Irrevocable Trust Funds
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Emma Said:
Trustee of a Irrevocable Trust has wasted almost all of funds with bad investment should I take legal action?We Answered:
You should see a lawyer. However, you should know that, just because he lost the money on a bad investment does NOT mean that you have a viable reason to sue him. So long as the investment can meet the "prudent" or "reasonable man" standard at the time it was made, it is doubtful that any court will penalize him. Not all investments make money.Alexander Said:
how long does an irrevocable trust take to be divided by trustee after check was sent to trustee?We Answered:
I would be making a trip to the the illustrious attorney.Might he be a thief?
See to it right away or you'll see nothing of your inheritance.
Dwight Said:
irrevocable trust account can be funded by intangables like insurance policys?We Answered:
Absolutely. That's one of their biggest uses.Daniel Said:
What don't homeowners stop foreclosure with irrevocable trust fund?We Answered:
First, you can't transfer title to the house while you have a loan against it as that would allow the bank to demand immediate payoff in full. And then you've just accelerated the foreclosure process. Second, even if the house were held in a trust, that would not impact the bank's right to foreclose. All that would happen is that any money left after the house is sold and the loan is satisfied would go into the trust.Jacqueline Said:
Can you fund an irrevocable trust with an inheritance, after estate tax paid, w/out incurring gift/other tax?We Answered:
Your father needs to see an Estate Planning attorney. However you must realize that the money you are talking about is not yours. And you really have no say over what your father does with his money. If your father is not incompetent, he can set up his trust, revocable or irrevocable, in any way he chooses. The trust income can pay his expenses while passing the principle (or residue if it becomes necessary to use principal to pay for his care) after he passes. If your father is incompetent, then you need to have a conservator named so that his money is safe and to pay for his care. Whether a trust could then be set up by the conservator depends on the laws in your locality. People who fund( put money into) an irrevocable trust don't pay gift tax since the money hasn't really been given yet. Inheritance taxes don't come into play until the person making the trust dies.Basically, Dad needs to see an Estate Planning Attorney.