"Third Party Trust"
Anyone ever had a (stand alone) Third Party (supplemental needs) Trust created for someone? Complicated? Cost? Any info. Email me if you do not want to post details here.
0
-
i do not like trusts ....if u have an estate divide it up with your chosen and/or directions how u want it done.... by a legal will when u are attested to be of sound mind and body with the enclosure that anyone who contests this will upon its presentation after ur passing to to be removed from recieving anything....plain simple straight forward, and LEGAL....i have a very bad experience with a trust....after one who never worked in the family businesses managed to get the former trust officer (with slight senility) to pass it to them. 0 -
If my wife and I passed today, none of our heirs can be counted on to execute our will. There will have to be a third party to manage it. 0 -
If your property is owned by the trust the trustee is responsible for the property after you pass. If you leave instructions, they're _supposed_ to follow them. If not, it's up to their discretion how to handle the property.
Mrs WT and I are not legally married, so if I die without a will, she gets nadda.
With a will, she has to wait till probate to own or inherit anything. Till then, she's in lmbo.
My property is owned by my trust. I'm the trustee and she's (not my kids) the secondary. When I die the only thing that changes is that she would then be the only trustee. She can live here, sell it, rent it, give it away.0 -
A good elder care specialist attorney is a great place to start if your considering this.
There is usually a free 30 minunte consulting meet.
Do a few searches first.
Once you get going attorney fees are sometimes upward of $300 per hour...0 -
Your needs may be different. But this below pulled from the interweb.
An irrevocable trust is a type of trust where its terms cannot be modified, amended or terminated without the permission of the grantor's named beneficiary or beneficiaries.
A revocable trust is a trust whereby provisions can be altered or canceled dependent on the grantor. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries.
The simplest difference between the two is that assets remain in the grantor's estate in a revocable trust but move out of the estate in an irrevocable trust. The primary reasoning behind the irrevocable trust is that there are many good reasons for clients to want to move assets out of their estate.
There can be significant tax advantages with a trust vs a will, besides the easy settling of the estate.
The trust is one of the best asset protection tools available too.
In the battle for same sex marriage, they used lame excuse of inheritance that married people get automatic protection. The trust is far superior, marriage as a contract is the biggest hoax on the planet. A marriage contract is subjective a trust is binding.0
Please sign in to leave a comment.
Comments
5 comments