This can be put to bed n deleted...

[rugerjunkie]

I appreciate it but couldn't find what I was looking for here so this can just be deleted...

 

[hittman]

The answers to those questions may depend on the type of trust, the state it's from and other factors.

I'm guessing you'll need to read the trust documents and state laws. You need a lawyer experienced in these things.

 

[exavid]

I trust my family :lol:

 

[mishtub]

Agree with hittman, every trust is different and state laws vary also. Consult an attorney that specializes in trust law, or even a trust officer at a bank might be useful in figuring out what you want to know.

 

[pi2]

Visit the lawyer you know best. Family or friend. Get a referral to a lawyer who specializes in trusts. That's what I did. As said above, laws vary from state to state.

 

[redhawker]

Yeah, spend some money and have a lawyer interpolate it for you. I handled my dad's trust 3 years ago and the couple K spent to make sure everything was done right and legal was well worth it. It was set up well and with the lawyer's help I was able to settle everything in just a couple months. I wouldn't even pretend to advise someone else on how to do it, other than the get a lawyer advice, as I'm sure they're all a little different. If you can get the lawyer that wrote the trust so much the better too.

 

[Pal Val]

"Free legal advice is worth every penny you pay for it."

 

[rugerjunkie]

Everyone is stating the obvious here. This question came up Friday night and shouldn't be a difficult one for the right person and I was hoping for an answer over the weekend. I'll be on the phone in the morning trying to resolve this.

 

[Diamondtreo]

Talk to a competent lawyer schooled in family law. My mom tried to "legislate from the grave" by setting up a trust & preventing the rest of the family from their inheritance for five years. Her lawyer tried to talk her out of this but she insisted, convinced that I would squander the money on guns & other stuff... After her death, he told me that if everybody was in agreement & would settle for the 5 years combined payoff, we could dissolve the trust & distribute the entire estate. I now have more guns & other stuff...

 

[Pierow]

Rugerjunkie, I am very familiar with trusts; revocable, irrevocable, ira fbo trusts etc. Feel free to pm me.

Interesting how one states, ".....setting up a trust and preventing the rest of the family from their inheritance.." like it's your right or your money. Seems mom made the wrong move, beneficiaries with that kind of attitude should be disinherited.

Pierow

 

[mohavesam]

I appreciate it but couldn't find what I was looking for here so this can just be deleted...

Quit much? :wink:

 

[Pierow]

Just to mention, there was a comment or two in this thread regarding settling and dissolving the trust. Not wanting to get into semantics, dissolving a PROPERLY drafted trust would be to loose out. Revocable trusts are drafted to avoid probate, irrevocable trusts protect. A PROPERLY drafted revocable trust, at the death of the last creator becomes irrevocable hence the protection. That's a good thing. What kind of protection you ask? How about this for an answer:

"Protected from all creditors for all reasons forever."

I'll tell you this, with the new laws coming into effect next year, states funding their own Medicaid programs and so on. Man-oh-man there is a lot of hurt coming our way. Proper estate planning has never been as important as it is now.

Pierow

 

[rugerjunkie]

I appreciate it but couldn't find what I was looking for here so this can just be deleted...

Quit much? :wink:

Never.

But I don't pursue avenues that don't seem to be producing any results.

Ended up though that Pierow was a big help through PM's and it's greatly appreciated. Phone calls were going to be made starting Monday this week but weren't needed after some good advice. The knowledge base here is vast and yet another example why this forum is great!