The way the Republicans are so intent on tax breaks for the Uber Rich and cuts to Medicare and Soc. Sec. I am thinking I may need a trust to protect my kids from the Government Stealing all I have accomplished with just an illness. Does anyone know what kind of Trust I would need to set up to make sure my kids do get an inheritance? I have always believed in paying my share but things are getting crazy.

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Official Abuser of Boinc Buttons...
And no good credit hound!

The way the Republicans are so intent on tax breaks for the Uber Rich and cuts to Medicare and Soc. Sec. I am thinking I may need a trust to protect my kids from the Government Stealing all I have accomplished with just an illness. Does anyone know what kind of Trust I would need to set up to make sure my kids do get an inheritance? I have always believed in paying my share but things are getting crazy.

Look into "Living Trust". Advantages over conventional wills: avoiding probate, higher tax avoidance. Read up and always do your own research.

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Janice

The way the Republicans are so intent on tax breaks for the Uber Rich and cuts to Medicare and Soc. Sec. I am thinking I may need a trust to protect my kids from the Government Stealing all I have accomplished with just an illness. Does anyone know what kind of Trust I would need to set up to make sure my kids do get an inheritance? I have always believed in paying my share but things are getting crazy.

This doesn't seem like a real request for information, but a slap at policies you don't agree with.

Actually am hoping it will make a few people think. We started a Living Trust, as I would most likely lose our family business if not. I still am not 100% sure what if anything this will accomplish, and was hoping someone could give a dummied (Simplified) view about them.

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Official Abuser of Boinc Buttons...
And no good credit hound!

Actually am hoping it will make a few people think. We started a Living Trust, as I would most likely lose our family business if not. I still am not 100% sure what if anything this will accomplish, and was hoping someone could give a dummied (Simplified) view about them.

Hopefully the attorney you used to create the living trust explained it to you. If not go back and get the explanation. Unfortunately the USA is 50 states and in each the law on trusts is just a bit different.

In general once you transfer the asset into the trust (legally put it in the trusts name) then it can't be attached in a personal bankruptcy action. The tax man still gets his due. There has to be a paper trail changing ownership. For real estate you record a new deed. For stocks and bonds you change the name on the broker's account. Same for bank accounts. On cars, boats, change the registration. For a business you own, depending on the form, sole prop., partnership, LLC, or Corp. there are different methods. Talk to your lawyer to get each right.

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and I think there is a certain time standard involved in Bankruptcies and other actions on individuals in the trust. If a person creates the trust knowing that some hardship is going to hit them then a court would be in its right to go after the trust for the assets. After a time,I'm sure each state sets its own time limit, this action is less likely

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In a rich man's house there is no place to spit but his face.
Diogenes Of Sinope

The way the Republicans are so intent on tax breaks for the Uber Rich and cuts to Medicare and Soc. Sec. I am thinking I may need a trust to protect my kids from the Government Stealing all I have accomplished with just an illness. Does anyone know what kind of Trust I would need to set up to make sure my kids do get an inheritance? I have always believed in paying my share but things are getting crazy.

This doesn't seem like a real request for information, but a slap at policies you don't agree with.

And your reasons for this response?
Sounds like a concerned citizen to me.
Gary strikes me as a guy with a head on his shoulders, capable of discernment, and he has chosen to provide hiamps a reasonable response.
There's healthy paranoia and there's ... what?

The way the Republicans are so intent on tax breaks for the Uber Rich and cuts to Medicare and Soc. Sec. I am thinking I may need a trust to protect my kids from the Government Stealing all I have accomplished with just an illness. Does anyone know what kind of Trust I would need to set up to make sure my kids do get an inheritance? I have always believed in paying my share but things are getting crazy.

This doesn't seem like a real request for information, but a slap at policies you don't agree with.

And your reasons for this response?
Sounds like a concerned citizen to me.
Gary strikes me as a guy with a head on his shoulders, capable of discernment, and he has chosen to provide hiamps a reasonable response.
There's healthy paranoia and there's ... what?

Well, you can read it any way you want, but I would point out that in a later post hiamps said that he had already started a living trust, so his request for information on trusts seems even more disingenuous. I think I got his intent right--he is simply complaining about policies he doesn't like. Ironically, the very people who he believes are destroying Social Security and Medicare are the people who are trying to protect his estate so his kids get an inheritance (that would be extension of the "Bush tax cut" on estate taxes that Republicans pushed through Congress last year). Anyway, I don't' think hiamps is being paranoid, just his normal ideologue self.

Some people fall for the legal self help services ads and don't talk to a lawyer when they should. Also some scum lawyers do high pressure one size fits all sales tactics. Don't have a clue if this is the case, but the possibility is there.

Then again he may be expressing the view that the Republicans will be swept out of office by pushing too hard for tax cuts, or some mistaken belief over the voucher for medicare replacement plan. If you didn't know under the current medicare plan, you can loose everything to an illness as medicare is capped and until you are flat broke you don't qualify for medicaid. The government has tried to prohibit lawyers from telling you how to set up your estate to get around the flat broke requirement with trusts.

Hiamps can answer if he wishes.

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