To avoid creditors, an investor funded two trusts, naming his daughter as the sole beneficiary of both. Although the investor had no legal interest in either trust, he received all benefits and earnings associated with the two trusts. The investor filed a petition for bankruptcy and did not include the two trusts as part of his estate. The bankruptcy administrator sought to recover the assets held in the two trusts to pay the creditors of the investor, claiming the assets vested in the two trusts were part of the investor’s bankruptcy estate since the investor received all benefits and earnings from the two trusts, thus confirming his ownership of the assets. The investor claimed the assets held in the two trusts were not part of his bankruptcy estate since the investor had no legal interest in either trust, thus making any ownership of the assets in the two trusts impossible. The bankruptcy court held the assets vested in trusts in which an investor had no legal interest but from which he received benefits and earnings were part of that investor’s bankruptcy estate since the investor’s receipt of all benefits and earnings from the trust confirmed his equitable ownership of the assets in one trust and an alter-ego relationship controlling the assets in the second trust. [In re Schwarzkopf (2010) 626 F3d 1032]