Can you help with providing information on putting a business in a trust. I have a friend that in the process of starting a business discovered that thier spouse was stealing from them buy taking money from the 401k and opening credit under her name. Unfortunately she learned this after she started her LLC and has paused the process in building this business. She's not sure if he'll be entitled to earnings from the business wants income has started. It was suggested to put the business in a trust before starting the divorce to protect it.
If I understand correctly, the spouse can't take the money in the trust, but the judge can consider the trust in determining how much resources each spouse needs?
I believe that is accurate with respect to a trust established by your deceased parents for your benefit. It is not accurate with respect to a revocable trust that you set up for yourself and your children as part of an estate plan. Until you pass away, the trust is revocable and an extension of you, so assets in it can be taken from you in a divorce. However, after you die, your children’s spouses cannot get to it in a divorce, if the trust was properly drafted.
I have been married 45 yrs and nothing is in my name and my husband keeps saying but we have a trust and it's in both of our names , and I say it not it is only in his name . Can a trust be put in BOTH NAMES?
Yes. It can be in both names as Trustees and you would need to sign in front of an attorney or notary with possible witnesses. Check your state regulations.
After 45 years you want to Divorce him. Seems like that's why you r asking the question. What's the problem with the current status of the trust if u both r together
No Comments?? WTF?? This Information Is Invaluable. Thanks Shawn!🤙🏽💯
the best protection for your money against divorce is to not get married in the first place
That's for damn sure!
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Lol facts
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I came here to say this.......
Thanks for putting this out I like focusing on solutions not problems
it’s great that attorneys are giving this valuable information for free .
What happen if you set up a trust with community property right before divorce for just one of the person? Can you contest or amend it?
Can you help with providing information on putting a business in a trust. I have a friend that in the process of starting a business discovered that thier spouse was stealing from them buy taking money from the 401k and opening credit under her name. Unfortunately she learned this after she started her LLC and has paused the process in building this business. She's not sure if he'll be entitled to earnings from the business wants income has started. It was suggested to put the business in a trust before starting the divorce to protect it.
if you have homes in both name can you still move to Trust and what happen in divorce if it was in Trust
faminio , he told me my name doesn't have to be on the house because it is on the trust.
Dirty attorneys will take advantage of this wording and not write up the Trust correctly . It sucks but it happens . Careful of who you hire .
Thx... So trust before prenup!!!
If I understand correctly, the spouse can't take the money in the trust, but the judge can consider the trust in determining how much resources each spouse needs?
I believe that is accurate with respect to a trust established by your deceased parents for your benefit. It is not accurate with respect to a revocable trust that you set up for yourself and your children as part of an estate plan. Until you pass away, the trust is revocable and an extension of you, so assets in it can be taken from you in a divorce. However, after you die, your children’s spouses cannot get to it in a divorce, if the trust was properly drafted.
Does that mean a trust only protects the husband ???????
I have been married 45 yrs and nothing is in my name and my husband keeps saying but we have a trust and it's in both of our names , and I say it not it is only in his name . Can a trust be put in BOTH NAMES?
Yes. It can be in both names as Trustees and you would need to sign in front of an attorney or notary with possible witnesses. Check your state regulations.
Your not getting his money lmao through a divorce
You came here to see how you could take the money? loool planning a divorce huh?
45 years of free shit, and you STILL want more?
After 45 years you want to Divorce him. Seems like that's why you r asking the question. What's the problem with the current status of the trust if u both r together