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Answer: It is important to seek legal advice from an attorney at a well known law firm who is an expert in trust law in your state if you are thinking of transferring property into a trust. Trust laws vary from state to state so a trust that's valid in one state may not be valid in another. Also there are many professionals who offer trust services then draft an invalid trust. Accountants are some of the worst drafters of trusts. An invalid trust will cause problems when the trustor dies and thought she had removed certain property from her estate to avoid probate and taxes. One of the most common errors made in drafting trusts is to name the same person as the trustor, trustee and beneficiary then direct how the trust property will be distributed after the death of the trustor. In that case, In Massachusetts, no trust will be created and the property remains in the trustor's estate since he has retained complete control over it. The attorney or accountant who drafted the invalid trust was paid a large fee to carry out the estate planning and then years later it turns out that the plan failed. The drafter is no longer in practice. Now there would be probate costs, tax consequences and possibly additional costs involved in transferring the property out of the faulty trust. Be careful with trusts.
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What are the steps for setting up a trust?
Trust funds are becoming more commonplace for the average person. Trust funds are set up for the protection of assets for the beneficiary and tax savings for the person setting up the trust. When you make gifts to a child in trust, you want to do it in such a way that your gifts qualify for the annual gift tax exclusion Research it and speak to a professional.
Can the funds in a Revocable Living Trust be garnished?
An indivisdual owes me money. He also owes two other individuals. Rather than pay us he is setting up a trust. I am trying to find out if this trust that he is just now setting up be garnished so that I can get my money back.
What is the process for setting up a texas trust?
To set up a Texas trust, you will need to create a trust document outlining the terms of the trust, choose a trustee to manage the trust assets, fund the trust with assets, and ensure compliance with state laws. It is recommended to consult with a legal professional to ensure all requirements are properly met.
How does setting up a trust work?
Go to a law library and the librarian will give you a book.
Setting Up a Trust Is Dangerously Simple?
While the requirements can vary from state to state, setting up a trust is generally a very simple procedure, often requiring no more than a written explanation of what's being held in trust, who the trustee is, who the beneficiaries are, and a couple witnesses. Unfortunately, this simplicity can lead many to create a trust with unintended tax or business consequences. Consulting a lawyer is critical before setting up a trust as the lawyer can help explain the best way to effect your wishes, while minimizing the risk of unforeseen complications.
What can you do and not do in a personal trust fund?
There are many different ways of setting up trusts. The specifics can have major tax and probate consequences, so you should consult a trust attorney to set it up.
If parents want to transfer their house to their child what is the child's cost basis for the house?
You should speak to a good trust attorney about setting up a Living Trust and puting ALL parties in the trust. Then the Trust can own the property.
How do I create a family trust as part of my estate planning?
You can contact an attorney for information on a family trust. Many attornies deal with setting up these kinds of trusts.
What does it mean that you cannot get the assets back in a revocable trust?
You CAN get the assets back in a revocable trust. You CANNOT get the assets back in an irrevocable trust. An irrevocable trust cannot be terminated by the settler once it has been created. The settler transfers their assets into the trust and no longer has any rights of ownership in that property or the trust. The main reasons for setting up an irrevocable trust are estate planning and tax purposes. Generally, assets in an irrevocable trust are shielded from creditors.
What is the significance of the movie The Godfather?
It showed not to trust anyone because they can betray you too easily and next thing you know your dead...well with setting up crime families
When was Setting Me Up created?
Setting Me Up was created in 101.
How do set up a ps3?
Just plug it into power and your tv, then setting up network setting is the setting menu
