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Answers To Common Trust Questions

11/17/2020

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Q: Do I lose control of my property and assets by placing them in a Living Trust?
A: No you do not. You are the Trustee and as such you control all of your assets just as you did before forming your Living Trust.

Q: If I have a Living Trust do I also need a Will?
A: Yes, you need a "Pour Over Will" that automatically "pours over" into your Living Trust at your death any assets you forgot to put into the Living Trust. All Heritage Living Trusts include a "Pour Over Will". Your old conventional Will, if you have one will be null and void and not needed.

Q: Can I appoint one of my children as the Trustee for my Living Trust?
A: Yes, you can. Usually you remain the Trustee during your lifetime and your children take over at your death. You cannot name a minor child as a Trustee.

Q: Are Living Trusts legal in every state?

A: Actually Living Trusts are legal in any country using English Law. Your Heritage Living Trust is valid in any U.S. State. Heritage prepares Living Trusts for every state with the exception of Louisiana.

Q: Do I have to file a special tax return for a Living Trust?
A: No. You continue to file a personal 1040 tax return as you always have, using your social security number. A Living Trust, being revocable, does not need a tax ID number and does not file a tax return of its own until your death. It also does not trigger a reassessment for property taxes when you transfer real estate into it.


Q: Does A Living Trust provide any protection from lawsuits or income taxes?
A: No it doesn't. A Living Trust is a revocable trust and may be dissolved by you at any time. Since you are in complete control of the Trust and its assets you remain the legal owner of the assets in the trust.

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    Ram Mishra

    Independent Life & Health Insurance Agency Owner, Real Estate Investor, Commercial Real Estate Funding

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Acquire Financial Solutions, LLC is a Life and Health Insurance Agency offering Insurance and Financial Services Products. None of the information provided is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, of any company, security, fund, or other offering. The information should not be relied upon for purposes of transacting securities or other investments. The content is provided 'as is' and without warranties, either expressed or implied. Acquire Financial Solutions, LLC does not promise or guarantee any income or particular result from your use of the information contained herein. Under no circumstances will Acquire Financial Solutions, LLC be liable for any loss or damage caused by your reliance on the information contained herein. It is your responsibility to evaluate any information, opinion, advice or other content contained. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, or other content.

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