Success Stories

Share your success stories.

0

TRUST ACCOUNT SETUP

 I am working with a dealership to help setup with the 1099A process, the question he asked me was should the TRUST  be Revokable or Non Revokable??


Avatar
Discard
1 Answer
0
Avatar
James Scarborough
Best Answer

It would have to be an Irrevocable Trust. Once you are dead the Trust will stay in place....like forever. I have been checking to see if my father's CQV Trust could be given to my mother. I'm not sure it can be. A Revocable trust is a Trust that can be changed or revoked by the settler if he or she deems necessary.  Trust me, I don't think the US Treasury or FR is going to get rid of a Trust because the US Government gets interest off the trust until the end of earth. 

2 Comments
Avatar
Discard

Thanks, this sounds correct.

Avatar
Jason Cruz
-

or until you place a lien on your trust, am i right?