legaleyes1966
Junior Member
What is the name of your state (only U.S. law)? Nevada
i am considering setting up an irrevocable trust - here are my questions:
1) i want to put $200K in CDS in the trust, along with my personal residence valued at roughly $175K. these are my only assets. i have no judgments or liens against me, my credit score is over 800, no immediate pending problems.
What are the DOWNSIDES of the trust? Do I still receive income on the CDS, and can i switch institutions when they mature or invest them in other ways within the trust (such as buying stocks or realty) if i wish? do i still control them?
2) do i need to hand control to someone else?
3) do i need to name someone else to receive all the income and benefits, or
can it be me?
4) what happens when i die, can i name a beneficiary to receive it all?
5) are the trust earnings MINE, or do they have to stay in the trust?
Is the interest still taxable to me?
6) MOST IMPORTANT: are all the trust assets protected from any future judgments against ME?
7) is there a website i can go to that spells out all these fine terms?
8) what should it cost me to set this up using an attorney, and can anyone suggest one??
MANY thanks for any answers.What is the name of your state (only U.S. law)?
i am considering setting up an irrevocable trust - here are my questions:
1) i want to put $200K in CDS in the trust, along with my personal residence valued at roughly $175K. these are my only assets. i have no judgments or liens against me, my credit score is over 800, no immediate pending problems.
What are the DOWNSIDES of the trust? Do I still receive income on the CDS, and can i switch institutions when they mature or invest them in other ways within the trust (such as buying stocks or realty) if i wish? do i still control them?
2) do i need to hand control to someone else?
3) do i need to name someone else to receive all the income and benefits, or
can it be me?
4) what happens when i die, can i name a beneficiary to receive it all?
5) are the trust earnings MINE, or do they have to stay in the trust?
Is the interest still taxable to me?
6) MOST IMPORTANT: are all the trust assets protected from any future judgments against ME?
7) is there a website i can go to that spells out all these fine terms?
8) what should it cost me to set this up using an attorney, and can anyone suggest one??
MANY thanks for any answers.What is the name of your state (only U.S. law)?