With a Revocable Trust, one can put any finiancial accounts, personal property(not vehicles), or real property in the Trust. You, as the Trust Owner and Beneficiary, retain full control over the Trust. Since the Trust owns everything, you own nothing. The Trust is responsible for any and all taxes except income taxes, if you are still working, under the Trust Owners SSN. You cannot lose your home or monies if you have an automobile, or any other type accident, and are sued. If the Trust owns the automobile that is another story. The Trust lays out what happens to the property and any monies owned by it. A Successor Trustee should be named to carry out the terms of the Trust, along with any Beneficiaries. A Revocable Trust becomes an Irrevocable Trust when the Owner dies and must apply for a EIN(Employer Identification Number), since the SSN is no longer valid. The beauty of a Trust, along with a good Will, is that there will be no reason to go to Probate Court to settle the deceased's Estate. As long as there are Named Beneficiaries, there are no death taxes if the Estate is less than 5 million dollars. A good Trust and Will is called proper Estate Planning. If one has any valuable assets, it is a must.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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