Question: #1: living trust?
my parents and i have a living trust, which includes the house my parents own. lf i get married and later divorced, can my ex-wife touch anything in that trust or try to claim the house in the trust?
- asked by norcal408
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- answered by: Mongo View All Answers (1)
Question: #2: Is a Living Trust still important when your assets are under a loss?
With the current housing bust, the main asset our house (in my name only) is losing value day by day. And I still have not signed up for a Living Trust to help transfer my assets to my wife and children. Now I'm wondering if by signing a Living Trust I'll put undue financial burden on my wife who is currently not working. Also I want to make sure the money in the Life Insurance, Savings Account,401k and the cars go to my wife if I die. Do I still need a Living Trust for these?Can I hold off on a Living Trust until my main asset gains value? What are the risks?Just clarifying ... I totally understand the benefits of a Living Trust. My question is whether I delay getting a Living Trust until my main asset really acquires some value.
- asked by Qurious
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- answered by: crapaudblanc
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Question: #3: Is a Land Trust or Living Trust best for home ownerhip?
Hello,I need to create some kind of Trust to hold my house title and my car title. My main concern is privacy due to a stalking incident. I've been told by a lawyer that a Land Trust would protect my privacy and would be less expensive than a Living Trust.But then I would need a Personal Property Trust or something similar for my car. Does anyone have experience or dealt with this type of situation? Living trust or Land Trust? If Land trust, what do I do for titling my vehicle?Thanks!
- asked by Chris S
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- answered by: BR
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Question: #4: What to do after inherited a living trust?
My mom had a living trust set up when she was alive. She recently passes away and I am the beneficiary of her trust. So now I am the owner of her property, do I need to set up a new revocable living trust under my name and change everything that is under her trust to my new living trust?
- asked by Stupidcat
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- answered by: StressedLawStudent View All Answers (3)
Question: #5: How do I create Living trust without using a lawyer?
I want to understand the detailed process for creating the Living Trust and what are the Tax benefits? I'm a legal resident of the Los angeles California and have a young daughter. Want to make sure I plan for her future. I don't have the money to go to a CPA or to an attorney. also are there any free services available?
- asked by beans
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- answered by: BS
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Question: #6: How to choose the best lawyer to do our living trust?
Is there a website or someplace where I can search for local lawyers who specialize in estate planning? I would like to have a living trust put together but don't know where to start!How do I know I've found a reputable and honest lawyer?
- asked by Rez
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- answered by: Maryn Bittner
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Question: #7: How much should it cost to set up a revokable living trust in CA?
My lawyer has sold me on creating a revokable living trust to protect my assets from probate, as well as creating a will and financial / health care directives. He charges $2,500 to set this up. Is this a reasonable amount?
- asked by Frank
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- answered by: bucrunner
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Question: #8: How do I determine the basis for a farm that was added to a living trust?
This farm was owned by my Granny's husband before they married. They created a living trust and the farm became part of the trust. He has passed on and Granny is looking to sell. I need to understand the tax consequences.
- asked by Bruno T
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- answered by: Mr Tax Preparer
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Question: #9: Can a trustee of a living trust let property deteriorate?
I have a co-op in a living trust. I also have a co-trustee.I have some major repairs coming up and am worried the co-trustee will not let me encumber the property for a loan for the repairs. this will not only cause problems for me but the homeowners assoc. as well. Of course I will consult witha good probate lawyer if necessary. The trust is standard and allows for loans for repairs etc.I put this question in wrong catagory..should be in legal.
- asked by charlotte q
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- answered by: Tech Dude
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Question: #10: Does a notarized Living Trust drafted from a software needed to be registered in a City Hall inCalifornia?
I used a CD from a book to make my living trust. After it was done, I went out to have it notarized by a Notary Public. Is this legal enough, or do I have to go to a Municipal Hall to have it registered? I live in the state of California
- asked by jammy s
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- answered by: wartz
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Question: #11: What are the advantages of having a Revocable Living Trust if you have an estate worth 3million?
My estate is worth about 3 million $. What are the consequences of my NOT having a living trust? I have 2 children, one of whom is financially irresponsible. What would happen if I die without a living trust? What are the estate tax laws as of 2007. I live in California. How long would probate take? Thanks........................pj
- asked by pj
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- answered by: Ron Mexico
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Question: #12: Who would I contact to set up a revocable living trust agreement for my estate? Are they legal inTexas?
My family lives in another state and I have no one in Texas I want to leave my property to. I want to set up a revocable living trust for my niece and nephew in Michigan. Who provides this service; a bank, an attorney, an insurance agent? Thanks for you time in answering.
- asked by BARBARA J
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- answered by: Del
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Question: #13: If a living trust is dissolved and tax liabilities are imposed afterwards, who is responsible to paythe tax?
My brother (Executor), sister and myself are the beneficiaries of our mother and step-father's living trust. They are both deceased and we are dissolving the trust. If any tax liabilities or other costs are discovered after the trust proceeds are dispursed equally between the three parties, who would be responsible for the liabilities? Are all three parties held equally responsible? Can they come back only on the Executor or any one of the three parties?
- asked by Property Line Curiosity
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- answered by: waggy_33
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Question: #14: Can you only do a living trust through a lawyer?
I can't afford to have a lawyer do a living trust. I really need one done, because I have a daughter and stepkids. I have heard a will would have to go through probate court. Is there anyway besides a lawyer to do a living trust?
