trust. What is it?
What is the creditor?
The course associates this vital record issued after a child’s birth with the Strawman concept. What is
it?
What is the Birth Certificate?
An LLC earns revenue, and the owner wishes to move a permissible amount into a trust. What can be
transferred through a properly handled transaction?
What are funds earned through the LLC?
Documenting trust transactions and administrative decisions helps preserve an accurate history of
trust activities. What practice does this describe?
What is recordkeeping?
This written document establishes the terms under which a trust will be administered. What is it?
What is the Trust Agreement?
This person or entity is designated to receive benefits from a trust. Who is it?
Who is the Beneficiary?
An entity treated as a legal person under the law, even though it is not a natural person, may be
described by what term?
What is a legal fiction?
When permitted by the trust terms and applicable requirements, what transaction makes money
available outside the trust?
What is a withdrawal?
Real estate, vehicles, intellectual property, and personal property are examples of what general
category of things a trust may own if properly transferred?
What are assets?
Assets that have been properly transferred into a trust and are owned by it are collectively known as
what?
What is trust property?
This person is designated to take over administration when both the Trustee and Co-Trustee can no
longer serve. Who is it?
Who is the Successor Trustee?
The course uses these two terms to distinguish governmental or commercial matters from private
affairs. What are they?
What are public and private?
The course teaches that a Trustee may enter an authorized transaction involving themselves and the
trust, when permitted by the governing terms and law. What kind of activity is this?
What is doing business with yourself?
Carrying out trust terms, keeping records, and managing trust property together describe what
process?
What is trust administration?