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Legal Issues Topic #3 - Property
- Thread starter Doc
- Start date
I have heard that in Texas they cannot title property in more than two names, unless it is incorporated. So we are discussing that when the time comes we will make a family trust to own our home with.
Sweet Lissa
Sweet Lissa
rusty_armor
New Member
sweetlissa said:
I wan't aware of that ... I just used my name on the mortgage since I had the best credit score, and of course, that is the name that went on the title. I think I might look into incoporating my family. It should be possible ...
~ rusty
Stay clear of the "Living..." or "Loving Trusts", I would advise; they are probably not worth the paper they are printed on. There are "Constitutional" or "common law" trusts still around, but again, the problem is to do due diligence and make sure you are dealing with people worthy of trust. I tend to think that is by far the best option within an increasingly crooked nation -- it's just that nothing worthwhile is evidently very easy to set up.
(And I guess I should not end such a comment without at least a minor swipe at the 'legal profession':
while there may be some honest lawyers, it's the 97% that give that 3% a bad name. If you look at Scripture on a percentage basis, I'm not sure that any higher figure is discernible there.
)
(And I guess I should not end such a comment without at least a minor swipe at the 'legal profession':
while there may be some honest lawyers, it's the 97% that give that 3% a bad name. If you look at Scripture on a percentage basis, I'm not sure that any higher figure is discernible there.
)
rusty_armor
New Member
You have reason to be bitter with the legal profession and its system, Mark. But I can't plan for my family's welfare based upon your bad experience with the system. It is my desire that my property pass to my wives as seamlessly as possible in the event I am dead or incapacitated, and to that end, I am searching for ways to make that possible.
I am going to lose my wives one way or another. They will die, they will leave, I will grow senile ... whatever. They are only mine to enjoy as long as they are mine to enjoy. I have make my plans based upon the idea that we are married until death. That is my responsiblity towards them.
With that in mind, I know of family farms incorporating. I wonder if the same sort of idea could transfer to a family trade or business ...
~ rusty
I am going to lose my wives one way or another. They will die, they will leave, I will grow senile ... whatever. They are only mine to enjoy as long as they are mine to enjoy. I have make my plans based upon the idea that we are married until death. That is my responsiblity towards them.
With that in mind, I know of family farms incorporating. I wonder if the same sort of idea could transfer to a family trade or business ...
~ rusty
I am actually a fan of some forms of trust provisions, RA. I just suggest that people look very diligently at what they do; there are a lot of scams out there.
And I have no illusions about the fact that this nation is, like EVERY other nation which has adopted a dishonest (and unConstitutional) system of fiat money (dishonest weights and measures), rapidly becoming a kleptocracy.
Ultimately, the ONLY real security is in Him. Paper will fail.
BTW, IMHO, the BEST possible recourse for the immediate future is to buy precious metals, particularly silver, and build a network of people (church, neighborhood, butcher, baker, candlestick-maker) who use it as a medium of exchange to "come out of her".
And I have no illusions about the fact that this nation is, like EVERY other nation which has adopted a dishonest (and unConstitutional) system of fiat money (dishonest weights and measures), rapidly becoming a kleptocracy.
Ultimately, the ONLY real security is in Him. Paper will fail.
BTW, IMHO, the BEST possible recourse for the immediate future is to buy precious metals, particularly silver, and build a network of people (church, neighborhood, butcher, baker, candlestick-maker) who use it as a medium of exchange to "come out of her".
I was looking at definitions for family trusts, and came across this: (note the term 'family group')
A family trust:
-is generally established by a family member for the benefit of members of the 'family group';
-can be the subject of a family trust election which provides it with certain tax advantages, provided that the trust passes the family control test and makes distributions of trust income only to beneficiaries of the trust who are within the 'family group';
-can assist in protecting the family group's assets from the liabilities of one or more of the family members (for instance, in the event of a family member's bankruptcy or insolvency);
-provides a mechanism to pass family assets to future generations; and
-can provide a means of accessing favourable taxation treatment by ensuring all family members use their income tax "tax-free thresholds".
A family trust has many other potential benefits, including avoiding issues such as challenges to the will following a death of a senior member of the family.
A family trust:
-is generally established by a family member for the benefit of members of the 'family group';
-can be the subject of a family trust election which provides it with certain tax advantages, provided that the trust passes the family control test and makes distributions of trust income only to beneficiaries of the trust who are within the 'family group';
-can assist in protecting the family group's assets from the liabilities of one or more of the family members (for instance, in the event of a family member's bankruptcy or insolvency);
-provides a mechanism to pass family assets to future generations; and
-can provide a means of accessing favourable taxation treatment by ensuring all family members use their income tax "tax-free thresholds".
A family trust has many other potential benefits, including avoiding issues such as challenges to the will following a death of a senior member of the family.
Well I have some good news...in the state of Kansas you can own property jointly by more then 2 people and of course that means you don't have to be married. So my wife and I can just add our sister/wife to the title. I sell real estate so know the laws of Kansas...so everyone I will be glad to sell you all a house..lol. I can just see everyone coming here and taking over the town....talk about news exposure :lol:
Mr Kscouple
Mr Kscouple