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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 41221
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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I am forming an revocable trust ,buying a new home $ 315.000,

Customer Question

I am forming an revocable trust ,buying a new home $ 315.000, I have two (2) corporations furnishing the full payment, which is the best trust to use, dual?, shared?,etc., and how should I fund the trust, gift?, grant?, loan?, thanks elton
Submitted: 3 years ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 3 years ago.
Thank you for your question, Elton. Please permit me to assist you this evening.

I am assuming that you wish to have full use of the assets while it is within the trust, correct? Will there be any other beneficiaries or trustees but you?
Customer: replied 3 years ago.

full use. my wife, berlin louise tiller.

Expert:  Dimitry K., Esq. replied 3 years ago.

What will be a part of the trust, just the home or anything else?
Customer: replied 3 years ago.

yes separate assets

Expert:  Dimitry K., Esq. replied 3 years ago.

Thank you for your follow-up.

A 'dual trust' is a good idea if you are seeking to avoid future taxes on inheritance and transfer between the spouses. Right now, however, the tax cut-off is at $5M, meaning that an estate below that amount is not exposed to tax implications in Texas. If you have an estate under that amount, there is no necessity in a dual trust. Therefore if all you are setting into this trust is the home, a dual trust is not necessary, you can set up a general shared trust instead. You can grant the assets into the trust since that does not create a tax benefit (a gift would), and that would then permit you to fund the estate and to set up the trust for use. If you have other assets going into the trust, I can then modify my response, but purely based on one home, that should be sufficient.

Good luck.

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