...do you Trust?
renman95
Posts: 7,037 ✭✭✭✭✭
As the stakes get larger I've been looking into trusts. I guess I'm at that age (and rage.) 
I'm interested in the Forum's thoughts and experiences on these...in particular a contract trust. Would this be a good place to park "coins" and/or PM's if it were a revocable trust?
Smoe info I lifted off the 'net.
1) "A Pure Contract Trust, as we refer to it here, is a particular form of contract with a declaration of trust that is protected by the constitutional right to contract and by Common Law."
2) The right to contract is guaranteed by Article 1, Section 10 of the U.S. Constitution: "No State shall make any law impairing the obligation of contracts." It is further guaranteed by the Fourteenth Amendment: "No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws."
Also, I've been advised not to get into a "statutory trust" which may be penetrable by....?
Thanks comrades.
I'm interested in the Forum's thoughts and experiences on these...in particular a contract trust. Would this be a good place to park "coins" and/or PM's if it were a revocable trust?
Smoe info I lifted off the 'net.
1) "A Pure Contract Trust, as we refer to it here, is a particular form of contract with a declaration of trust that is protected by the constitutional right to contract and by Common Law."
2) The right to contract is guaranteed by Article 1, Section 10 of the U.S. Constitution: "No State shall make any law impairing the obligation of contracts." It is further guaranteed by the Fourteenth Amendment: "No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws."
Also, I've been advised not to get into a "statutory trust" which may be penetrable by....?
Thanks comrades.
0
Comments
Liberty: Parent of Science & Industry
<< <i>That is a great question, I'm starting to think about a family trust, looking forward to any conversation on this subject >>
At LegalZoom they advertise a basic "Living Trust" for $249 and $269 for Comprehensive. I wonder if their "Living" version is like the OP described contract trust? I can't get any info on their sight. I may have to call for specifics.
LZ Living Trust
umm, you are the OP. Unless of course...never mind
Regarding the subject, I am indifferent at this point of my life.
<< <i>
<< <i>That is a great question, I'm starting to think about a family trust, looking forward to any conversation on this subject >>
At LegalZoom they advertise a basic "Living Trust" for $249 and $269 for Comprehensive. I wonder if their "Living" version is like the OP described contract trust? I can't get any info on their sight. I may have to call for specifics.
LZ Living Trust >>
The real expense, and also time consuming part of a revocable LT, is the re-titling of assets. There are also irrevocable trusts. You'll need to read up on them to determine whether any kind of trust is right for you. They are not for everyone. Most lawyers that will do a good job like to charge a percentage of the assets in the trust as their fee. Done properly, it can be expensive. Done improperly, you're back to the probate court relying on a will, or the deceased being intestate and the court determining the heirs, and amounts. My personal opinion is that if your estate is composed of cash and simple assets like the family home and will not be subject to any inheritance tax, skip it. A clean will, and pre-arranged representation, can get the job done efficiently.
That of course may be easier said than done.
Do you have the MetLife Legal Plan ($17/mo) with FedEX? I did my family trust 3 years ago with them and it would have cost $3000 out of pocket. They also got me out of a speeding ticket to work in Memphis last year! Definitely worth the $204/yr!
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<< <i>Renman,
Do you have the MetLife Legal Plan ($17/mo) with FedEX? I did my family trust 3 years ago with them and it would have cost $3000 out of pocket. They also got me out of a speeding ticket to work in Memphis last year! Definitely worth the $204/yr! >>
Now that sounds like smoe darn good advice! Wish I had that at work!
<< <i>
<< <i>Renman,
Do you have the MetLife Legal Plan ($17/mo) with FedEX? I did my family trust 3 years ago with them and it would have cost $3000 out of pocket. They also got me out of a speeding ticket to work in Memphis last year! Definitely worth the $204/yr! >>
Now that sounds like smoe darn good advice! Wish I had that at work! >>
comrade z brings smile to renski's face, no...hahaha...
<< <i>I wonder if their "Living" version is like the OP described contract trust?
umm, you are the OP. Unless of course...never mind
Regarding the subject, I am indifferent at this point of my life. >>
hahahaha, that is right...you never know who show up, the comrade or the renman...hahaha.
Has anyone here set up or collected from a revocable trust ?
How long will my kids wait to get their inheritance if there are no difficulties with the trust.
Thank you
I revocable trust they get the money as soon as you die or turn the trust over to the beneficiary. That is unless you have specific conditions in the trust and another trustee to take your place.
Thank you.
I read somewhere it would take 6-12 months. That could be with another trustee.