Message Font: Serif | Sans-Serif
No. of Recommendations: 0
First I want to congratulate you on thinking of generations past your own. I am no where near having grandchildren but I can tell you what I have done for Trust.
You can set up a Trust for anybody or just about anything you wish that is legal. (I would highly recomend spending the extra cash on a good Trust lawyer do NOT skimp on this) I have two kids and their college funds are set up in a trust. This way the Trust dictates when and how they get the money without going through probate. You can do this too. My home will be going into a Trust. This way, My heirs avoid estate taxes when I go. How, well because the Trust owns the home and a trust is viewed like a person sort of like a corporation. The trust actualy owns the home or fund or whatever, I or whomever I designate controles the trust and handles the day to day stuff of the trust. I get the full use of the home and I can through the trust, sell it, trade it, repair or upgrade it just as if it were in my name. However, Trust can get a little tricky and you want to make sure you have set it up correctly or the money may not benefit who you want it to benefit. Be sure to name a Trustee in case you cant fulfill that role. Make sure that the new trustee cant change the whole thing by writing up the trust in a way that is specific. That is where a good lawyer who specializes in trust comes from. I hold almost everything of value to me (and the government and anybody who wants to take it from me and my family) in trust that qualifies for it. My busineses are in a Trust,My cars are NOT in a trust. (Although, I wonder if there would be an advantage to this, I will look into it) You can fund a trust as you see fit as well. Find a Trust attorny and dont skimp. The money you pay up front will save you and your heirs tons of money later on.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.