Types of Living Trusts : By any chance is there a type of revocable trust that shields and protects the assets for the children beneficiaries so that if the spouse divorces and remarries that the new husband won’t be able to get access to those assets and if there is a way to have those assets follow the children and bloodline related descendants so that in the next generation if the children divorce with their spouse that the assets follow the children and bloodline descendants and don’t end up in the hands of their ex-spouses and/or the new spouse that they remarry too?
Robert’s answer:
Not a revocable trust, but it's possible with an irrevocable trust either created while you were alive or created at your death.
I call this kind of trust a "Castle l" trust, And I discuss it in both my live Living Trust seminars and my on demand webinars that can be accessed through my website
We own rental house in California as community property that will be transferred to living trust. Then can we avoid assessment?:
A rental house in California is owned as "community property with right of survivorship", and it will be transferred to a newly created living trust whose co-trustees will be I and my wife.
I have a new question. The PCOR form has the following Additional Information:
Rows C, D, E, F, G: If you checked YES to any of these statements, you may qualify for a property tax reassessment exclusion, which may allow you to maintain your property’s previous tax base. A claim form must be filed and all requirements met in order to obtain any of these exclusions.
However, we cannot satisfy any of the requirements of C, D, E, F, G. Does this mean that we
cannot avoid reassessment of the basis of our rental house eve if the rental house is tranferred to a living trust whose co-trustees are the current owners o the rental house?
Robert’s answer: Line L is the one that applies. Transfer to a revocable trust for the benefit of the trasferor.
Are initials used on living trust documents?: I'm trying to determine if a living trust is legitimate or not
Robert’s answer: They can be, but are not necessary at all for legality.