Establishing a Trust

VMware ca$hc0w
Jul 6 28 Comments

I'm exploring options to establish a trust to shield my assets from probate and creditors just in case, and potential tax benefits.

Would appreciate any experience in establishing either a Delaware Asset Protection Trust, or a Remainder Charitable Trust, and whether it was necessary to pay a lawyer or you did it on your own. Would a Delaware Trust be necessary or a simple Living Trust of your state be sufficient?

If you used a lawyer, how much did you pay?

How difficult was it to update your property deed from to , Trustee?

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TOP 28 Comments
  • Oath Atinlay2
    Something else sketchy is going on.
    Jul 6 7
  • Facebook public2
    That's not what a trust is for, maybe you are just looking for an umbrella policy?
    Jul 6 11
    • Facebook public2
      Rofl, I love it. I manage multiple trusts but have no knowledge you are right. You sound like a super fun guy lol.
      Jul 7
    • VMware ca$hc0w
      OP
      @Dud I was baiting you to see what other stupidity you were spewing, but too bad you ran out of it. If you don't have enough knowledge to discuss, don't waste my time engaging. No wonder your employer is New/Other. My guess yours is a nearby fast food restaurant.

      @pubic2 Only morons would let u manage their trusts. Confusing an umbrella policy with a trust is a clear showing, and that came out just after your first reply to me. How impressive. Probably the morons that let u manage their trusts are your mom, dad, bro and sis. And maybe yourself.
      Jul 7
    • Facebook public2
      You doing ok op? Lashing out won't make it better but if you calling me a moron helps go for it. I didn't confuse an umbrella with a trust, your question resembled an insurance policy and not a trust so I asked if you were mistaken. All you had to do was say no, I just described it incorrectly and am looking for info in a trust and move on. You've made a mountain our of a molehill. I hope you get some help, angry is no way to live. Good luck.
      Jul 7
    • VMware ca$hc0w
      OP
      I doubt you'll be doing okay for the rest of your miserable moronic life. I just found it's pretty funny and petty when a moron like you confused between an umbrella policy with a trust, then got worked up when I called u out on it. @pubic2 and @Dud, whatever I did to u morons in the other threads, I wasn't bothered much to remember, but that definitely bothered u. Too bad I couldn't stripped u up even more. Enjoy managing your trusts (real or imagined) for the other morons, namely ur mom, dad, bro and sis.

      Adios, mofos. You're in my kill file now.
      Jul 7
    • Facebook public2
      Yikes. Seriously op, get some help or talk to a friend. Wishing you the best.
      Jul 7
  • This comment was deleted by original commenter.

    • VMware ca$hc0w
      OP
      Isn't all the lawyer does just filling in a form?
      Jul 6
    • New / Other
      DuQvV7y

      New Other

      BIO
      Did stuff. Hustled hard. Retired
      DuQvV7ymore
      🤦‍♂️
      Jul 6
  • Intel ghakapi
    Revocable trusts are a giant fucking pain in the ass to keep updated (particularly if you move across state lines) and have no tax benefit.

    Irrevocable trusts have a tax benefit, but you have to have sharply accruing equity appreciation for it to make sense and carry risk if you need to access these assets.
    Jul 6 1
    • VMware ca$hc0w
      OP
      Thank you! Finally a response relevant to the thread. I've already learned this, so I'm only interested in the info raised in my original inquiry. Do you have anything else to share?
      Jul 7
  • New / Product dbltrip
    You absolutely need a lawyer to draft asset protection trusts and CRTs and in fact, you need one to determine if those and/or other tools (trusts, direct transfers, life insurance, family business structures, etc.) are best for your asset protection needs. Living trusts, well drafted and funded, can avoid probate and give you some level of creditor protection but they are not for tax planning because the assets remain in your estate.
    Sep 11 0
  • VMware ca$hc0w
    OP
    So many millionaires on Blind, and not so many know about legal tax shelters and trust benefits.

    What's the point of humble bragging about your TC's when you'll be shelling out 60% of your RSUs for fed and state taxes when you sell? And then to find out you can afford a dressed-up apartment otherwise known as a condo with the remaining of your hard-earned money?

    When I started this thread, I had gathered background info, and justed wanted to pick the brains of the experienced. Turned out the most talkative respondents so far are touchy feely idiots who may or may not be delusional (I'm talking about that funny guy @pubic2 who says he's managing multiple trusts for his other morons). I could be the most knowledgeable on Blind regarding this topic after all, although with none of my liking.
    Jul 7 0
  • New / Other
    DuQvV7y

    New Other

    BIO
    Did stuff. Hustled hard. Retired
    DuQvV7ymore
    For must people, the probate process is trivial. A living trust adds complications to your tax filings but that’s not a huge deal.

    As for tax benefits, I don’t see how you get any from this.
    Jul 6 1
    • VMware ca$hc0w
      OP
      I heard there are more tax benefits with a Remainder Charitable Trust, but I'm still young.
      Jul 6