Comments on: What Is a Family Trust and Should You Set One Up?

By: Terry

Terry — Sat, 08 Aug 2020 02:08:53 +0000

My parents set up a partial piece of their property in a family trust under their name and in their last few weeks wished for all descendants be part of the inheritance. They have passed and all of us, their children agree since we are all up in our years and the land and build will make a very pleasant campground which has been enjoyed for over 40 years. One out of state family member is a lawyer and is convinced to set up an LLC which are becoming popular. My research estimates retaining an instate lawyer each and every year. First to define and file, as well as all the future filings, then to to review and keep members/directors up to date on legal challenges regrading what if scenarios, injuries/trespassing, insurances, etc. Followed by constant vigilance and updates on legislative proposals and changes in the works affecting LLC trusts and members. All of that could be exciting to participate in and educational for generations to come. But, might it be easier and legally more protective to the many multiple descendants which are at the door step, to keep the original trust in place, not dissolved, since it is an infinite individual and fully describes yesterday’s, today’s and tomorrow’s wishes. Shouldn’t that document survive and suffice the government and allow the children’s children to form their own simplified caretaker position similar to an equestrian natural domain.

By: Adolfo Skiles

Adolfo Skiles — Thu, 30 May 2019 16:35:04 +0000

Absolutely loved this! Our Newf is 147 pounds. He isn’t allowed to have a water bowl in the house as my kitchen turns into pond when he dumps it. So, in the winter, because we have the heat on, he will wake me up 5 times a night to be let out, not to pee, but to get a drink.We find Newf hair in the butter and in our dinner. The kids are having a hard time determining if it is from our Newf or their Dad. But, I have gotten very good at picking the fur out of ediable things before anyone sees it. : )

By: Paul J. Bolton

Paul J. Bolton — Thu, 25 Apr 2019 15:10:36 +0000

How is a family trust implemented once the grantor is deceased? Is this taken care through a local County Treasurer or Aduitor’s office. What do the trustees have to do to leagally receive the assets specified in the trust? Thank you for your response.

By: Katie Wirebaugh

Katie Wirebaugh — Tue, 16 Apr 2019 14:17:13 +0000

Is the house, which is set up under the trust, protected from Medicaid?

By: Jeff Rose

Jeff Rose — Wed, 31 Oct 2018 23:29:07 +0000

In reply to Harvey Brody. Hi Harvey - You need to consult with an elder care attorney. Your question is completely a legal matter that I can't address.

By: Harvey Brody

Harvey Brody — Mon, 29 Oct 2018 21:46:40 +0000

If the owner is enrolled in NY Medicaid and is required to be in a Long Term Care Facility how does this impact a Medicaid Lien?

By: Jeff Rose

Jeff Rose — Fri, 16 Feb 2018 02:36:39 +0000

In reply to rentme. You've got a complicated situation. Make an appointment with an attorney and discuss everything. The divorce puts a big question mark over the whole situation, so it will have to be considered from different angles.

By: rentme

rentme — Tue, 06 Feb 2018 19:56:57 +0000

I’ve been married for 39 going 40yrs. Our assets consists of 2 real estate (primary home and rental here in Ca.), 401k, IRA, husband’s stock options and my life insurance (term 100k and 500k universal), husband only has work life insurance.
I’m 60 retired and he’s 62 plans to work until 65. Husband does not know how to spend money wisely. Will family trust protect our assets if we decide to divorce?

By: Jeff Rose

Jeff Rose — Thu, 18 Jan 2018 01:28:14 +0000

In reply to mary jelich czisny. Hi Mary - If it's listed in the trust, it'll be distributed according the the specifications provided. If it's not in the trust, you and your brother need to create a legal agreement for the cottage. You MAY be required to get waivers from your two sisters. This is a legal issue, and it will require an attorney, particularly since there are four siblings. Don't rely on verbal agreements.

By: mary jelich czisny

mary jelich czisny — Tue, 16 Jan 2018 18:50:29 +0000

Just wondering, It has been 4 years since our mom died. I am the trustee for the family trust. The family home has been sold, and assets disbursed equally between all 4 kids. There is a second piece of property, a cottage in Northern WI. Two sisters have indicated they want nothing with it. That was made plain when my parents were constructing the trust. So the property is now the responsibility of just my brother and me. We share expenses equally. My question is this,”when I die what happens to the ownership of the cabin. Does the ownership remain with my family. My husband and I have one adult daughter, who would assume the partial responsibility. Thank you. Mary