Quote:
Originally Posted by Talewinds
I was doing Phoenix PD ride-alongs in beautiful Sunny Slope. We were running license plates and bro-in-law commented that the Camry in front of us was registered to a trust, when I asked him what that meant to him he commented that the only information he could view was the trust name. There are no drivers names/records/priors/nada linked to the vehicle registration.
I found that very interesting. Got to thinking about doing what folks have described in the posts above.
But what else? Are you shielded from certain liabilities? In case of accidents, property damage, etc, is the rest of your estate protected?
What are the benefits?
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Benefit is that the vehicle is owned by the trust, not a private person.
Anyone can drive the vehicle, but they have to have permission in writing from the trustee.
It shields everyone from various things and should something happen they can take what is in the trust but thats it, as I understand it.
Also should someone get married, or are in a common law marriage, you split the property owned by the two people. Anything in the trust is separate and not included.
Another friend of mine owned a house in Colorado. His kids used it to live in while in college there but it was not needed now and wanted to sell it. Several years ago the state passed new laws that selling a house that was not a persons primary residence had an additional 22% tax tacked on it. Asked him why he had not put the house in a trust like his Arizona one was and he said it was! In the end he did not sell the house, but sold the trust that controlled the house. Saved over $100,000 in that manner. He did everything legally yet found a loophole. Why not if its legal?
Last, good friend of mine passed three years ago. Every thing major that they owned was in the trust and the wife was secondary trustee. The money she saved in not having to go through probate and estate taxes kept the family in the house and able to survive.
A trust can protect and save you a lot of hassle and money. The rich and famous use them so why not us? When the child molestor Mikey Jackson died, everything in his estate did not go to his family, it went into a private trust that the family controlled.