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Master Fabricator
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Discussion Starter · #1 ·
I was thinking about setting up a living trust and moving my assets (race car, truck, bank accounts, etc) into it to protect it.

Has anyone done this before and did you pay a lawyer to do it or is there software out there that can be used to save some of the legal costs?

Thanks!
 

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Master Fabricator
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Discussion Starter · #2 ·
Anyone?!?!
 

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Empress
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been looking into this. we were told that the best thing would be to hire a trust attorney. would cost about $1,300 and that in really protects your assets.
 

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Cheapskate 1ST Class
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you worth 1 mil or more? if not forget about it, insure everything, LT for small stuff is a waste of time and money...
 

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Master Fabricator
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Discussion Starter · #5 ·
you worth 1 mil or more? if not forget about it, insure everything, LT for small stuff is a waste of time and money...
Just trying to keep the sue happy fucks from taking shit in the event something happens.
 

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I was thinking about setting up a living trust and moving my assets (race car, truck, bank accounts, etc) into it to protect it.

Has anyone done this before and did you pay a lawyer to do it or is there software out there that can be used to save some of the legal costs?

Thanks!
1). Why do you think you need to "protect" your assets?

2). Living trusts BY and LARGE do not "shelter" or "hide" your assets from the public or from claims. They MAY avoid probate in some cases but what's the big deal about probate? Most everyone who would be involved in your estate already knows pretty much what you have anyway.

3). If you are worried about liability claims of one sort or another, ALL major insurance companies sell "blanket" personal liability coverage that protect you and your spouse 24 hrs a day 7 days a week no matter what the claim. In most cases you can LOWER your homeowner's and auto/boat LIABILITY coverage to 500k and put on a $3 MILLION blanket policy and end up cheaper or the same in cost. It's a HELL of a case that is going to net someone more than $3 million.

4). IF you are worried about inheritance tax (and it's the state level you need to investigate not the feds) buy a cheap term policy to cover the tax "burden".

Like anything else in life living trusts have their place, but it might be an unnecessary step and you may end up tying your hands if your situation changes.
 

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Just trying to keep the sue happy fucks from taking shit in the event something happens.
3). If you are worried about liability claims of one sort or another, ALL major insurance companies sell "blanket" personal liability coverage that protect you and your spouse 24 hrs a day 7 days a week no matter what the claim. In most cases you can LOWER your homeowner's and auto/boat LIABILITY coverage to 500k and put on a $3 MILLION blanket policy and end up cheaper or the same in cost. It's a HELL of a case that is going to net someone more than $3 million.
 

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I did it, not to avoid someone suing me, but for when I die. My folks did it and when they passed away the whole deal was so much better. I hired the same lawyer that did theirs and it is air tight. When I die, no lawyer will be able to grab any assets and no state can put my stuff in probate.

Got a house, got a wife, got any kids?

If you do then it is not a bad idea.
 

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I did it, not to avoid someone suing me, but for when I die. My folks did it and when they passed away the whole deal was so much better. I hired the same lawyer that did theirs and it is air tight. When I die, no lawyer will be able to grab any assets and no state can put my stuff in probate.

Got a house, got a wife, got any kids?

If you do then it is not a bad idea.
In most states, your wife automatically inherits your assets unless specifically excluded ... if assets were acquired during the marriage they are automatically hers.

Where do lawyers "grab" assets and what states "put stuff in probate"? Probate is a very simple process that can be done by anyone who can read and write. An competent executor/executrix can probate an estate.

I've done it three times so far with no lawyer at all involved.

I think some lawyers out there are very good at selling living trusts ... at a higher cost than they would have received for filing a will at the court house .......
 

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My dad has one and its a great idea. I talked to his lawyer about it and he told me lots of info. If he is ever sued, they cant touch the trust, no probate involved when he dies, its fool proof as far as anyone being able to get their hands on it.....He is not worth any millions but he does have a good little bit in there, but after working 40 years you can do that :)
 

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A bad example for others
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It's simply a way to ensure that the assets you have go where you want them to go after you die and avoid probate. I've seen some really nasty family battles over large fortunes and, in the end, everyone loses and the lawyers win. You can also define terms such as how much a family member gets over a period of time. Parents with children who have drug habits often do this to ensure that a lump sum doesn't kill their child! You can also define which children get it and which don't in the case of a broken household. It's called per stirpes (to the root) and it ensures your blood children get it and others don't.

If you want to protect cash from lawsuits, creditors, etc. the best way is probably though a cash value life insurance policy. Doctors tend to do this quite often since a malpractice suit can tie up all their assets but they usually can't touch a life policy if it's been in place for at least two years. The way around the 2 year deal is to buy a cheap term policy (so it's in place) and merely convert to whole life when you need liquid cash.
 
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