Estate Law

Estate law questions? Ask an estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

I am in the process of creating an irrevocable trust,and I…

Customer Question
I am in the process...
I am in the process of creating an irrevocable trust,and I have the following questions:

1) The property is owned now by a corporation owned by me and my husband, if we create an irrevocable trust can we both be the trustees and my kids be the benficiaries, I have 2 kids that are over 20 years old. or do the kids have to be the trustees and the beneficiaries at the same time. I have a minor kid 10 years old. In which way would I have more protection from creditors or even a bankruptcy in the future?

2) Is it true that in order to have more protection from creditors I need to sell the property to the trust or can I just transfer the property with a deed?

3) If my kids are the trustees of the irrevocable trust can we later change the name of the trustees?
4) Can the trust give a mortgage on the porperty to a third party. If so what will be the tax to be paid at the end of the year if for example the mortgage is for 300,000 15 years at 7.5%. I think that at this point it would have been better to sell the rpoperty to the trust originally in order to have some basis to deduct when the trust sells the property but I do not know if this has to be done by a sale or we can transfer the property to the trust for a consideration and pay the taxes on the consideration.
Submitted: 8 years ago.Category: Estate Law
Show More
Show Less
Ask Your Own Estate Law Question
Answered in 8 minutes by:
6/24/2010
Estate Lawyer: socrateaser, Attorney replied 8 years ago
socrateaser
socrateaser, Attorney
Category: Estate Law
Satisfied Customers: 40,169
Experience: Retired
Verified

On 5/14/2010, you were provided with an answer to a question, which you, perhaps inadvertantly, never Accepted. Thus, the expert was never paid. If you would like me to consider your new question, please consider returning to that previous answer and clicking Accept.

 

Thanks in advance,

 

NOTICE: If you are on a subscription plan, your clicking Accept does not generate any additional charges to your user account. It only indicates your satisfaction with my answer.


Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

Ask Your Own Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with an estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Thomas McJD Your Own Question
Thomas McJD
Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 3,170
3,170 Satisfied Customers
Experience: Wills, Trusts, Probate & other Estate Matters

Thomas McJD is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns.

Loretta TIllinois

Thanks Adam!! - A very direct and understandable response - you have been a great help!

Happy CustomerEllicott City, MD

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Thomas McJD

Thomas McJD

Attorney

3,170 satisfied customers

Wills, Trusts, Probate & other Estate Matters

Barrister

Barrister

Attorney

5,908 satisfied customers

17 yrs estate law, real estate. Wills/Trusts/Probate

RayAnswers

RayAnswers

Attorney

5,629 satisfied customers

Texas lawyer for 30 years in Estate law

Infolawyer

Infolawyer

Attorney

5,145 satisfied customers

Licensed attorney helping individuals and businesses.

Ely

Ely

Counselor at Law

1,867 satisfied customers

Fully licensed attorney in Texas in private practice.

RobertJDFL

RobertJDFL

Attorney

1,522 satisfied customers

Experienced in multiple areas of the law.

P. Simmons

P. Simmons

Attorney

1,215 satisfied customers

12+ yrs. of experience including estate law.

