Gary Ruhle has assets worth $2,400,000.Since he plans to travel and does not want to oversee these assets,he has created a legal arrangement so the assets can be managed by an officer of his local bank.What type of legal arrangement has he likely made?

Question

Quizplus · Accepted Answer

Gary Ruhle has likely made a trust agreement to allow his assets to be managed by an officer of his local bank. In a trust agreement, the assets are transferred to a trustee who manages them for the benefit of the beneficiaries named by the grantor (in this case, Gary Ruhle). By setting up a trust, Gary Ruhle can ensure that his assets are managed according to his wishes and that they are protected for the benefit of his beneficiaries.

Gary Ruhle Has Assets Worth $2,400,000