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Recent Dynasty Trust questions

How do I find a professional trustee in Nevada to administer

How do I find a professional trustee in Nevada to administer an irrevocable dynasty trust? The settlor died. I am a resident of CA, but need to third party to set up a trust EIN and establish situs in NV. Thank you in advance for any help you can provide.

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Maverick

Doctoral Degree

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Can a LLC act as a Trustee for an irrevocable Dynasty trust?

Can a LLC act as a Trustee for an irrevocable Dynasty trust? Can the LLC officers or agent also be the dynasty trust Trustee? Can the LLC officers or agent also be the beneficiary? What state should the LLC be established in if the trust has real estate holdings and trust administration business is all conducted in Texas and one beneficiary get distributions in CA? How many tax returns are required on what in what states? Thank you!

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RayAnswers

Lawyer

Doctoral Degree

35,822 satisfied customers
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

Doctoral Degree

5,814 satisfied customers
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

Doctoral Degree

108,056 satisfied customers
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

5,814 satisfied customers
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

Doctoral Degree

47,122 satisfied customers
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

Doctoral Degree

3,816 satisfied customers
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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37,948 satisfied customers
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

Doctoral Degree

23,546 satisfied customers
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