Living Trust Fund
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Eleanor Said:
How do you fund a living trust with a Roth IRA?We Answered:
Tax-qualified accounts like IRAs, Roth IRAs, 401(k)s can only belong to individuals, not to trusts.Allen Said:
What drives the Republicans retards on yahoo are they trust fund babies or living at home with Mommy & Daddy?We Answered:
They don't work, most of them are on disability drawing SSI, and Social Security checks bad mouthing working people on this site. These are adults creating all of the trash on this site too, it isn't children spamming on the politics pages.Marian Said:
Deadbeat dad lives off a living trust fund..can it be garnished for Arrears?We Answered:
In most cases, trusts have a "spendthrift clause" which prohibits garnishment of trust income or principal. I don't know whether this particular trust has one or not because I have not seen the document.I would notify the Dept of Welfare that this guy has a trust fund, and see what happens from there.
Penny Said:
If I set up a 'living trust' fund for one of my children, will that amount be considered part of my Estate in?We Answered:
The key phrases are revocable and irrevocable.If you set it up as irrevocable and fund it at less than $13000 a year, it's not part of your estate.
If you set it up as revocable, with her as the beneficiary and can move assets in/out of it at will (aka living trust), it's part of your estate because the IRS still considers it to be your money.
Marilyn Said:
What is the difference between a revolcable and irrevolcable living trust fund?We Answered:
when you first start a trust and you are living..this is known as a revocable living trust which means you can cancel it at anytime.once a spouse dies or assets are transferred into a trust, then it becomes irrevocable which means you cannot cancel the trust.
Danielle Said:
Is it necessary to fund the living trust to be valid?We Answered:
I believe you have to transfer the titles and accounts to the trust for the living trust to be valid. In other words, yes, you need to fund the trust for your house and accounts to avoid having them probated.