Setting up a Trust Fund?

[andycollins]

What is the name of your state (only U.S. law)? VA

Hi,

The Context Pertaining to the Question is:
My parents are non US persons [they are not US citizens, they are not US Permanent Residents and do not live in the US].

I have filed their immigration papers and they should become permanent residents in the US in about 12 months.

Their total assets are worth perhaps $900,000 - which they wish to bring to the US.

In am their only Heir and they trust me with their money.

They wish to invest the money in real estate in the US from which they hope the rent will suffice for their health insurance and their living expenses.

We are just beginning to figure out the legal and tax issues so our understanding is rather limited - we will get professional advise - I am posting here to better understand the domain.

I personally tend to take a very conservative interpretations of the law.

The Question is:

How should they structure their funds so that the following parameters are optimized:
1. The money is protected from future creditors or other adversarial parties. For example they run up a medial bill of $250,000 that the insurance provider denies or something like that.
2. Any Inheritance tax (if that is what it's called) or other taxes are minimized.
3. That they can and I can exercise the maximum degree of control over it.
4. That these parameters are satisfied robustly - safe for the direction law is headed.

Thanks.

 

[curb1]

1) This is done with buying good insurance. If they buy a poor coverage insurance (cheap) they will, and should, be obligated to pay out of pocket for those bills not covered.

2) There shouldn't be much of, or any, problems with inheritance taxes for $900,000. Things will change most likely as time and wealth change.

3) They and you should have "maximum control" over the assets now. How the assets are titled when they are purchased will be significant.

4) I don't understand question #4.

 

[OHRoadwarrior]

Hi, I want my mom n dad to become US citizens. They have lots of money, which I will inherit. I want the money to help qualify them and get them here, however, I want them also to be able to defraud as many creditors as possible, in the future. Can you please help me?

Well, it wasn't an exact quote, it seems more of a realistic interpretation.

 

[tranquility]

One cannot generally have control over assets and protection from creditors.

 

[TrustUser]

in other words, one cant have their cake, and eat it, too !!!