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If your home is in a living trust is it protected form creditors and the IRS?
Wiki User
∙ 14y ago
If the trust is properly drafted the property can be removed from your estate entirely. However, the trust must be drafted by an expert in trust law. If the grantor retains any power over the trust property, it will be vulnerable to creditors and taxation. You need to consult with an attorney with a great reputation who is an expert in trust law. She/he can review your situation, your needs and explain your options.
Wiki User
∙ 14y ago
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Where is the form for the irrevocable trust Is the living trust the same as an irrevocable trust?
The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html
Can a Michigan living trust can be terminated or changed at any time?
A Michigan living trust can be terminated or changed at any time. A trust owner can always go through the process of changing or terminating a trust at any time. Yes a Michigan living trust can be terminated or changed at any time. Provided the owner of the trust is still iving it can be changed with a simple form.
How do stocks and bonds differ?
Bonds are a form of debt when a company sells them to creditors
What are the names of the four sons of horus?
Imsety in human form, protected the liver. Hapi in baboon form, protected the lungs. Duamutef in jackal form, protected the stomach. Qebehsenuef in hawk form, protected the large intestines.
What is the name of Horus's four sons in order?
Imsety in human form, protected the liver. Hapi in baboon form, protected the lungs. Duamutef in jackal form, protected the stomach. Qebehsenuef in hawk form, protected the large intestines.
What were the names of the sons of the ancient Egyptian god horus?
The four sons of Horus were a group of four gods in Egyptian religion, who were essentially the personifications of the four canopic jars, which accompanied mummified bodies. Imsety in human form, protected the liver. Hapi in baboon form, protected the lungs. Duamutef in jackal form, protected the stomach. Qebehsenuef in hawk form, protected the large intestines.
If you inherit a house can creditors take that house to pay outstanding debts?
Most states provide some form of homestead exemption against creditors for your primary residence. However, the amount protected varies by state. The inherited property may be vulnerable to your creditors. Your creditors may seek judgment liens in civil court and may be able to record those liens in the land records thereby preventing a refinance or sale until the liens are paid. You should consult with an attorney, perhaps the attorney who is handling the estate.
Who was the god in ancient Egypt who guarded the canopic jars?
The sons of Horus also became associated with the cardinal compass points, so that Hapi was the north, Imsety the south, Duamutef the east and Qebehsenuef the west.Imsety in human form, protected the liver and was protected by Isis.Hapi in baboon form, protected the lungs and was protected by Nephthys.Duamutef in jackal form, protected the stomach and was protected by Neith.Qebehsenuef in hawk form, protected the large intestines and was protected by Serket.
What are are's children the gods of?
The most well known are the four sons of Horus: Imsety in human form, protected the liver. Hapi in baboon form, protected the lungs. Duamutef in jackal form, protected the stomach. Qebehsenuef in hawk form, protected the large intestines.
How can living in a democratic world be better?
Democracies insure that all citizens are heard and are protected. It is not necessarily the best form of government, but it is definitely one of the best.
What is the correct spelling of possessive form of trust?
The possessive form for the noun trust is trust's.Example: The trust's administrator has met with the beneficiaries.
Can the same person be both the beneficiary and the trustee on a trust deed form?
Trust law is one of the most complicated areas of law. Trusts should only be drafted by an attorney who specializes in trust law. Trust law varies from state to state and the federal government has its own standards that must be met in order for a trust to qualify for tax purposes. If a trust is invalid the title to the property remains in the trustor and as such, vulnerable to creditors, probate and taxes. A trust that names one person as the beneficiary and the trustee may fail.Trust law is one of the most complicated areas of law. Trusts should only be drafted by an attorney who specializes in trust law. Trust law varies from state to state and the federal government has its own standards that must be met in order for a trust to qualify for tax purposes. If a trust is invalid the title to the property remains in the trustor and as such, vulnerable to creditors, probate and taxes. A trust that names one person as the beneficiary and the trustee may fail.Trust law is one of the most complicated areas of law. Trusts should only be drafted by an attorney who specializes in trust law. Trust law varies from state to state and the federal government has its own standards that must be met in order for a trust to qualify for tax purposes. If a trust is invalid the title to the property remains in the trustor and as such, vulnerable to creditors, probate and taxes. A trust that names one person as the beneficiary and the trustee may fail.Trust law is one of the most complicated areas of law. Trusts should only be drafted by an attorney who specializes in trust law. Trust law varies from state to state and the federal government has its own standards that must be met in order for a trust to qualify for tax purposes. If a trust is invalid the title to the property remains in the trustor and as such, vulnerable to creditors, probate and taxes. A trust that names one person as the beneficiary and the trustee may fail.
