Legal Question in Wills and Trusts in California
Is it a TRUST?
I do not recall if it is a trust that I am looking for...I heard of a legal procedure that would place all my owning, earnings and future earnings in a trust (I think it was a trust) and the trust would get it's own ss# and have it's own credit report all separate from mine thus if I were to be a litigant in the future that which is in "trust" is not considered as mine and not attachable. My true reason is the credit aspects...it would have a new credit report that could have credit cards... in the name of "the trust of...�
Is there really such a thing and is it a trust?
Thanx!
1 Answer from Attorneys
Re: Is it a TRUST?
What you describe (new taxpayer ID number, creditor protection, etc.) sounds like an irrevocable trust. The problem is that you have to transfer the assets to the trust and give up control of them. This works for trusts with beneficiaries other than yourself (for your children, maybe, or grandchildren).
California doesn't let you set up such a trust for yourself (and get protection from lawsuits, creditors), but some jurisdictions do, like Alaska and Delaware, as well as offshore sites, like Isle of Man or Grand Cayman. You can be the beneficiary of the trust in these places, but you still give up control of assets transferred to the irrevocable trust to an independent trustee.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
