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Can a asset protection trust void your mothers last will and testament?
Wiki User
∙ 9y ago
Any property that was transferred to a trust during life is not owned by the decedent after their death. That is the whole point behind trusts. The trust owns the property. A Will can only distribute property owned by the decedent at the time of their death. If your mother left you certain property in her Will but had transferred it to a trust during her life then that property is gone. It cannot pass by her Will.
A trust cannot "void" a Will. An "asset" protection trust is intended to protect assets from creditors, the government and would be heirs.
Wiki User
∙ 9y ago
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How is asset protection trust properly defined?
An asset protection trust is a trust which holds assets to protect them from creditors. It is used when one wishes to settle with creditors and protect his assets from seizure.
Where can offshore asset protection be obtained?
Offshore asset protection can be obtained through offshore companies. The process usually involves creating an offshore trust or offshore private foundation and combining it with an underlying offshore company.
Can you use a living trust as an asset?
Does the trust have assets in it?
What is the name of an attorney in Anchorage, Alaska that can help me with asset protection?
Denny Carmen Kay is the name of an attorney in Anchorage personal trust provide asset management if do not know an estate planning attorney will provide the list of information
What is the symbol for Blackrock Real Asset Equity Trust in the NYSE?
The symbol for Blackrock Real Asset Equity Trust in the NYSE is: BCF.
In what year did Blackrock Real Asset Equity Trust - BCF - have its IPO?
Blackrock Real Asset Equity Trust (BCF)had its IPO in 2006.
Is a trust considered a marital asset in a divorce action?
If the trust is revocable and one party is the trustee it is not a marital asset for division in a divorce proceeding
How does SIPC protect investors?
The Securities Investor Protection Corporation, or SIPC works either as a trust or court-appointed trustee to help recover funds in a missing asset case.
What is considered bankruptcy exempt property If you are a trustee of a realty trust is that property considered your asset?
There is a difference between something that is your asset and something that is not. Exemptions only apply to assets.Whether the realty trust is your asset depends on the trust instrument and your state law. In most cases, if the property was yours and you put it into a realty trust, and you are the trustee and the beneficiary of the trust, there is no legal trust, merely the form of a trust.If it is a true trust, then the question becomes, are you a/the beneficiary and what is your share of the value of the trust? That is an asset.If it is a true trust but it is a revocable trust so that you get the trust property on revocation, that will probably be an asset to you also.This is a complex area of law, and you really need to have an experienced trust/bankruptcy lawyer look everything over.
Do you have to pay capital gains tax on property inherited from a trust?
No. Capital gain tax is a tax that is assessed when an asset is sold. The passing of an asset by inheritance (one received by the laws of intestacy when a decedent dies without a will) or an asset distributed from a trust does not constitute a sale; thus, the tax is not triggered. The tax is triggered when the property, inherited from a decedent or as a distribution from the trust, is sold. Assets owned by a decedent (or his revocable trust) get a new basis when the decedent dies, equal to the asset's value as of the date of death. If you sell the asset for more than the basis, then the tax is payable on the sale price, minus the basis. On the other hand, if an asset is owned by a trust, is sold by the trust, and proceeds are received by the trust, the trust must pay the capital gain tax.
Are trust demand deposits a current asset?
Yes.
What is the market cap for Blackrock Real Asset Equity Trust BCF?
As of July 2014, the market cap for Blackrock Real Asset Equity Trust (BCF) is $541,430,961.60.
