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Recent Dynasty Trust questions

Under the terms of a marital trust, does a wife HAVE to spend

Under the terms of a marital trust, does a wife HAVE to spend all of the income,or just have the RIGHT to all of the income? Again,in a marital trust, doesn't the wife only have the right to covert non income producing property into income producing property,if necessary to defray medical costs, or keep her standard of living at the same level? Not just give it away on a whim?

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Thomas McJD

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Wyoming Dynasty Trust - I understand that I will have to pay

Wyoming Dynasty Trust - I understand that I will have to pay gift tax on any gift to the trust valued above the remainder of my $5 million lifetime tax exempted giving allowance.Q: can I place an appreciating asset or a company inside a dynasty trust?Thx!

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Law Educator, Esq.

Attorney At Law

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I own 4-acers of land in Texas. I have the recorded deed in

I own 4-acers of land in Texas. I have the recorded deed in my only my name. I want to add my children's names on to the deed with my name. And I don't want this land to ever be able to be sold. And I do not want the children to be able to borrow money or encumber the land. And I want to be able to encumber the land. What do I do?

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Thomas McJD

Doctoral Degree

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I know it is too late for this now but in the letter from my

I know it is too late for this now but in the letter from my Attorney it mentions a Dynasty Trust which is set up to last and continue in perpetuity and I wonder why this wouldn't have been suggested in 2008. It also mentions making a donative promise. I am not sure if I could do this by tomorrow or not. I wonder what your opinion is on these matters.

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Barrister

Attorney/Landlord/Realtor

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what are the down sides to a generation skipping (dynasty trust)

what are the down sides to a generation skipping (dynasty trust) for the children of the grantors?

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John Elder

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If my mother sets up a revocable living trust. Upon her death,

If my mother sets up a revocable living trust. Upon her death, what are the pros and cons of giving me, the "trustee" and only living child besides my father and her husband the money outright or setting up a new trust to administer it? Living in California, what are the pros and cons? If this new trust was set up instead of my inheriting outright, would it afford me probate protection from my father or asset protection if an outside party decided to sue my husband and me? After all, this is inherited separate property, so would this be a concern for me?

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If my mom had a life estate interest in personal and real property

If my mom had a life estate interest in personal and real property with the power to appoint it to her descendants does and her descendant has the power to sell but not consume based on her donor's will, 1. Does she have the power to restrict the division of 14,000 acres of farm and woodlands "only with the consent in writing of my two sons (the beneficiaries)". I would argue that she did not have anything but a life estate and the right to appoint that life estate but not to change any restriction on the land? 2. In regards XXXXX XXXXX which she had power of appointment over and passed outside of her will and the appointment was to her descendants, does she have the power to direct those assets be used to repay any debts owed to her estate by me a descendant and beneficiary of the trusts which she has the power appointment over. She added to "the extent that I may lawfully do so". I would argue that she was in effect appointing assets to her estate instead of to her descendants and therefore illegal and not allowed? I would appreciate your comments on these two points. Alabama Trust and property and probate. Thanks

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Law Pro

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I am trustee for Moms Trust which includes her farm and mineral

I am trustee for Mom's Trust which includes her farm and mineral rights. We are signing oil and gas leases and will get at least 2 oil wells in the next 6 months with regular oil revenue to follow later. Right now we have a revocable trust and will and I am the only beneficiary. My attorney is suggesting gifting the farm and mineral rights to me now and I set up my own trust. I would make sure mom is taken care of (she has been living with me for the past 15 years) and I would like to set up a trust where I could pass on some income to my nieces and nephews so they would pay tax and trust wouldn't have to. I would still like to maintain control. I am not married and have no dependents. My attorney is talking about a Dynasty trust. What would you suggest. At this point mom is making lots of money but has few deductions.

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My mother died in 2006 and set up Generation Skipping Trusts

My mother died in 2006 and set up Generation Skipping Trusts for my daughter and for myself. I am the trustee of both Trusts. I questioned how it was possible for her to set up a GST for me (since there was no skip), but was assured by her attorney that it was perfectly legal. This is now water under the bridge. I am also recently divorced and looking to establish the proper estate planning docs. I would like to set up a Living Trust to transfer property to my adult daughter and a small number of other beneficiaries. How should the two GSTs be included in the plan? Does the Living Trust direct the disposition of the GSTs, or is it understood that my daughter gets her GST? Can she keep it going on her own after my death? Can I bequeath my GST to my daughter in the Living Trust? Please clarify my options/strategy?

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lwpat

Doctoral Degree

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