Legal Question in Wills and Trusts in California
Trust; how to protect property when you do not want to directly place it in som
I have significant assets in my name that are mutally shared with my significant other; while alive, I would like this other person to be able to develop the assets without them being in his name to to ongoing tax situation. I would like this to apply also in the event of my death. This question was under taxation questions and referred to me to do a trust; some help in this direction; how do I do it.
Thanx again
1 Answer from Attorneys
Re: Trust; how to protect property when you do not want to directly place it in
As long as your SO has problems with the IRS, all of his assets are subject to liens/seizures, etc., whether or not they are in his name. There are certain off-shore and some domestic trusts that are purported to help in this kind of situation, but I can assure you that the IRS would view using this sort of trust as fraudulent.
I suggest you find a lawyer who has experience in tax controversy work and see what you can work out with the IRS.
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