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Wife and I are discussing (well she finally brought it back around) and we are wanting to roll all of our non firearm & NFA items into a trust.
This came about because she wanted to draw up a will, advanced directive etc. My thought is to bypass the will and go straight into a trust so we have her and I along with our youngest as the trustee who would be owner of trust if we pass along.
Planning on starting to look for attorneys who specialize in this starting next week and I'm curious before I jump headlong in if this will be what we are wanting.
We want the:
house, cars, bank accounts, retirements, life insurance and any other schedule A worthy assets to be owned by the trust.
Basically any personal assets we show as worthy of somebody trying to sue and take. (This is not because we are under threat of being sued, it's to keep assets we have worked our asses off safe and secure for our child(ren))
Thoughts?
And has anyone here done this. Do you regert it? Was it a worthwhile transition for accounts? Easy?
Anyone to recommend?
This came about because she wanted to draw up a will, advanced directive etc. My thought is to bypass the will and go straight into a trust so we have her and I along with our youngest as the trustee who would be owner of trust if we pass along.
Planning on starting to look for attorneys who specialize in this starting next week and I'm curious before I jump headlong in if this will be what we are wanting.
We want the:
house, cars, bank accounts, retirements, life insurance and any other schedule A worthy assets to be owned by the trust.
Basically any personal assets we show as worthy of somebody trying to sue and take. (This is not because we are under threat of being sued, it's to keep assets we have worked our asses off safe and secure for our child(ren))
Thoughts?
And has anyone here done this. Do you regert it? Was it a worthwhile transition for accounts? Easy?
Anyone to recommend?