How does a living trust work.?
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1. What Is a Living Trust?\n\nThe "living trust" described in this brochure is a revocable living trust. It is sometimes referred to as a revocable inter vivos trust, or a grantor trust. A living trust may be amended or revoked by the person creating it (commonly known as a "trustor," "grantor" or "settlor"), at any time during the trustor's lifetime, as long as the trustor is competent.\n\nA trust is a written legal agreement between the individual creating the trust and the person or institution named to manage the assets held in the trust (the "trustee.") In many cases, it is appropriate for you to be the initial trustee of your living trust, until management assistance is anticipated or required.\n\nIn a living trust agreement:\n\nThe trustee is given the legal right to manage and control the assets held in the trust. \nThe trust provides for the persons or charitable organizations ("beneficiaries") who are to receive the income and principal on or after the trustor's death. \nThe trustee is given guidance and certain powers and authority to manage and distribute the trust property in a prudent fashion. The trustee is a "fiduciary." A fiduciary is one who occupies a position of trust and confidence and is subject to strict responsibilities, usually higher standards of performance than one who is dealing with his or her own property. Without the trustor's express written permission, the trustee cannot use trust property for the trustee's own personal use, benefit or self-interest. One must hold the trust property solely for the benefit of the beneficiaries of the trust. \nA living trust can be an important part - in many cases, the most important part - of your estate plan. The State Bar has published a pamphlet entitled "Do I Need Estate Planning?" which provides more detailed information about estate planning. You may obtain a free copy of the pamphlet by sending a stamped, self-addressed envelope with your request to the address listed below.\n\n2. What Can a Living Trust Do for Me\n\nA living trust can provide for the private management of your assets if you choose not to act as trustee, or when you are unable to do so, by the person or persons whom you appoint as trustee. When you are incapacitated, your trustee can assume responsibility for your assets in an accountable fashion, and manage them for your benefit without direct court intervention or supervision. At your death, the trustee acts much as an executor would, gathering your assets, paying valid debts and claims and taxes, and distributing your assets as you have directed in your living trust.\n\n3. Should Everyone Have a Living Trust\n\nNo. The greater the risk of incapacity or death, the greater the need for a living trust. The greater the value of your assets, particularly if they include real estate, the greater the need for a living trust. A young, healthy individual with few assets probably does not need a living trust right now. Nor does the real estate developer who is frequently buying, selling or refinancing his or her real estate holdings want a living trust to hold those assets. On the other hand, many people recognize that a living trust will be helpful in the future, and set up a living trust now to have it in place in the event of an accident or sudden illness.\n\n4. How Does a Living Trust Help if I Am Incapacitated?\n\nIf you are acting as trustee of your own living trust and become incapacitated, whoever you have named as your successor trustee will assume the responsibility for managing your assets on your behalf. If your assets are not in your living trust, someone else must manage them. How this is accomplished may depend on whether the assets are your separate or community property. If you are married, assets earned by either you or your spouse while married and while a resident of California are community property. On the other hand, a married
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Find a trust department in a bank near you.
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A settlement, if the cash is there for you to receive, will generally be paid to both you and your attorney. It will be placed in a trust account, then the lawyer will give you your share, and his/her share will be taken from the trust account and placed in their operating account. Your lawyer will get their money at the same time that you get yours. Quite often the check will be written payable to John Doe in c/o his attorney, Willey, Cheatem, & Howe, PA. I know that was a bad joke, but I couldn't resist. I work for lawyers. Bear in mind, that you can be awarded a $30K settlement, but it's only as good as the party's ability to pay those funds.
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It will depend on the purpose of the trust and its exact wording. If the trust was to keep you from spending the money foolishly and you need it because you have been foolish with your own money, it won't work.
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In order to qualify for the loan, the trust has to have a credit history and source of income.  Well, trusts can have a source of income (rent, in this case), but it's rare that they have a credit history.\n\nThe way most folks have to do this is temporarily quitclaim it to the folks who qualify for the mortgage, them quitclaim it back to the trust, who agrees to be responsible to them for the payments, loan balance, indemnities, etcetera.\n\nAnother way is for the people to guarantee repayment, but this is complex and may result in higher rates than the first way..\n\nEither way, there are tax and credit implications.  Talk to an accountant about the one, and ask your loan officer about the second.  If the loan officer is clueless, run "Cosigning Mortgages" through a search engine, but I wouldn't trust a clueless loan officer.
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If your friends are indian tax payers. And your trust is registered in india, and with the Income tax Department. Your friends will get tax benefit in india. {Section 80G of the Income Tax , 1961}
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You make them a member of the company and will them your membership shares.  The basis of the transfer is based on your original basis in the stock (the cost).  Your childs basis becomes the value on the date of the inheritance/transfer.\n\nI believe this is how it will work (i could be wrong here), so you should check with a tax professional.
