LLT:
A new name for old trusts
“The LLC to the LLT”
In under 4 minutes
Barry Flagg of Veralytic
THE BACKSTORY
Companies and Trusts are very different.
Over the course of the past quarter century, Limited Liability Companies have become commonplace in the US.
Meanwhile, a list of well-proven trust types often provide liability protections and tax optimizations that may dwarf what an LLC can accomplish. But their names are complex.
THE LEGAL STORY
Law books use uncommon words like “irrevocable,” and “inter vivos.” More confusingly, trusts are not legal entities. They do not always limit liability.
We simply began using a simpler and more memorable name for these types of trusts - Limited Liability Trusts (LLTs).
OUR STORY
Our effort is philanthropic and educational. We have no commercial agenda - no trademark to apply for, no drafting software to sell, and no investment products to pitch. We are simply connecting with subject matter experts to hear what they have to say about potentially incorporating the LLT term into the legal lexicon.
If you are a subject matter expert with an opinion about the LLT language - whether good or bad - we’d love to hear from you.
Trust Professionals: Join us in Bermuda
for an LLT Roundtable
October 15, 2025 (the day before the STEP conference)
CONTACT US
A note on historic usage:
We recognize that on rare occasions, “Limited Liability Trusts” terminology has appeared before. It makes one appearance in the Connecticut Statutory Trust Act, historic occurrences in the common law of Massachusetts, and likely has appeared elsewhere. It also exists within the term “Limited Liability Trust Company,” which is a very different usage.
