• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Is there any downside to transferring assets to a Living Trust?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

Drjsparker

Junior Member
What is the name of your state (only U.S. law)? Texas

I am looking to create a living trust and I am in Texas. I understand the idea is to transfer all your assets and shares of ownership in business interests to the trust so that the individual achieves "personal poverty". My question is in doing this does just put me as an individual at any type of 'negative position' on any level, but specifically I'm thinking about if I go and apply for credit someplace. Thanks in advanceWhat is the name of your state (only U.S. law)?
 


Kiawah

Senior Member
If you are talking about a Revocable Trust, the assets are still under your control and SSN. You are no poorer.
 

garrula lingua

Senior Member
If you're transferring your primary residence into a trust, make sure that you can still claim the homestead exemption regarding property taxes.
 

FlyingRon

Senior Member
Nope, pretty much all those assets will be in your name as the trustee for your trust and with your SSN, so there is no practical difference while you are alive between those items being yours personally or held in your in-vivo trust. The only things you really don't want to list in the trust are certain things where a beneficiary relationship (certian retirement accounts, life insurances) would be better.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top