| Trust Funds / Tax Advantages?

Trust Funds / Tax Advantages?

babbles asked:

What are the advantages of putting your assets into a trust fund, say with your kids names on the accounts. Can you put your house in a trust too? Do people do this for tax advantages or is it to make your assets pass to your children’s hands easier if you die?
Joel
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Comments

One Response to “Trust Funds / Tax Advantages?”

  1. sdrum49 on April 8th, 2009 4:26 am

    This is too complciated a question. There are so many types of trusts, and there are advantages to each of them. Sometimes you put assets in an irrevocable trust, in which you give up control of the asset. Inter-Vivos — or revocable living trusts — are a quite common way to avoid probate and minimize estate taxes — especailly if you are married with children as ultimate heirs. And yes you can put almost any asset into a trust unless the terms of that trust prohibit it.