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Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12554
Experience:  25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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How to I put a new business into my trust. I have a revocale trust. I am starting a new

Customer Question

How to I put a new business into my trust.
I have a revocale trust. I am starting a new business and want to put it in the trust.
Submitted: 1 year ago.
Category: Legal
Expert:  Andrea, Esq. replied 1 year ago.
Hi, and Welcome to JustAnswer, Does the document that created the trust give the Trust the power to acquire a business ? If the document that created he trust has a general statement under what the trust can or cannot engage in, but states that the Trust may own and/or operate a business either as one of its permitted actions, or jointly with another individual, another trust, or with any other legal entity, then you would not have to incur the expenses of dissolving the and forming another trust which could hold and operate the business. In addition, the instrument creating the trust must also state that the Trustee has the power to engage and use the trust assets in the operation of "XYZ" business together with another entity. In my humble opinion, the best way to handle this is to create a new trust for the operation of the business, rather than comingle Trust assets with the assets of a business which is totally unrelated to the present trust. In this manner, the lines will be clearly drawn and the present trust assets will not be comingled with the assets of the new business, Please let me know if you need clarification on anything and I will be glad to explain further, If I have Answered your question, please be kind enough to leave a positive rating so that JustAnswer will compensate me for my time and effort, Kindest Regards, ANDREA