Discussion:Selling property in an irrevocable trust
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Discussion Forum Index --> Tax Questions --> Selling property in an irrevocable trust
Tryingtolearn (talk|edits) said: | 20 September 2007 |
| I know a little bit about irrevocable Trusts. As I understand it, you may transfer the property directly into the Trust. Once it is the possession of the Trust, proceeds can't be used for personal gain, but can be kept it the Trust for the benny of Trust. It doesn't take a lawyer to draft an irrevocable Trust. If someone wants a copy from me, feel free to ask.
Take care. PS, I'm new to this forum so if I'm not typing in the right place, go easy on me. | |
| 20 September 2007 | |
| Your understanding of irrevocable trusts is not really correct. You might want to consult an attorney before you draft any trust agreements for your family. | |
| 20 September 2007 | |
| I have no idea what the original question from Ratt was. But Tryingtolearn, generally a non-lawyer may not draft an irrevocable trust for another person (even a family member), as that would likely constitute an unauthorized practice of law. Doing so might result in sanctions and possibly criminal charges. | |
| 20 September 2007 | |
| "I know a little about irrevocable trusts." Well, I know a little about electricity. Wanna hire me, I'm cheap? | |
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