Property Trust Funds
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Elmer Said:
Can you sell an asset (house, property, etc.) to a trust fund that has no assets?We Answered:
Sure, as long as you aren't doing to get around something like bankruptcy. You do realize that the seller will still have an asset, the debt that the trust owes them.Leona Said:
Any one intrested to help Chruch by giving loand against Trust property for Gods glory to buy land for ChruchWe Answered:
tell you what I will give a share of anything that the church brings my way.Erica Said:
What is an assigment & transfer of personal property to revocable living trust? Does it help avoid probate?We Answered:
Anything with a title is NOT covered by the transfer. The assignment and transfer would apply to items such as clothing, furniture,etc. Cars, homes, and other Real Estate most be retitled to the trust BEFORE death. That is what in meant by not properly funding the trust. In the case you describe, your dad WASTED whatever it cost to set up a trust that doesn't actually own the assets it was set up to own.Courtney Said:
What funds or trusts are good for emerging property markets in europe?We Answered:
Bulgaria, Ukraine, Poland- places that have not yet experienced the boom, places near the sea, just make sure you know what you are doing.Earl Said:
CA resident married - Have joint assets and separate property trust - how do I report income from trust?We Answered:
As mentioned below, income from a revocable trust is included on your 1040. Just because you file Married Filing Jointly, the tax filing status does not destroy the separate property nature of the corpus (assets) of the trust. You method of filing has no direct effect on California community property law.A concern you may run it to is if you pay taxes on the trust income out of a joint account, your spouse may be entitled to reimbursement of taxes paid from the joint account in a divorce proceeding. Also, if you deposit the trust income into a joint account and both you and your spouse have access to account, you run the risk of co-mingling that portion of the trust income.
Sherry Said:
What are the tax implications of a property placed in a irrevocable trust?We Answered:
My suggestion is that you don't go looking for an answer in this website. You should deal with the attorney. There may be a tax liability depending on how the trust was set up.I have a trust for my kids and my second wife when I kick the bucket. The only thing that I do know it that it will not go into probate here in California.
I think that it may go tax free to my second wife, but I have no idea on my kids. That's their problem.
Get hold of the attorney. That's what they are paid for. You don't want the surviving parent to owe taxes later.
Jaime Said:
If I get crygenically frozen, I will be declared dead. Can I set up a trust that funds me after re-thawing?We Answered:
Wow! I don 't have an answer, but I wanted to tell you that's a great question :-)There is also another problem you didn't mention---after all that time, in a civilization hundreds of years from now, wouldn't here be another barter/money system in place where your current investments and funds would have no value??? Unless someone other entity managed it for you over the centuries...again, wow!!