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Non-Cattle Specific Topics
Every Thing Else Board
Revocable living Trust
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<blockquote data-quote="gimpyrancher" data-source="post: 1251787" data-attributes="member: 10164"><p>A trust keeps any extra attorneys away and the IRS away, mostly.</p><p></p><p>You put all your assets in the trust. A trust never dies. So no inheritance taxes. When you die, you die owning nothing. However you have set up who the trustees will be after your death. They now control the assets but must do as you have instructed them to do. With a will, there are lawyers involved after your death. They charge and have their won profit motives. The trustees normally splits up the assets after you die and the trust is dissolved. Then with the newfound knowledge gained by the survivors, they tend to set up their own family trusts.</p><p></p><p>Mom and dad recently died. We all thank them for doing their trust.</p></blockquote><p></p>
[QUOTE="gimpyrancher, post: 1251787, member: 10164"] A trust keeps any extra attorneys away and the IRS away, mostly. You put all your assets in the trust. A trust never dies. So no inheritance taxes. When you die, you die owning nothing. However you have set up who the trustees will be after your death. They now control the assets but must do as you have instructed them to do. With a will, there are lawyers involved after your death. They charge and have their won profit motives. The trustees normally splits up the assets after you die and the trust is dissolved. Then with the newfound knowledge gained by the survivors, they tend to set up their own family trusts. Mom and dad recently died. We all thank them for doing their trust. [/QUOTE]
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