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onethatcares Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:26 PM
Original message
question for the financial side about trusts
Is there a way to create a trust that would become owner of the home I currently live in? I would pay an amount equal to or greater than the current mortgage payment thereby meeting the obligations of my mortgage.

This is not a fraudulent question where I'm trying to dodge medical liens or credit card bills, or bancruptcy. I just think that there's something the wealthy do that shields their assest from attachment for any purpose.

Does that make sense? I also realize that all advice given is given in a way that may apply to my situation but the advice given is based on the amount of information provided and does not hold anyone out as being a professional giving professional advice. :shrug:
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RandomThoughts Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:28 PM
Response to Original message
1. I would highly suggest not doing what some of them do to get 'shielding'
It leads to bad results, it is temporary.
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flvegan Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:28 PM
Response to Original message
2. Absolutely. And being in Florida, you'd be in luck.
Title here in Florida is very trust friendly. I recommend speaking with a real estate attorney on the matter.

If you'd like a local referral, I can give you several.
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county worker Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 05:45 PM
Response to Original message
3. Here is a plan that the CPA firm I worked at in the 80's had going.
Edited on Wed Aug-11-10 05:45 PM by county worker
It was a way to send your kid to school on the government.

You had to have a house that was fully paid for. You create a trust in your kid's name. The trust asset is the house. Then you buy the house from the trust paying principal and interest. The interest is tax deductible on your tax return and is income to the trust. You take the tax deduction amount (the trust income) and pay tuition with it.

I lived in Los Angeles at the time and even though I wasn't making much I had to try and find people who could use this scheme. I quit after too many times seeing the glee in rich kid's eyes as they got a new car and tuition and room and board paid for.

Once I was riding with my boss at the time to a client's office. He was telling me about some investment strategies he was cooking up. He said, "There's an island in the Pacific that could use 150 more rooms" (he meant build a hotel). I asked "Why?" thinking islands should be left as they are. I wasn't cut out for that kind of work.
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