If you've ever wondered what the differences are between a statutory law trust and a contract law trust, you've come to the right place, although the answers may not be what you're expecting. In this episode, I explain what a trust is; what a statutory trust is; what a contract law trust is; what is IRS Code 643(b), how the IRS has vetted THIS non-grantor, irrevocable, complex, discretionary, spendthrift trust; and what attorneys and CPA's get wrong about contract law trusts, especially THIS one. Enjoy!