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Joined: Jan 2009
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14 point
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14 point
Joined: Jan 2009
Posts: 7,780 |
Anyone familiar with them? I'm kicking around the idea of doing something. I've seen too many times a person mental capacity deminishes and a person of lower morals come in and get the property against the persons wishes when they were competent. Does the original owner retain all rights until death? Can land be moved in and out of the trust? What if the beneficiary dies first?
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Joined: Mar 2013
Posts: 15,425 Likes: 16
Old Mossy Horns
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Old Mossy Horns
Joined: Mar 2013
Posts: 15,425 Likes: 16 |
Wouldn't a will address your concerns?
83% of all statistics are made up.
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Joined: Jul 2011
Posts: 40,042 Likes: 135
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 40,042 Likes: 135 |
I'm yer Huckleberry.
First of all you should talk with a attorney that deals in trusts, not some local yokel that handles all law. Tell him/her what you want. BTW, the law firm of Martinson and Beason in Huntsville can handle it.
Creating a irrevocable trust is like creating a person. You can do just about anything you want with your property. You can retain all rights ( sort of a life estate) and make yourself trustee. Pretty sure a irrevocable trust can run no longer than 99 years. You can put property in it, stocks just about any investment. It does shield the property from some liability .
"Why do you ask"?
Too many people spend money they don't have , on things they don't need, to impress people they don't know.
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Joined: Apr 2016
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Doe
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Doe
Joined: Apr 2016
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Anyone familiar with them? I'm kicking around the idea of doing something. I've seen too many times a person mental capacity deminishes and a person of lower morals come in and get the property against the persons wishes when they were competent. Does the original owner retain all rights until death? Can land be moved in and out of the trust? What if the beneficiary dies first? 2Dogs gave you some good advice. Find an attorney that specializes in Trusts because there are several types of trusts and you need someone with a good working knowledge rather than some yokel who simply has a beginners understanding of them. Having worked in the legal field for many many years dealing with property you really need someone who knows what the hell they are doing.
Last edited by Maggie123; 06/13/17 12:03 PM.
Be kind to one another and tell the ones you love that you love them often. We never know what tomorrow will bring.
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Joined: Jan 2009
Posts: 7,780
14 point
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14 point
Joined: Jan 2009
Posts: 7,780 |
Wouldn't a will address your concerns? No. I've seen people take landowners with dementia and have them change their will. Never underestimate how low people will go.
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Joined: Jan 2009
Posts: 7,780
14 point
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14 point
Joined: Jan 2009
Posts: 7,780 |
I'm yer Huckleberry.
First of all you should talk with a attorney that deals in trusts, not some local yokel that handles all law. Tell him/her what you want. BTW, the law firm of Martinson and Beason in Huntsville can handle it.
Creating a irrevocable trust is like creating a person. You can do just about anything you want with your property. You can retain all rights ( sort of a life estate) and make yourself trustee. Pretty sure a irrevocable trust can run no longer than 99 years. You can put property in it, stocks just about any investment. It does shield the property from some liability . Don't want to pry in your business too much so please feel free not to answer. Have you done it or researched it in thoughts of doing it?
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Joined: Jul 2011
Posts: 40,042 Likes: 135
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 40,042 Likes: 135 |
I'm yer Huckleberry.
First of all you should talk with a attorney that deals in trusts, not some local yokel that handles all law. Tell him/her what you want. BTW, the law firm of Martinson and Beason in Huntsville can handle it.
Creating a irrevocable trust is like creating a person. You can do just about anything you want with your property. You can retain all rights ( sort of a life estate) and make yourself trustee. Pretty sure a irrevocable trust can run no longer than 99 years. You can put property in it, stocks just about any investment. It does shield the property from some liability . Don't want to pry in your business too much so please feel free not to answer. Have you done it or researched it in thoughts of doing it? Done it, 99 year irrevocable trust.
"Why do you ask"?
Too many people spend money they don't have , on things they don't need, to impress people they don't know.
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Joined: Jan 2009
Posts: 7,780
14 point
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14 point
Joined: Jan 2009
Posts: 7,780 |
I'm yer Huckleberry.
First of all you should talk with a attorney that deals in trusts, not some local yokel that handles all law. Tell him/her what you want. BTW, the law firm of Martinson and Beason in Huntsville can handle it.
Creating a irrevocable trust is like creating a person. You can do just about anything you want with your property. You can retain all rights ( sort of a life estate) and make yourself trustee. Pretty sure a irrevocable trust can run no longer than 99 years. You can put property in it, stocks just about any investment. It does shield the property from some liability . Don't want to pry in your business too much so please feel free not to answer. Have you done it or researched it in thoughts of doing it? Done it, 99 year irrevocable trust. Obviously you think it was right for you. My thinking it will protect me from myself should I fall in bad health. None of us know. One more question if you know, will it protect assets should I have to go in a nursing home?
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Joined: Jan 2005
Posts: 33,437
Freak of Nature
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Freak of Nature
Joined: Jan 2005
Posts: 33,437 |
A trust in Alabama is good for the life of the person creating (settler) the trust plus 99 years.
You can create a trust, or the property to can be deeded to the person the owner wants to get it upon their death while retaining a life estate. Also, the owner can add other people to the deed, such as children or grandchildren, with rights of survivorship.
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Joined: Oct 2015
Posts: 7,280 Likes: 4
14 point
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14 point
Joined: Oct 2015
Posts: 7,280 Likes: 4 |
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Joined: Jan 2009
Posts: 7,780
14 point
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14 point
Joined: Jan 2009
Posts: 7,780 |
A trust in Alabama is good for the life of the person creating (settler) the trust plus 99 years.
You can create a trust, or the property to can be deeded to the person the owner wants to get it upon their death while retaining a life estate. Also, the owner can add other people to the deed, such as children or grandchildren, with rights of survivorship. I just have too many questions to be discussed and explained here. I need a trust attorney around Montgomery.
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Joined: Jul 2011
Posts: 40,042 Likes: 135
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 40,042 Likes: 135 |
I just have too many questions to be discussed and explained here. I need a trust attorney around Montgomery.
You are correct, Sir.
"Why do you ask"?
Too many people spend money they don't have , on things they don't need, to impress people they don't know.
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Joined: Jul 2011
Posts: 40,042 Likes: 135
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 40,042 Likes: 135 |
A trust in Alabama is good for the life of the person creating (settler) the trust plus 99 years.
Are you saying the above is the only option?
"Why do you ask"?
Too many people spend money they don't have , on things they don't need, to impress people they don't know.
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Joined: Jan 2005
Posts: 33,437
Freak of Nature
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Freak of Nature
Joined: Jan 2005
Posts: 33,437 |
A trust in Alabama is good for the life of the person creating (settler) the trust plus 99 years.
Are you saying the above is the only option? No, I am saying that I how long one can last.
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Joined: Jul 2011
Posts: 40,042 Likes: 135
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 40,042 Likes: 135 |
A trust in Alabama is good for the life of the person creating (settler) the trust plus 99 years.
Are you saying the above is the only option? No, I am saying that I how long one can last. 10-4
"Why do you ask"?
Too many people spend money they don't have , on things they don't need, to impress people they don't know.
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Joined: Jan 2015
Posts: 50
spike
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spike
Joined: Jan 2015
Posts: 50 |
Kendall Maddox is local and specializes in this type of law. Our family's choice for this type of thing.
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