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Is an Irrevocable Trust still valid if the Deed filed predates the date of the Trust?
Wiki User
∙ 9y ago
Trusts and trust law are complicated areas of law and should not be tinkered with by an unprofessional. Trusts need to be drafted and managed by a professional, especially when real property is involved. You need to consult with an attorney who specializes in trust and real estate law in your jurisdiction. You should take a copy of the trust and the deed in question with you so they can be examined by the attorney. The attorney will then need to review the land records for the particular property to determine what deeds have been recorded. It will take some research to determine the status of the property.
Wiki User
∙ 9y ago
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Can someone with life estate keep the one out that the house was left to?
No....If the home was in a irrevocable or trust life estate and that person died or in the case of the irrevocable trust there still alive and your the benaficairy the trustee can keep you out, but eventually depending on what the terms of the estate are turn the trust or estate over to you. Seek the advice of a probate attorney.
Does an irrevocable trust with a life estate provision need to file a trust return if there is no income or other activity that the trust is involved with?
It is always a good idea to file a return, even if there is no activity. It shows that the trust is still being maintained and that there is no unreported activity going on.
If you put your home in an irrevocable trust and receiving reduced school tax because of the New York Sate Star program and you are over 65 will you still receive that benifit?
yes
Can the funds in an Irrevocable Trust be garnished?
The short answer is NO, no way, no how, not a chance. The long answer is how long ago was the irrevocable trust fund set up? And did the person setting it up know a lawsuit was on the way? In other words, does it look to a judge that money was purposely put in an irrevocable trust fund in order to avoid garnishment? If it was set up 12 or more months ago, it's as safe as money can be. If the whole thing looks suspicious, a judge could garnish but this almost NEVER EVER happens. There is one other issue, is it child support that would be the garnish? If so, I think a judge might ignore the fact that it's irrevocable. The courts always put an innocent child first so if it's unpaid support, it could be at risk. I have a few different irrevocable funds left by my dad. I was able to change the trustee (the person in charge of distributing the $$ in the fund to me because I was a minor) on one of them but only because that person agreed to step down. He was in prison for the felony of embezzling money..... FROM ME, and I still needed him to step down.
Can a trustee sell assets in a irrevocable trust when the decease owns 99 percent of the property named in the trust?
You must review the terms of the trust to determine the powers of the trustee. If you still have questions then you need to consult an attorney who specializes in trust law.On one point you seem to be confused. A decedent cannot be the owner of 99% of the property in a trust. The property is owned by the trust. The most common purpose of a trust is to remove property out of a person's estate (the grantor) so that the property bypasses probate.Once a person transfers her property to a trust, it is managed by a trustee according to the terms of the trust. A properly drafted trust has provisions that direct the distribution of property after the death of the grantor.
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Of course.
A lien was filed due to credit card debt. I had no personal property at the time the lien was filed about 3 years ago. How does this affect my credit?
The lien is probably still in place, and the fact that it was filed is still on your credit file.
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No
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