Law Educator, I am looking into setting up a irrevocable
Law Educator,I am looking into setting up a irrevocable trust (Washington State) for one of my children. He is financially responsible but in a litigious business, small business investments. I am comfortable and prefer him to be the trustee as well as the beneficiary. However, I do not want adverse creditors able to execute upon trust assets. I would define adverse creditor as a creditor who makes claim against the Beneficiary and files suit against the Trustee, Trust or Beneficiary.I have read about Spendthrift clauses but have not found "on point"; If the Trustee is also Beneficiary the Spendthrift clause is not effective. Or, If the Trustee and Beneficiary are the same person, irregardless of any spendthrift clause, creditors of the Beneficiary may recover from the trust or beneficiaries interest.If adding another Beneficiary helps protect assets I can add additional Beneficiaries as I have 4 children.RegardsSam
Once I get my settlement monies how best do I protect it
Once I get my settlement monies how best do I protect it from the state taking it. I live in a nursing home and the state pays my bill, the nursing home keeps my 2,000$ a month social security check and I get 30.00$ a month back. So since I am indigent, how best to stash the cash, can I gift it or something.
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?
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 ?
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.
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.