LLT:
A new name for old trusts
An exploration into the potential for incorporating the “LLT” term into the lexicon. We use the term to provide a more memorable informal name for the list of well-proven United States irrevocable trusts.
This is a philanthropic effort by trusts professionals to improve communication about trusts and to “give back” to the trusts community. The LLT is not proprietary, patented, trademarked, or offered for sale. It is not part of any scheme to sell anything to anyone.
The “LLT” term is not useful to a roomful of trusts attorneys. It is, perhaps, useful to a roomful of people who are not trusts attorneys.
“The LLC to the LLT”
In under 4 minutes
Barry Flagg of Veralytic
THE BACKSTORY
Over the course of the past quarter century, Limited Liability Companies have become commonplace.
Meanwhile, a list of well-proven trust types often provide liability protections and tax optimizations that may dwarf what an LLC can accomplish.
THE LEGAL STORY
Law books use complicated words, like “irrevocable,” and “inter vivos.” Some limit liability. Others don’t.
We simply began using a name that’s easier to remember. We are exploring the wisdom of calling that list of proven US 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.
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.
