How many of you have trusts?

[rulesforrebels]

A coworker of mine has been trying to convince me to setup a trust with his wife who happens to provide this service. Basically it's going to cost $4,000 but he says do it now because after the RV it's going to cost $10,000.

 

FIrst off I was wondering if any of you have trusts setup? Secondly how much did it cost as $4,000 seems pretty high for filling out some paperwork. I imagine the filling fee is a few hundred bucks and her fee is the thousands on top of that. Also what are the benefits of a trust?

 

I'm not going to do it. I don't need a trust now and IF there were to be an RV who really cares about paying an extra $5,000 or $6,000 at that point. I'd rather pay a bit more later than shellout thousands now for something I don't need at this time.

 

Anyhow, just curious if anyone can share experience or comment on trusts in general. Thanks.

[TexasGranny]

This is one of the many things you learn about in VIP.

 

just sayin.......

 

[Shakir Zuberi]

If your purpose is to save taxes, a trust will not do this. Go with Adam Montana's IBC. There are several types of trusts like LLC, family trust and others but in any case it should not cost you in several thousands of dollars. 

[nannab]

I do have a irrevocable trust. My attorney charged a flat fee. On

his radio program he always said that is the only way to go. You

donot save on taxes. It only takes assets out of your name.ie a home

And after about five years  what they call a lookback period it is 

protected form nursing homes law suits. His fee was $2000.00 plus

filing fees mine came to about $5000.00. It should not cost more

after the RV. Adam has us covered you have to read read read.

Call the probate court for your county and state and ask what

the charge is to file to get an idea. The filing fees are killers. If 

$4000. is her fee shop around. Like you said you donot need one

now. Join VIP group for all the info you will ever need. VIP alone is priceless

along with all of the other very smart members that we have at DV.

[rulesforrebels]

Thanks for the info guys. I think many people are mis-informed on trusts as everyone here seems to be in agreement it doesn't save you money on taxes. That is the big seller this guy is trying to give me. I knew it was good for asset protection but this guys talking about how he's going to keep all his money in his trust and only pull out a little bit to save on taxes so apparently he doesn't really understaand what he's setup.

[Nadita]

Trust doesn't shelter you from your obligation to pay taxes.  Trust is to protect your assets from lawsuits and can be used as tax shelter for your family when you check out of this world. If you don't have will or living will, you can do it online... that will be more important right now than the trust.  You need to get yourself educated about trust.. Ask your friend if his wife can give you a free consultation and explain what the benefit of trust.  You can spend easy $4,000 - $5,000 to set up trust, will, living will for yourself.  The cost will not go up because we rv.. it's the going rate.. just depends which lawyer you go to, some charges more, some charges less.

[thesjeske]

With my Legalshield membership one of the benefits is having wills and trusts and power of attorney set up that fits your best needs in the state or providence that you live in. Sorry for the shameless plug, but I believe everybody should have access to this membership.

[okane]

Hey Rebel,  For starters sign up for VIP today. Yep, today.  Tons of info in the VIP section.  Nadita has really good advice in post number 6.  Start with a living will and it will cover most of what most people need.  Nolo.com has good online packages.  You don't need a trust less you can fund it.  And you can't fund it unless you are well over the death tax. Yes you can spend thousands of $ but unless you're worth a few million than in my opinion you're wasting you money.  

 

I am not an attorney. 

[gymrat76541]

For me - this investment is like playing the lottery!

 

Small amount of money - hoping for a big return!

 

Should it go bust _ I did not lose my shirt. Should it win - I am set for my remaining years!

 

I like the idea of setting up a trust. But I am unwilling to shell out the extra money on an investment which may not pay out!

 

I will consult with professionals AFTER we win!

[Artitech]

For me - this investment is like playing the lottery!

 

Small amount of money - hoping for a big return!

 

Should it go bust _ I did not lose my shirt. Should it win - I am set for my remaining years!

 

I like the idea of setting up a trust. But I am unwilling to shell out the extra money on an investment which may not pay out!

 

I will consult with professionals AFTER we win!

I wished I would have taken that approach. Cause I do have some expenses I should have waited for the RV! Should this thing go belly up.It is going to hurt more than what it should have. The way its looking this currency may never RV! I hope it does RV!! I do think Our ship is taking on water, I have okie manning the hand belige pump!!!

[dog53]

I used to have trust issues with my ex-wife

But after I caught her in bed with my personal trainer

It wasn't a issue anymore.

I knew I couldn't trust her.  

[SnowGlobe7]

With my Legalshield membership one of the benefits is having wills and trusts and power of attorney set up that fits your best needs in the state or providence that you live in. Sorry for the shameless plug, but I believe everybody should have access to this membership.

 

You bet ya...I would never be without my membership!!!!!!

I have mentioned it before....if anyone is interested email me

[gymrat76541]

Why pay for something that you might never need? LOL

 

Just sayin'

 

If it cost me 2 thousand now (when I am tight on $$$) but 8 thousand when I have $$$. Doesn't it make sense to wait?

[thesjeske]

I've been an associate since 1998, wouldn't do without it!

[SnowGlobe7]

You have us beat..since 2005. It would of saved our restaurant if we would of had it....but Now we are on a mission to get every business owner and family to be protected!!

 

Maybe we can meet up at convention!!!

[Texas1]

I used to have trust issues with my ex-wife

But after I caught her in bed with my personal trainer

It wasn't a issue anymore.

I knew I couldn't trust her.  

Don't feel bad, we have a lot in common

I used to be a personal trainer

[new york kevin]

I don't have a trust, yet. I cannot afford it right now. I will get one before i cashout my revalued IQD. It will protect me from law suits and help avoid  probate for my assets when I die. It is possible to get a trust on Legal Zoom.com  for $250 . I don't know if it is a irrevocable living trust, which is prefered.

[new york kevin]

Why pay for something that you might never need? LOL

 

Just sayin'

 

If it cost me 2 thousand now (when I am tight on $$$) but 8 thousand when I have $$$. 

 

To me it doesn't make sense for the cost of the trust to more than quadrupple just because you have a gazillion more dollars. Like after an RV. If you get a trust now you would do so with an eye to the future when you were wealthier right. So whats the difference? I will either use legal zoom, or use Adams referals from the VIP, or simply go shopping arround checking the credentials of everyone I examine.

[thesjeske]

You have us beat..since 2005. It would of saved our restaurant if we would of had it....but Now we are on a mission to get every business owner and family to be protected!!

 

Maybe we can meet up at convention!!!

That would be fun! I like your mission, as its one of mine too! Send me a DM and we can connect