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Posted: 2/13/2017 10:12:52 AM EDT
[#1]
Yes.
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Posted: 2/13/2017 10:21:34 AM EDT
[#2]
Tag. This thread is relevant to my interests. Been thinking of setting up a trust for asset protection as well.
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Posted: 2/13/2017 11:03:21 AM EDT
[#3]
OP. Most likely. However you should really talk with a family attorney in your respective state. My father has had some but not all in trust for years. Recent call to family attorney to check for changes since trust was originaly set up reveled a need to make some changes. Most changes are legal speak in nature. However depending on exactly what changed there could be a change in status or ability to use to defer taxes upon your death.
Local Family attorney is needed to advise on best for your situation needs. |
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Posted: 2/13/2017 4:43:12 PM EDT
[#4]
Quote HistoryQuoted:
Tag. This thread is relevant to my interests. Been thinking of setting up a trust for asset protection as well. Have you met with any LA attys yet? |
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Posted: 2/13/2017 6:06:07 PM EDT
[#5]
Quote HistoryQuoted:
Have you met with any LA attys yet? Waiting for a call back from my usual guy. Supposed to hear from him tomorrow. |
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Posted: 2/13/2017 8:15:07 PM EDT
[#6]
Just because you have a trust is not the end of maintaining the trust. There are so many changes that occur each year, mostly minor, but every now and then there are major ones like inheritance dollar thresholds and tax structures that you need to keep on top of these or you will lose benefits or even worse, have invalidated trusts. With Trump and his coming tax proposals who knows where the law will be.
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Posted: 2/14/2017 8:53:08 PM EDT
[#7]
Quote HistoryQuoted:
Just because you have a trust is not the end of maintaining the trust. There are so many changes that occur each year, mostly minor, but every now and then there are major ones like inheritance dollar thresholds and tax structures that you need to keep on top of these or you will lose benefits or even worse, have invalidated trusts. With Trump and his coming tax proposals who knows where the law will be. I figured there would be maintenance, but did not think it would be burdensome. |
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Posted: 2/15/2017 12:49:12 PM EDT
[#8]
Quote HistoryQuoted:
I figured there would be maintenance, but did not think it would be burdensome. To answer your initial question: yes, a trust can protect your assets and greatly simplified things (in most ways) when someone passes away. If your family situation is complex and/or changes, then yes, you may have to modify some aspects of your trust if you didn't account for those situations/changes up front. The real advantage of a trust (in addition to protecting your assets from certain types of attack) is that it allows your heir(s) to avoid probate with the assets in the trust. You will still need to open/close probate, but there will typically be little to nothing affected by it. |
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Posted: 2/15/2017 1:04:20 PM EDT
[#9]
Quote HistoryQuoted:
To answer your initial question: yes, a trust can protect your assets and greatly simplified things (in most ways) when someone passes away. If your family situation is complex and/or changes, then yes, you may have to modify some aspects of your trust if you didn't account for those situations/changes up front. The real advantage of a trust (in addition to protecting your assets from certain types of attack) is that it allows your heir(s) to avoid probate with the assets in the trust. You will still need to open/close probate, but there will typically be little to nothing affected by it. This. Just went through it a few years ago with our farm moving down a generation. The process was simple and the trust helps protect assets. Depending on the uses of your land you may want to consider an LLC as well. Edit: just saw you're building a home on it. |
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Posted: 2/15/2017 1:05:57 PM EDT
[#10]
Double tap.
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Posted: 2/15/2017 3:05:25 PM EDT
[#11]
Quote HistoryQuoted:
Waiting for a call back from my usual guy. Supposed to hear from him tomorrow. Quote HistoryQuoted:
Quoted:
Have you met with any LA attys yet? Waiting for a call back from my usual guy. Supposed to hear from him tomorrow. @zack3g Have you used him for estate planning in the past? |
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Posted: 2/15/2017 5:06:27 PM EDT
[#12]
Quote HistoryQuoted:
@zack3g Have you used him for estate planning in the past? He did my LLC for NFA stuff a few years back. He's a gun guy that occasionally shows up around here. He knows his stuff. 
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Posted: 2/15/2017 6:17:59 PM EDT
[#13]
Quote HistoryQuoted:
He did my LLC for NFA stuff a few years back. He's a gun guy that occasionally shows up around here. He knows his stuff. Quote HistoryQuoted:
Quoted:
@zack3g Have you used him for estate planning in the past? He did my LLC for NFA stuff a few years back. He's a gun guy that occasionally shows up around here. He knows his stuff. cool! |
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