Trusts (by MMIT [VA]) Sep 22, 2020 8:02 AM
Trusts (by plenty [MO]) Sep 22, 2020 8:15 AM
Trusts (by Jim in O C [CA]) Sep 22, 2020 8:32 AM
Trusts (by WMH [NC]) Sep 22, 2020 9:04 AM
Trusts (by Allym [NJ]) Sep 22, 2020 9:50 AM
Trusts (by Robert J [CA]) Sep 22, 2020 10:05 AM
Trusts (by Barb [MO]) Sep 22, 2020 10:33 AM
Trusts (by Alan [CA]) Sep 22, 2020 12:14 PM
Trusts (by Mike45 [NV]) Sep 22, 2020 2:52 PM
Trusts (by LindaJ [NY]) Sep 22, 2020 10:44 PM
Trusts (by Pmh [TX]) Sep 23, 2020 5:17 PM
Trusts (by Ray-N-Pa [PA]) Sep 25, 2020 8:49 AM
Trusts (by MMIT [VA]) Posted on: Sep 22, 2020 8:02 AM Message:
When you set up your trust, did you use a lawyer to set up the trust or did you set it up yourself using one of the trust seminars (Mike Butler, Lou Brown, Randy Hughes, etc).
Why did you choose to set up a trust?
Thanks --70.188.xx.xx |
Trusts (by plenty [MO]) Posted on: Sep 22, 2020 8:15 AM Message:
First time i did it myself; bought a box step by step computer program. It's easy. Just follow along and execute all the necessary paper work accordingly. After getting married their family trust lawyer person set everything up. Same process just that they handled all the paperwork and steps. I actually did a fine job myself when comparing as they screw up a few deeds and had to redo them. We are all good now. We combined our assets for estate planning for our kids. Clarity. No misunderstandings. That's why. --99.203.xx.xxx |
Trusts (by Jim in O C [CA]) Posted on: Sep 22, 2020 8:32 AM Message:
You could use Legal Zoom but when you are dealing with multi million dollar estates best to use an estate lawyer. Your chances of making a big costly mistake are almost guaranteed. --99.23.xxx.x |
Trusts (by WMH [NC]) Posted on: Sep 22, 2020 9:04 AM Message:
I believe in using professionals when it comes to death and taxes. We hired an Estate/Senior Law Center to do our Family Trust, and the wills and all the other bits & bobs. I've heard do-it-yourself legal documents can actually end up costing more, as the attorney will not be familiar with the work. --50.82.xxx.xxx |
Trusts (by Allym [NJ]) Posted on: Sep 22, 2020 9:50 AM Message:
Never do that without a lawyer who already has successfully set up trusts. If someone wants to sue you for something, and it's not set up properly they may find a loophole. Trust is not designed for lawsuit prevention but just say someone wasn't put into it and wants part of it, that could be a problem. Nothing like that happened with my Dad's trust but the possibility is there with a large family. --71.104.xx.xxx |
Trusts (by Robert J [CA]) Posted on: Sep 22, 2020 10:05 AM Message:
I have many brilliant friends that know so much about everything! But when it came to Estate Planning, Asset Protection, Taxes, asset preservation and other key issues, they turned out to be as dumb as one could be!
A good Estate and Probate attorney is worth their fee's. The average real estate investor here in California has over 3 million dollars in equity and sometimes up to 10 million. The cost for a good Trust, Estate and Probate attorney to set up a family trust runs around $5,000 to $7,500.
Imagine you die and your spouse (wife) gets everything under their control. In a short amount of time they find love again and start a new relationship. Then your spouse (wife) dies and everything goes to her new husband. Then in time that man dies and leaves everything to their children by their first marriage, and you kids get NOTHING! This happens around 1/3 of the time with people that are too short sighted to hire a professional Probate, Trust and Estate attorney (all rolled into one).
Not only will a good trust protect your spouse and your children, it can also be set up to protect your grand kids... Instead of some stranger getting your hard earned money and property, it stays into the family.
One more thing. If you don't teach your kids how to operate under your trust, your kids will dissolve your trust and if you kids get divorced, half of their inheritance can go to the divorced spouse of your child instead of staying with your kids then going to your grand kids.
On friend had over $50,000,000 (Fifty million dollars). When this friend died everything was protected but her kids were too greedy and broke the trust and each of the 4 kids took the money.. Then when the kids died, half of the grand kids got nothing.... Why, because with sudden wealth comes divorce.... --47.155.xx.xxx |
Trusts (by Barb [MO]) Posted on: Sep 22, 2020 10:33 AM Message:
We used a lawyer who is also a CPA and specializes in estate planning and trusts. --67.43.xxx.xxx |
Trusts (by Alan [CA]) Posted on: Sep 22, 2020 12:14 PM Message:
We have too many assets and properties so we used a lawyer specializing in trusts. Happy we did! --71.198.xxx.xxx |
Trusts (by Mike45 [NV]) Posted on: Sep 22, 2020 2:52 PM Message:
I strongly recommend using a Trust Attorney. Does the computer program explain to you the benefits of setting up LLCs and locating your trust in NV? Does your computer program arrange a NV trustee for your Nevada trust?
Hiring a good Trust attorney can be expensive, but it is nothing compared to the eventual savings and peace of mind that a good trust can bring.
--76.4.xxx.xxx |
Trusts (by LindaJ [NY]) Posted on: Sep 22, 2020 10:44 PM Message:
Estate lawyer. We set up the trust for asset protection as we get older. Also did our wills, Power of Attorney and healh proxy at the same time. --108.4.xxx.xxx |
Trusts (by Pmh [TX]) Posted on: Sep 23, 2020 5:17 PM Message:
trusts law as well as property law were the only open book law exams we had when I was in the UK. strongly suggest spending a few $ for professional help. --107.77.xxx.xxx |
Trusts (by Ray-N-Pa [PA]) Posted on: Sep 25, 2020 8:49 AM Message:
I use Randy.
If you have questions you can get them answered.
Once a month there is a Q & A session call. You want to learn, you call in and you can learn from other peoples mistakes.
Sure you can count on an attorney - they get 3-4 hours of training on trust in law school. So if you go that path, make sure you are using a specialist. I had an attorney just two weeks ago tell someone that they had to be listed on their own revocable trust. When I asked him what the difference was between revocable vs irrevocable. I applaud the guy looking out for the business owner, but he didn't know what was truly going on.
He said he would look into that.
--24.101.xxx.xx |
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