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Family trust 2 grantors/settlors
in my opinion, one of the biggest topics a couple should consider in their combined trust is the beneficiaries, when the first grantor dies. does that first grantor have some say as to the eventual beneficiaries ? or does the surviving grantor get total say ? something the couples should be...- TrustUser
- Post #9
- Forum: Wills, Trusts and Estate Planning
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Family trust 2 grantors/settlors
basically, your trust has absolutely no effect on your taxes. you keep doing your taxes as you always have. traditionally a couple does a married return, and uses the social of the husband. but i would think you would want to continue to do your taxes just like you have in the past.- TrustUser
- Post #8
- Forum: Wills, Trusts and Estate Planning
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Family trust 2 grantors/settlors
when i write my trust, there is a section for the tax identification number. i simply say "this trust is considered to be a revocable grantor trust, so it does not require an irs tax identification number while the grantor is alive. income from the assets of this trust will continue to be...- TrustUser
- Post #7
- Forum: Wills, Trusts and Estate Planning
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Family trust 2 grantors/settlors
also, if this is a normal revocable trust, there is no need to make any changes to it (unless you desire to do so)- TrustUser
- Post #4
- Forum: Wills, Trusts and Estate Planning
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Family trust 2 grantors/settlors
as a general rule, the grantors use their ssn for filing, if this is a typical revocable trust. in fact, there would be no such thing as getting an ein for it, in this case. the federal govt does not recognize a revocable living trust as anything. all assets are part of your taxable estate...- TrustUser
- Post #3
- Forum: Wills, Trusts and Estate Planning
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Leaving home to my son
yea, and another parent could certainly be more liberal with the types of investments that a trustee could make. i am fairly conservative- TrustUser
- Post #34
- Forum: Wills, Trusts and Estate Planning
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Leaving home to my son
if i did not think the kid was capable of good financial decisions, then i would not make him the trustee. and while a person can be a good manager, there are some things that are beyond his control. so as a safety net, i want him to have at least some funds that are protected. since i know...- TrustUser
- Post #31
- Forum: Wills, Trusts and Estate Planning
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Leaving home to my son
i do not know how to separate all the issues so nicely, like you do. but i only want to make a comment on this particular statement of yours, because we are actually in agreement on this. And to make the trust effective for asset protection for the kid, the kid too can't have too much control...- TrustUser
- Post #29
- Forum: Wills, Trusts and Estate Planning
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Leaving home to my son
with regards to me, i wasnt aware that i could be a beneficiary in my own irrevocable trust. and from my current research, that is somewhat still the case. There are other limitations with trusts to shield assets. One limitation is that you cannot settle your trust for your sole benefit...- TrustUser
- Post #27
- Forum: Wills, Trusts and Estate Planning
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Leaving home to my son
i will try to get back to you on a lengthier basis, but i still disagree with your synopsis. i would prefer to have funds that are protected. and i am not at all in debt, or have any financial problems. i would not at all look at it as a punishment from my parents. and again, i think the...- TrustUser
- Post #25
- Forum: Wills, Trusts and Estate Planning
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trust
i agree - i could have stated that, better- TrustUser
- Post #13
- Forum: Wills, Trusts and Estate Planning
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Leaving home to my son
kids can still learn a helluva lot of lessons with their own monies. like all of us already have !!- TrustUser
- Post #23
- Forum: Wills, Trusts and Estate Planning
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Leaving home to my son
well, lets not get lost in semantics. i was calling a trust a business entity, because it is involved in doing business. buying and selling property, stocks and bonds, filing its own tax return, etc. not sure why you would not want to protect assets in a trust from creditors of a beneficiary...- TrustUser
- Post #22
- Forum: Wills, Trusts and Estate Planning
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Leaving home to my son
i will say that all the people i talk to are from california - just people local to me but it has nothing to do with probate costs, since a regular trust also takes care of that you do need to have enough assets for it to be worthwhile, for an ongoing trust i am not saying they are good for...- TrustUser
- Post #18
- Forum: Wills, Trusts and Estate Planning
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Leaving home to my son
i was talking about a spendthrift clause, to protect the assets from creditors of a beneficiary. something that should be in an ongoing trust, that is not really necessary in a glorified will. i dont quite get your comment about a business within the trust ? i am just talking about having an...- TrustUser
- Post #17
- Forum: Wills, Trusts and Estate Planning
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trust
i just meant he should be the new owner- TrustUser
- Post #11
- Forum: Wills, Trusts and Estate Planning
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trust
with bank accounts, a trust document showing who is the trustee, and a death certificate of the owner should be enough for the trustee to take over that bank acct, and do whatever he wants with it- TrustUser
- Post #9
- Forum: Wills, Trusts and Estate Planning
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trust
are you talking about a trust, or just an acct that your mom left for you at the bank ? if trust, is there a list of the assets that the trust owns ?- TrustUser
- Post #8
- Forum: Wills, Trusts and Estate Planning
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trust
the pic is not showing up - at least for me. it is not something that i can click on- TrustUser
- Post #7
- Forum: Wills, Trusts and Estate Planning
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