< Previous | Next >

Related Estate Law Questions
My wife and I have wills but do we need a trust instead to
My wife and I have wills but do we need a trust instead to stay out of probate when either one of us dies so the other will not be lost financially? … read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,366 satisfied customers
I live with my mother in NY. my mother wants to create a
Hello, I live with my mother in NY. my mother wants to create a irrevocable living trust. i am thinking about doing business someday and she want to protect my mother's house from my creditors. my mot… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,908 satisfied customers
Client has a 1999 ILITA and would like to transfer ownership
Client has a 1999 ILITA and would like to transfer ownership and beneficiary of insurance policy to new 2016 ILITA. Trustee has power to sell or assign policy. Can Trustee assign policy by tranferring… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
We are thinking about setting up a an irrevocable trust for
We are thinking about setting up a an irrevocable trust for our mother's small estate, which includes a business, some investments and a home. What are the tax implications of doing this ?… read more
Attorney2020
Attorney2020
Lawyer
2,480 satisfied customers
I have recently learned about 541 Trusus and would like to
I have recently learned about 541 Trusus and would like to know if that would be a good vehicle for me to use. I have a house with a mortgage, rental property also mortgaged, a 401k acct, life insuran… read more
socrateaser
socrateaser
Attorney
40,169 satisfied customers
I live in NY and I have a property in CA. I am trying to avoid
I live in NY and I have a property in CA. I am trying to avoid any type of medi cal or medicaid issues with liens or estate claims on my property. I want to transfer it to my children and I want to do… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,908 satisfied customers
Hi I am have question about an irrevocable trust. For some
Hi I am have question about an irrevocable trust. For some possibly relevant background I will tell you that the house was originally mortgaged by my spouse and their ex. Now, their ex is off the deed… read more
socrateaser
socrateaser
Attorney
40,169 satisfied customers
I would like to transfer my person home to a revocable trust.
I would like to transfer my person home to a revocable trust. I have no intentions to gifting it to my beneficiaries yet. I am mid 40th. Simple strategy to avoid probate. Please explain Grantor Trust.… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I am the sole owner of a house and land in Florida and I am
I am the sole owner of a house and land in Florida and I am neither a US citizen nor a resident. I am from an independent island in the caribbean. I want, upon my demise, for my property to be passed … read more
Brent Blanchard
Brent Blanchard
Solo Practitioner
Doctoral Degree
1,964 satisfied customers
If the Nevada Spendthrift Irrevocable Trust Asset Protection
If the Nevada Spendthrift Irrevocable Trust Asset Protection set up as example follow: Grantor/Trustee/Beneficiary is the same person named "Jane Doe". IS IT LEGAL TO TRANSFER BACK THE TITLE... From: … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Can the founders of a irrevocable trust fund change the
can the founders of a irrevocable trust fund change the trust before they die-do they have any rights after these are set up. Case in point a founder lost his fortune and now his kids will not share t… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,629 satisfied customers
In Pennsylvania, can my son serve as the trustee of my irrevocable
In Pennsylvania, can my son serve as the trustee of my irrevocable trust? He is also a beneficiary to the trust. If not, can my son in law act in that capacity as he is an attorney? He is not a benefi… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
My husband and I live in a California State veterans home.
My husband and I live in a California State veterans home. We have a revocable trust. We now realize our assets are not protected from the State upon the death of one of us. How can we we protect our … read more
Daniel Solutions
Daniel Solutions
Doctoral Degree
5,212 satisfied customers
i am faced with asbestos lawsuits and possible foreclosuee
i am faced with asbestos lawsuits and possible foreclosuee (business mortgage,line of credit, ceditors liens have a ten year old irrevocalbe trust with 65 shares in the business within the trust iIam … read more
lwpat
lwpat
Doctoral Degree
256 satisfied customers
Re irrevocable online trust form to protect checking & savings
Re irrevocable online trust form to protect checking & savings accounts can I make these changes: property to accounts Estate to Fund Disposition of Pricipal & Income to Deposit & Withdrawal of Funds… read more
Brent Blanchard
Brent Blanchard
Solo Practitioner
Doctoral Degree
1,964 satisfied customers
If my Dad, who is still living, wanted to sell me his farm
If my Dad, who is still living, wanted to sell me his farm (appraised at 2 million) for 300 thousand, what are the rules for this type of sale? Can you get the property reappraised? Would it be worth … read more
lwpat
lwpat
Doctoral Degree
256 satisfied customers
what kind of a trust will protect a second home that isnt
what kind of a trust will protect a second home that isn't a homestead from a lawsuit. I want to put a second home in my child's name age 20 because I want to protect the asset. she is living there no… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
5,145 satisfied customers
I need info. on an irrevocable trust and a grantor trust.
I need info. on an irrevocable trust and a grantor trust. If I have an irrevocable trust and open up an account under the irrevocable trust agreement for CD's or money market funds, and I agree to be … read more
socrateaser
socrateaser
Attorney
40,169 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x