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Old 08-03-2022, 09:51 PM   #25
upthesaukee
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Default What do you have against Trusts.

What do you have against Trusts, Mowtorman? I'm not sure you understand what a Threat is and why someone(s) would want one.

I live in my house, but I don't own a house. I drive my car, but I don't own a car. I pay my bills every month from my checking account, but I don't have a checking account.

Yeah, I know, it sounds like gibberish, but it's not. Back in 2001, my wife and I were meeting with our financial advisor (no, not about our millions in assets, far from it), discussing our present and future financial situation. He suggested we speak to an attorney specializing in family law. We did so and decided that we would form a Trust.

Every piece of real property was placed in the name of our Trust. Our checking account was changed to the name of the Trust. Our cars were retitled in the name of the Trust. My wife and I kiddingly said we aren't people anymore, we're just a Trust. What are we? We are Trustees of the Trust.

In the event of one of us passing away, the survivor continues as Trustee. Our daughter, in the event of both of us passing away becomes Trustee. When my wife passed away in March, I didn't have to change anything relative to anything involving the Trust. When I'm gone, my daughter will not have to do anything. She can add someone as Trustee as well.

So, most of these Trusts you talk about were undoubtedly established to allow families to keep property within the family from generation to generation.

Trusts are a viable part of family life for those who want to go that way, and a Trust is not limited to the wealthy. You can trust me on that.

Dave
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