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: Living trust?
My brother and I are co-trustees of a house my dad left us. I have been living here for 4 years. I have spent about $20,000 in repairs to the house, and have giving my brother $65,000 in cash in those 4 years. I have lost my job and am no longer able to pay him. He has the trust doc. and will not show them to me. He wants to sell the property now, but i do not know what my dad wrote in the trust, i.e. who owns or has to move from the house. Does my brother have the right to sell the house without my consent?
- asked by silverdoor
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- answered by: estielmo View All Answers (3)
Question: #3: Living Trust?
Does any one have any experience with a living trust?We want to do one for our kids but I have a stepson (who would be included) I just dont want his mom to try to get what's not due to her. Any one know of the cons of a living trust?
- asked by vchild22
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- answered by: luckford2004 View All Answers (3)
Question: #4: 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: #5: 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: #6: 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: #7: How do I remove my home from its living trust without going through an attorney?
Hi..I have my house in a living trust. I have a chance to do a refi but the house can't be in a living trust. Someone said I should be able to do the paperwork to remove the house from the trust, do the refi for the lower interest and then put the house back in the trust without having to pay the large attorney fees. Sooooo does anyone know what forms I would have to fill out and is it easy? Thanks.
- asked by gamma
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- answered by: Something Else
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Question: #8: 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 Nelson
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- answered by: BS
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Question: #9: What happens to assets not in a living trust?
I have a living trust where my mother and sisters are successor who would eventually inherit all of my assets. I also have a prenuptial with my wife. I have no kids. So when I die.....1. What happens to the assets that is not in the trust? Since I have a prenuptial, my wife doesn't have access to it right? Would those assets then be left to claim/fight about in court?
- asked by ibkid i
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- answered by: Quick Answers View All Answers (3)
Question: #10: Is a revocable living trust any help against foreclosure regarding one of our businesses, toprotect home?
we are facing foreclosure regarding our ag service, new bank pres, and need to find loop hole, farm is in revocable living trust, does this protect our home, ag service is an LLC and trucking is an LLC, does anyone one know, we are running out of time.
- asked by beechamtrucking
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- answered by: hollywoodmelody
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Question: #11: What is an assigment & transfer of personal property to revocable living trust? Does it helpavoid probate?
My dad passed away without "properly" funding his trust. We found a form with his trust titled "assignment & transfer of peronal property to revocable living trust" that states he transferred all his property to the trust. If he did not draw a new deed stating the trust owns the property, does this form help at all to void probate? What is it for?
- asked by ashtin49
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- answered by: STEVEN F
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Question: #12: Does a living trust protect the assets from a nursing home if one is placed in the Home?
Can medicare be used in a nursing home or does the assets in the living trust get extinguished first?
- asked by michael9346
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- answered by: efflandt
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Question: #13: 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
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Question: #14: What are the costs in CA to unwind a living trust?
What are the costs to unwind a living trust in the state of California using an estate planning attorney? Is the cost a percentage of the estate? Do they work on an hourly basis? Any other costs? Thanks!
- asked by jumpingrightin
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- answered by: STEVEN F View All Answers (1)
Question: #15: What type of car insurance for living trust?
Let's say you had a living trust, and place your vehicle in it. What insurance do you get, commercial or personal? And how does this work, and what's the difficulty level. Thanks!
- asked by JWD
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- answered by: mbrcatz View All Answers (3)
Question: #16: 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: #17: Who holds the will and living trust documentsafter it is created?
After someone gets a will or living trust done, where is it held? For example, does the person of the trust usually keep it in their home or safe deposit box? Or do they give it to someone just in case? Or does a lawyer usually hold on to it, but then how would they know if their client has passed on and now they need to execute the will? I'm thinking it has to be somewhere where it can be found if not with a lawyer. So it can't be in a safe deposit box since no one might know about it. I guess leave it somewhere where it could be found?
- asked by Patrick Y
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Question: #18: 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: #19: Does a trustee of a living trust with his residence in it qualifies for homeownersexemption?
Resently I have put my primary residence in a living trust and I am a trustee of it. Do I still qualify for homeowners exemption?
- asked by BabyToma
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- answered by: Quick Answers
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Question: #20: How is the money taxed on the sale of a home through a living trust?
I am on the title of my mother's home through a living trust. Due to her deteriorating health we must sell her home. I will need the proceeds from the sale of her home to pay for her new rental situation. How is this money taxed and where would be a good place to keep this money as I need certain amounts each month?Please do not respond with the answer to contact the lawyer. I'm obviously posting the question to try to avoid paying additional legal costs.
- asked by prfearday
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- answered by: hermar66
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Question: #21: How do you buy a house that's in a living trust?
Parents have house in living trust; the selling price is to be equally divided amongst all siblings. One sibling wants to buy house now (while parents are still alive). Can this be done without changing the trust? Can the sibling purchase the house and then have its selling price split between the remaining siblings not to include himself? Parents are not interested in changing living trust as they are too old to want to mess with legal stuff, but are all for one sibling purchasing home now.
- asked by mathwiz
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- answered by: MVD34 View All Answers (1)
Question: #22: Can anyone set up a Living Trust on their own, or are they required to pay an attorney?
I've done some research, and all the websites I've been to say that it usually costs a couple thousond dollars to set up a living trust with an attorney. But couldn't someone just set up the trust on their own, and have the state verify the document?
- asked by Jordie
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- answered by: wizjp
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Question: #23: Does one need to report rental income for property listed on living trust from parent?
Parent listed 3 unit building on living trust left to children before death. Since death, one child lives in a unit and has been collecting rent and using it to pay mortgage, property tax, insurance, maintenance, utilities, etc. Rental income has not been reported as part of personal tax filings. Should it have been? If so, what recourse going forward is advised?
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- answered by: Quick Answers
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Question: #24: 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: #25: 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: #26: I would like to add a deed to secure debt to my living trust. How do I do this?
My husand and I have a revocable living trust. Last year we sold a home and did the financing. I need to incorporated this into my living trust but I need to know how to do this.
- asked by wanttoknow
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- answered by: I Buy And Sell Houses
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Question: #27: Can I put my personal checking account in my living trust?
I have a living trust for my house, can I put my checking account in there to protect it also?
- asked by elly56@sbcglobal.net
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- answered by: Ira01
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Question: #28: Does a living trust have to be changed when one marries?
A friend of mine did a living trust years ago and she may be getting married, she wants the beneficiaries and the executor to remain the same. She's in her 70s so it's not like they'll be together for decades. Does her getting married override her existing living trust in any way? Can it stand as is or does it have to be redone?
- asked by ღ†Rocker Wife†ღ
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- answered by: Armycop
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Question: #29: Why will Chase not let me refinance since my home is in a living trust?
We have our home in a living trust and recently, got a great offer from our lender, Chase bank, to refinance our mortgage but they will not let us take advantage of this offer since our home is in a living trust. Why does this matter? We qualify for the re-fi. under all of their other criteria.
- asked by simbinas2002
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- answered by: dog ma
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Question: #30: 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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