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1 - 8 of 8 Comments Last updated Dec 4, 2011

Since: Dec 09

United States

#1 Nov 29, 2011
My house is in only my name in trust for my daughter. I am trying to get a divorce. Will this protect me from husband in a divorce.

Thanks
Some Options Possible

Mckeesport, PA

#2 Nov 29, 2011
Working WM wrote:
My house is in only my name in trust for my daughter. I am trying to get a divorce. Will this protect me from husband in a divorce.
Thanks
Have you considered gifting the house to your daughter or selling it for "love and affection?"

Insert a "life estate clause" in the deed. This means she can never throw you out as long as you live. The house is then no longer in your name and your have life use of your daughter's house.

You might be able to do this inside the trust and have double protection. The trust will own the house but can never throw you out with a life estate clause.

Since: Dec 09

United States

#3 Dec 1, 2011
My house is in my name in trust for my daugther. Is that going to be ok?
need a lawyer

Pittsburgh, PA

#4 Dec 1, 2011
No offense to S.O.P above...seems like good advice...

Still....you want legal advice that affects where you live and what your daughter will get to anonymous posts on TOPIX, of all forums?

You need to consult a real attorney.
Choose Carefully

Mckeesport, PA

#5 Dec 1, 2011
need a lawyer wrote:
No offense to S.O.P above...seems like good advice...
Still....you want legal advice that affects where you live and what your daughter will get to anonymous posts on TOPIX, of all forums?
You need to consult a real attorney.
Elash and Spyra are not good choices.

I would select someone who is a divorce expert. I hear K. Myers is pretty good.
Some Possible Options

Mckeesport, PA

#6 Dec 1, 2011
need a lawyer wrote:
No offense to S.O.P above...seems like good advice...
Still....you want legal advice that affects where you live and what your daughter will get to anonymous posts on TOPIX, of all forums?
You need to consult a real attorney.
II doubt the trust was created AND FUNDED without the participation of an attorney. I just offered to point out an alternate to an expensive trust. Therefore, there is no need to consult with an attorney. This sounds like a done deal and will most likely accomplish the goal sought.

My choice would have been to sale the home to daughter for love and affection with a life estate clause. This should be much less cost than creating a trust and you still have to have the house deed changed to trust ownership. The trust creation and funding via a deed change is more cumbersome and expensive.

A trust never dies and it strongly recommended if you have other properties out of state. Properties in trust are not probated. After the death of the own, the will administrator must probate property in every state the deceased owned property if the property is not in a trust.

Three entities are subject to federal income tax, i.e., a person, a company and a trust. Other assets can be owned by the trust that may generate taxable income. If taxable income is inside and the trust earns taxable income, then distribute the taxable amount to the beneficiaries who by be taxed at lower rate than the trust.

The attorney makes more fee for creating a trust and then changing the house deed to the trustís name. In essence, mom sold the house to the trust but she is the trustee of the trust and most like daughter is a beneficiary and contingent or co-trustee.
A family

Mckeesport, PA

#7 Dec 1, 2011
Interesting information. Thanks
Hobo Jim

Mckeesport, PA

#9 Dec 4, 2011
Hobo Jim wrote:
Thank you for providing such intriguing information. I can hardly wait for more contribution and hard hitting relevant stuff like what you wrote!!!! FACT!!! Otherwise, I'd be having to look it up on the prothonoatries site and spending most of my access dollars on that instead of the booze and Escallades payments that should take priority.
Beeeeeeeyaaaaaaches....keep payin your taxes and enablin my life style. FACT!!!!!
Does the prothonotray offer free legal advice/

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