Estate trust to protect your assets/worth

[XSDBSParticipant 3598]

I had a thought/idea the other day.

Could an estate trust be used to protect your assets (house, business, property, etc) against gold diggers?

If a man’s house was in a trust BEFORE he got married, could the wife get the house upon divorce?

[Greg SilveradoParticipant 172]

Sure I trust could protect your assets but I believe only under two conditions first it has to be irrevocable and secondly you cannot be the trustee. These are the legal requirements for an asset to be excluded from an estate or at least a couple of them. The problem with using a trust limited Family Partnership Orr Corporation is the intent. If it ever came to a court of law would they interpret your use of a trust as a means of sidestepping the law. Most often this is what they are looking for in court. Using an irrevocable trust to hold your assets exempts those assets. This is why oftentimes I used to recommend that clients not own their life insurance and have a trust own it and give their children the money to pay the premiums and have the children pay the premiums there for the life insurance is kept outside the estate and not subject to estate taxes. It’s a very complicated subject and each individual case is much different than the rest. If anyone is interested that is what I used to do for a living
MBR

Always expect the unexpected and gird your loins appropriately. It's a no-fault jungle out there.

[Big BossParticipant 4496]

Greg Silverado wrote:

Sure I trust could protect your assets but I believe only under two conditions first it has to be irrevocable and secondly you cannot be the trustee. These are the legal requirements for an asset to be excluded from an estate or at least a couple of them. The problem with using a trust limited Family Partnership Orr Corporation is the intent. If it ever came to a court of law would they interpret your use of a trust as a means of sidestepping the law. Most often this is what they are looking for in court. Using an irrevocable trust to hold your assets exempts those assets. This is why oftentimes I used to recommend that clients not own their life insurance and have a trust own it and give their children the money to pay the premiums and have the children pay the premiums there for the life insurance is kept outside the estate and not subject to estate taxes. It’s a very complicated subject and each individual case is much different than the rest. If anyone is interested that is what I used to do for a living
MBR

I am interested. I also wanted to do a life insurance option for 200 bucks a month and was looking into it later. My parents have a similar description as to what you were talking about that has annunities.

Any tips, let me know.

[Author]

Posts