Has anyone else created a trust?

esobay
Fri, 05 Sep 2014 15:43:23 +0000

We didn’t put each kid in a separate trust, we have the trust and it disburses. There are tax planning steps for A trust B trust to be created when one of us dies. We named a bank as trustee if both of us die. We didn’t put the IRA’s into the trust, but house and stock accounts were easy. The IRA’s have the kids as beneficiaries not the trust. We probably need to review it for tax issues, but I think if the kids keep the IRA’s as IRA’s they can just use them for themselves.

I helped my dad put his accounts (checking, CDs) into his trust. It was not a problem at all. But again, the trust is whole and then disburses when it is wrapped up. Sounds sort of like your are trying to disburse ahead of time, which I hadn’t heard of. Dad did put all kids names on the deed of his property, long long ago so didn’t put it in the trust. That took only a little work as I recall, but it was a LONG time ago.