- asked by Lish
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- answered by: Ret. Sgt. View All Answers (3)
Question: #15: Do I need to pay capital gains on the full selling price of a house if I recieved it from a livingtrust ?
I recieved property from my parents through a living trust seven years ago. I just sold one of the houses. Do I pay capital gains on the full selling price or just the appreceition since I recieved it? I did get an apprasial when I recieved the trust. Do I deduct that from the selling price for the taxable amount?
- asked by boop674
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- answered by: taxreff
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Question: #16: What is the best living trust to get?
We are looking into getting a Living Trust, does anyone know if there is a good or bad choice and prices?
- asked by brit girl
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- answered by: llazyiest View All Answers (1)
Question: #17: I am due a 50% share of a living trust I want to give it to my son during the distribution of thewill-can I?
Or does the living trust have to be distributed as stated and then my share provided to my son?
- asked by Pepper1
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- answered by: oldtimer
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Question: #18: Is there a way to create a legally binding living trust without lawyers. Are copied Living Trustforms legal?
Does the State of California provide living trust forms? Why must I pay a lawyer crazy fees to fill out standard forms?
- asked by marta
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- answered by: Superman
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Question: #19: Can someone explain to me what a living trust is?
My wife gave her mother life estate on a house she owns, is this an example of a living trust?
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- answered by: nwtobe View All Answers (5)
Question: #20: can the sale of an investment property be financed by a living trust ?
I would like to sell an investment property. There is no outstanding loan on the property. I also have a living trust.Can I sell the property but have it financed via my living trust ?Or do I need to put the property in my trust before selling and financing ?
- asked by guidobutcher
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- answered by: linkus86
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Question: #21: What constitutes a complete accounting in a revocable living trust when it becomes irrevocableafter death?
When a person dies as the settlor of a revocable living trust which becomes norevocable apon their death how far back does the trusstee have to account for the assets in the trust? Is it from the day the trust was set up or from the day of of the the deceased death?
- asked by Boubo
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- answered by: philbertpheinstein
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Question: #22: My grandmom leaved a house for me under living trust after she passed away. How could I savecaptial gain tax?
Do I convert the title first before selling it? (how's the tax base calculation?) Or should I sell it under the trust( my aunts are the trustees)? Which tax base of selling title will be higher so that I can pay less capital gain? Thanks.Also my aunt is getting Federal Supplemental Security Income (SSI). She has no money interest (not a beneficiary) with the living trust. Does it hurt her SSI Status from being a trustee? Thanks.
- asked by EggshellHead
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- answered by: ainger452
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Question: #23: Does a Living Trust need to be signed by a lawyer?
Our family is having a huge problem right now. One of my aunts had my grandmother sign a living trust less than 3 months after my grandfather passed away. In the Living Trust she gives my aunt all access to her money. My aunt lives a very "high maintenance" life and we're all worried she's going to drain my grandmother's money and there won't be enough left to properly take care of my grandmother for the remainder of her life. She was recently diagnosed with alzheimers. I received a copy of the Living Trust and noticed it was only signed by 3 witnesses and my grandmother. One of the witnesses was the notary. Is this legal? Or should a lawyer have sat down with her and explained to her what she was signing? Also, on the Power of Attorney given to my Aunt, my Aunt signed as the Agent. Wouldn't that be a conflict of interest? She also noted her profession as a "Senior Paralegal" when in fact she has never been certified as a Paralegal.
- asked by jenhatesnick
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- answered by: Catspaw View All Answers (3)
Question: #24: I have a living trust/prenup before I remarried. Now, my husband is buying a house. What is thebest way to?
hold title to this house (it would be a community property). If we get a tenancy in common, can I just add this property to my living trust? I am the one putting the downpayment on this house so I just want to protect the money that is intended for my 2 children from my previous marriage. Thanks for your help/answers.
- asked by kulmomsie
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- answered by: VATreasures
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Question: #25: Is it necessary to fund the living trust to be valid?
If my bank accounts and house are under my name alone, and I named them as my assets in the living trust, but I did not change the names on the accounts or title of the house to ...for example " John Doe, as trustee for the Doe famiily living trust dated 2/6/06", will my living trust be a useless document when I die? and will my house be probated?
- asked by Philip
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- answered by: Sandra
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Question: #26: Which one is better a will or living trust?
Which one is better a will or living trust?
- asked by gorebet
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- answered by: VATreasures View All Answers (1)
Question: #27: What is an irrevocable living trust?
Need to know what it entails. If I put my house in an irrevocable living trust can I still claim mortgage and real estate taxes on my federal income tax?
- asked by csjedbd
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- answered by: nrview View All Answers (2)
Question: #28: Does a new will cancel out a living trust inkentucky, The new will has been made after thewifes death?
My father has just made a new will after the death of my mother they had a living trust, does the new will now take precedence over the existing living trust in the state of Kentucky?
- asked by peanut43
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Question: #29: Can you hold an IRA in a living trust?
Can an IRA be moved into a living trust? Can a living trust be named as the beneficiary of an IRA, if the IRA owner is still alive?
- asked by JB
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- answered by: STEVEN F View All Answers (3)
Question: #30: In California, is it true that a combined revocable living trust becomes irrevocable for thesurviving spouse.
Am not sure if this is true in California, but on Aug 26, 2007 issue of the LA Times (page K12) Book review, author Karen Ann Roicik points this out according to the review. I've been reading a few articles on living trusts but, never came accross this info.
- asked by GrayWalnite
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- answered by: mister ed
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