08-13-2006, 02:03 PM
I set up a trust for my mother. I was the only blood child but there were some step-children she didn't want to get ANYTHING. Till she died I was trustee and attended all her financial/medical needs from the Trust. When she died the Trust was mine immediately to spend, didn't go thru Probate where snoopy people or relatives could find out how much she had, not subject the lawsuits or attachments i.e. my kids will always be assured it will be there when I'm gone. I have a Trust also.
Probably any assets left in my mother's Trust will pass tax free to my children because I never owned any of my Mother's property/assets.
But as with anything it all depends on how much money is involved, what assets are involved and who the people around your parents are and relationships.
Probably any assets left in my mother's Trust will pass tax free to my children because I never owned any of my Mother's property/assets.
But as with anything it all depends on how much money is involved, what assets are involved and who the people around your parents are and relationships.