Trusts

[msdis]

Thanks Jim & Disneykidatheart. This was very informative. I was looking for some general information and your replies were a good start.

 

[goldilocks_63]

So when I started this it was before the Anna Nicole incident.... I was losing steam, but after seeing that fiasco, it's spurred me on....

SO I got the law firm to provide the opinion letter, and sent DVC a copy of the first page of the trust.

So my AKV will be purchased by my trust. And for the Tapestry, I asked that I could specify the name (don't want trust name in the Tapestry. LOL!).

I'm glad this is getting done.

I might then go back and redo some of my old contracts, after this is finished.

Best, GOldi

 

[tic-toc-croc]

SO I got the law firm to provide the opinion letter, and sent DVC a copy of the first page of the trust.
Best, GOldi

Hi GOLdi, does DVC require the opinion letter from a Florida attorney?

 

[goldilocks_63]

The opinion letter says basically that you have a trust, and you know what your doing to put the property in the trust.

It can be done by any attorney. In my case, I had it done by the firm that set it up for me (5 years ago), and attorneys were in Illinois. They specialize in tax law, with sides in wills/ trusts / estates.

The money you spend to set this stuff up can save your family lots of grief / money, even if you are "normal middle class". Goldi

 

[bobbiwoz]

Yesterday I got a letter from my mother, who in October, did set up a irrevocable trust, with a lawyer, and my DSis and I signed and notarized the deal. I honestly believed that this was a poor decision, but my DM wanted to do this because of articles she had read. This is how my DM's letter began:

"Is there any chance of you giving me my house back? I'm not dead yet..."

This trust cost roughly $10,000 and it's costing my mother grief and sorrow not giving her peace and comfort. I am going to contact my DSis and see what it would cost to get her out of this.

Bobbi

 

[mouseclick1]

What does it cost to re-deed each one, and how to do it, anyone?

GOldi

We are currently in the process of setting up a trust. I am also wondering what it costs to re-deed each contract. Does anyone know?

 

[JimMIA]

Yesterday I got a letter from my mother, who in October, did set up a irrevocable trust, with a lawyer, and my DSis and I signed and notarized the deal. I honestly believed that this was a poor decision, but my DM wanted to do this because of articles she had read. This is how my DM's letter began:

"Is there any chance of you giving me my house back? I'm not dead yet..."

This trust cost roughly $10,000 and it's costing my mother grief and sorrow not giving her peace and comfort. I am going to contact my DSis and see what it would cost to get her out of this.

Bobbi

Bobbi,

You probably don't need to get your Mom "out of the trust," as long as everyone is agreed with what should be done. Irrevocable simply means that the grantor can't change the terms of the trust once it's established. However, the trustees (whoever they are) can do whatever the trust documents allow them to do with assets titled in the trust. Usually, those trustee powers are written as broadly as possible to give the trustees maximum flexibility in managing the trust.

So, the house may be in the trust now, but that doesn't mean forever. The trustees could probably just quit claim it back to your Mom, if that's what she wants. Obviously, there could be language in the trust that would preclude that, so you need to read the trust document carefully and check with an attorney before you do anything.

 

[NurseKim]

I am in the process of setting up a living revocable trust with my Suze Orman kit. It is very simple, but I will be having a lawyer review it since pretty much everything will go to my boys (minors) with my mom as their guardian.
When I finally buy into DVC, hopefully, my trust is set up and funded, and DVC will be put in it!

 

[disneykidatheart]

Bobbi,

You probably don't need to get your Mom "out of the trust," as long as everyone is agreed with what should be done. Irrevocable simply means that the grantor can't change the terms of the trust once it's established. However, the trustees (whoever they are) can do whatever the trust documents allow them to do with assets titled in the trust. Usually, those trustee powers are written as broadly as possible to give the trustees maximum flexibility in managing the trust.

So, the house may be in the trust now, but that doesn't mean forever. The trustees could probably just quit claim it back to your Mom, if that's what she wants. Obviously, there could be language in the trust that would preclude that, so you need to read the trust document carefully and check with an attorney before you do anything.

Bobbi,

I agree with JimMIA. In my mother's case, her trust became irrevocable upon the death of my father. The lawyer working with my sister and I as trustees for my dad's estate (actually we are trustees for both) advised us to have our mother engage an attorney to represent her interests. That attorney determined she didn't understand nor want the terms of her original trust. (As stated in my earlier post, my parents were apparent victims of a trust mill). A trust is useless unless it is "funded". He drafted a new trust and will for her. With the broad terms of her old trust he allowed her to transfer her assets to her new trust. She now has two trusts but the old one is worthless because it is unfunded. The amount he charged was no where near the amount your mother paid for her trust. On the plus side for her, all the heirs to both she and my dad's trust signed a paper stating it was their wish to have all assets returned to her. Look for a good estate attorney. We wasted nearly nine months with an attorney who we are certain never completely read the original trust paperwork. Every time we met with him he rehashed the same things we talked about previously and flipped back and forth through the trust book like he had never seen it before. I think our last attorney could practically recite the document verbatim. She was really sharp. Good luck!

 

[bobbiwoz]

Hi everyone! I've received some interesting advice here and privately and I just want to thank you all. I had a chat with mom today, and she's feeling calmer, and not as worried as she was. It seems even as she was saying yes to the lawyer last year, she was interpreting the words differently, than what he was meaning. We're working with her....and thank you, I HAD thought that we would have had to get out of the trust somehow to satisfy her desire for her house.

When I woke up this morning that letter of hers was on my mind. I've done a few things today to put her mind at ease, and my DSis is with me all the way! Thank you all.

Bobbi