Have You Set Up a Trust?

[BookGoddess]

Do and your significant other set up a trust? Please tell me about it. Is it revocable, irrevocable, QTIP, ILIT...?

I want to set up a trust to make sure my daughter is taken care of after I've passed on but I also want to make sure if DH remarries (he assures me he won't ) that his next wife and their children won't spend what is meant for DD.

We're talking to a lawyer now but I want to know if anyone else had similar concerns and what you did about it. Thanks!

[Peony]

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[Herausgeber]

I'm interested in this, too. It looks like we are going with a revocable living trust. I'm not terribly worried about DP mishandling the funds, though, nor is he worried about me. We just want to skip probate if something happens to one of us, and make sure DD's guardian would have access to the money needed to support her if god forbid something happened to both of us.

[mightymoo]

We also haven't done it yet, but plan to set up a pair of revokable trusts too, one in each of our names to avoid probate and inheritance taxes.

[velochic]

We have one. Our concern was that certain portions of our estate be used for specific things. We are leaving a nice portion that nobody but dd can touch to be managed by a financial advising firm. Most of it, though, will be for her private school, hiring a nanny to help out my cousin with dd (her school is 45 minutes from us), taking dd on trips to see family in various places around the world, and basic care for dd. Our retirement will simply be transferred to dd (thanks to the recent bill that allows this now) and she can decide to keep it as retirement for herself or start taking distributions. Her 529 is to be managed by the financial advising firm. We also made some provisions for my mother, who lives with us. It wasn't hard to do, just kind of time consuming. We also made some stipulations (for example, my cousin can't take dd out of her private school and blow the money intended for that). Once you get talking with the lawyer, you'll know more about what all you need to figure out. Good luck!