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This question depends on a lot of things.  If you are just a beneficiary of a trust and not the owner, you should get a K-1...which, I beleive only includes your distributions from the trust so you can report it as income.  If you are the owner of the trust, it will depend on what type of trust you have.  Some trusts, such as Revocable Personal Trusts, have their own Tax-ID, so the income is not reported under your Social Security number.  You will still have to report all distributions as income.  And taxes are still paid on the assets in the trust, they are just deducted from the trust, not your pocket (still your money though).  There are other trusts, such as Agencies, in which you have to report the income on your personal tax return, you should receive a 1099 or multiple 1099's for this income (1099-Div, 1099-Int, 1099B(for capital gains)).  No matter what you have, tax will have to be paid on something.  If you have a more specific question on the matter (including whether you are beneficiary or owner and what type), I will be happy to try and answer your questions.
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http://www.legaldocs.com/misc-s.htm\n\nI am no lawyer, but I think you can make your demand in a well written letter.\n\nWrite to him:\n\nDEMANDD FOR COMPLETE ACCOUNTING OF TRUSTEE _____________ FOR THE YEARS ______ AND _______.\n\nTHIS IS A DEMAN FOR A FULL AND DOCUMENTED ACCOUNTING OF ALL FUNDS SAID TRUST, ______________(hereafter to be called Trust in this demand).  This is to include out expenses of all types for running said TRUST, lawyer fees for running Trust.  This is to include all accounting of fund presently in trustees and any distributions there of.\n\nYou are given 10 days for date of this demand to comply.\n\nSomething to that effect.  \n\nHave the document signed and witnessed and if necessary go to your bank where notaries are free and get them to notarize that that is your signature.  Send you document by registered signed receipt mail.  \n\nMake a formal complainant to the State of Ill. Bar  Association.  The BBB.  And if your brothers and or sisters or whom ever else are in this trust have them copied.  \n\nThey may want to help.\n\nIf this is your trust only.  Get on it quick.  My father left my mother an Estate, her lawyer robbed her blind and left her with no funds. \n\nAgain, I am no lawyer, but you must make your demand in writing as the lawyer can say you never asked for it.  I think you might have a Free Legal Service there also....contact them today!!! \n\nGood luck.
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http://www.ask.com/web?o=0&qsrc=19&q=Centrum+%22safe+trust%22+%26+fiduciary+services
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if your question is concerning establishing a "trust" in the US the answer is yes.  There are a number of types of trust all of which should be established with the assistance of an experienced attorney.
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sometimes called an inter vivos (Latin for "within one's life") trust, a trust created by a declaration of trust executed by the trustor or trustors (also called settlor or settlors) during his/her/their lifetime, as distinguished from a "testamentary trust," which is created by a will and only comes into force upon the death of the person who wrote the will. A living trust should not be confused with a "living will," which provides for medical care decisions when a person is terminally ill. While a living trust is a generic name for any trust which comes into existence during the lifetime of the person or persons creating the trust, most commonly it is a trust in which the trustor(s) or settlor(s) receive benefit(s) from the profits of the trust during their lifetimes, followed by a distribution upon the death of the last trustor (settlor) to die, or the trust continues on for the benefit of others (such as the next generation) with profits distributed to them. There are other types of living trusts including irrevocable trust, insurance trust, charitable remainder trust and some special- ized trusts to manage some parts of the assets of a person or persons.
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I wish I had a trust fund... ;)\n\nSurely if you have one, you also have access to an accountant that can answer this question for you ?
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Trusts don't cause problems, in fact, in most circumstances, they resolve many problems. So, to answer your question, YES, trusts should be allowed by law. Trusts don't generally cause problems in and of themselves and, yes, their benefits far outweigh any disadvantages in most cases.\n\nTrusts are not right in every circumstance, consult a lawyer in your area for details.
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The laws vary by state, so you really need to contact a local probate or estate planning attorney.  Some states might require a public auction and others might allow a private sale.  In most cases, the court will probably need to approval the sale.\n\nIf the property were in a living trust as opposed to being in probate, you could probably just buy it directly from the trustee.
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If all of the patient’s income flows into the trust, the trustee may retain a personal needs allowance for the patient. The trustee may pay Medicare approved Minimum Monthly Maintenance Needs Allowance to the community spouse. The trustee may and must pay the patient’s share of nursing home cost (if the patient is not at home). The trustee may, with ALTCS approval, pay the administrative fees associated with the trust.
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Check it here:\n\nhttp://www.ybonline.co.uk/0,,76280,00.html\nhttp://www.boq.com.au/business_trust_act.htm