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A trust maybe?

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swordsbane

Junior Member
State: WI

Excuse the simple language as I am fairly clueless. I posted this elsewhere and was directed in this general direction.

I am interested in setting up a "legal entity" that is composed of one or more active funds. What I mean by active funds is that family members (and those others I specify) can deposit and withdrawl freely, (set up automatic payments for bills, direct deposit of paychecks, etc). I want to be able to use the money as for collateral for loans (and other 'members' to do the same with permission), use the money to invest in stocks... well pretty much anything you can do with a checking account, but with more than one owner.

I'm thinking something like a family business, but not quite, that isn't limited to the family and its principle 'business" is investing its own money, and I don't want the assets to be divided up if I die (or if I give up control) but survive intact with a new owner.

My question is: What am I thinking of? Is this what a family trust is? or am I looking for something else?
 


seniorjudge

Senior Member
Yes, a trust would be a good thing for you.

Make sure you consult with a lawyer who knows what he's doing AND a tax cpa.
 

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