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Recent Spendthrift Trust questions

Where can I find the language I need to draft an

Where can I find the language I need to draft an irrevocable/spendthrift trust? What is the cheapest most effective way to get one set up, without paying an arm and a leg. I know lawyer prices vary. i.e.: How long is a piece of string?

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LegalGems

Juris Doctorate

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Are there special rules a spendthrift trust in Virgina,

are there special rules for ending a spendthrift trust in Virgina, different from the UTC rules for "normal" noncharitable trusts ?

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RayAnswers

Lawyer

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A spendthrifttrust is created by a last will. The sole

A spendthrifttrust is created by a last will. The sole beneficiaries, who are the sister of the testator and - after her death her daughter who is the trustee until then both agree that the reason for which the spendthrift trust for intended, do no loingerexist. So both will immedietaly ask for a court order to end the trust. My question: must the trust still be created at all under these circumstances although Court an beneficiaries know that it is not wanted any more ?

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RayAnswers

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My mother is starting to show more prominent signs on

My mother is starting to show more prominent signs on dementia. Recently, she put her property (4 parcels with a total value of $300,000 or so) into an irrevocable Spendthrift Trust with me as the ultimate beneficiary. She only has SS as income and nosavings. We had a catastrophic job loss and are facing bankruptcy. We are unclear about whether or not this instrument will prevent her properties that were transferred into the trust in the case that she requires Medicaid care (Assisted Living, in-home care,etc). I understand there is a $500,000 exemption, does that mean with no other assets her home is exempt? If so, what happens if it exceeds $500,000 in value after a claim is made? Any detailed information that can help me understand the situation and whatour next steps should be would be greatly appreciated. It is my mom's greatest desire to keep the home in the family, keeping it in the face of of adversity (along with being a care-giver to other elderly people which makes this situation even more sad) hasbeen her life's mission.

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Barrister

Attorney/Landlord/Realtor

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What are the elements of a "special needs" trust?

What are the elements of a "special needs" trust? Can it be embodied in a revocable trust pertaining to one specific adult beneficiary who is not good with money?

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Christopher B, Esq

Attorney

Juris Doctor

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We have a 40 year old son who lives with us, works

We have a 40 year old son who lives with us, works intermittently and is not good handling money. When my husband and I pass away his share of our estate will be about $1,000,000.00. Someone suggested we set up a "legacy trust" for him so he doesn't squanderthe $$. What is that? What can we do to help insure that the $1,000,000 he inherits helps support him for the rest of his life? Thank you.

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P. Simmons

Attorney

Doctoral Degree

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What kind of document do I need to get inorder to protect my

what kind of document do I need to get inorder to protect my money from a lawsuit or creditors?

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Dwayne B.

Juris Doctor

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Ray, Mu Name is. My Father had an irrevocable Spendthrift

Hello Ray, Mu Name is Laura. My Father had an irrevocable Spendthrift Trust. My Sister and I are listed as Trustees. My Father passed away in July. The Trust is in Texas where my Sister lives and I live in Florida. What do we need to know to divide up the money and close the trust?

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RayAnswers

Lawyer

Doctoral Degree

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Mother set up irrevocable trust with money problems

Mother set up irrevocable trust for sister with money problems making me the trustee. I have a couple of questions. Trust was made in California but I am managing it in TN. If she runs up credit card bills, loans, etc. will the trust be liable to pay? Per my mother's request she wanted to make sure she had somewhere to live, utilities paid, and food. All this is written at the trustees discretion. She just didn't want her to spend all the money in a couple of years and be homeless. My goal is to make this last as long as possible so she won't run out of money. She has an outstanding bill to the IRS and is currently classified as unable to pay. Am I required to pay this IRS lien? Can the IRS attach a lien against trust? What happens if she passes away and there is still money left in the trust. Will the IRS or creditors be able to collect on these debts. The trust states that upon her death it is to be distributed to sister's children and if no children it goes to Mom's hiers. I am worried that the IRS bill will keep getting larger with interest, fees, and penalties as well as credit card debts, etc.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

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