Hamish Rickerby

start a trust and sell my house to it (read all 3 entries…)

Productive day so far  — 2 years ago
so far today I’ve…
  • Read the 2 documents from my lawyer, and OK’d the trust deed.
  • Filled out the extra small mortgage application for the bank
  • Found someone to clean my apartment when I leave (as I want to rent it after it’s in the trust)
  • Contacted the property manager about signing up.
  • Made a small (late) addition to my property split agreement and that’s back with the lawyers for alteration – should be complete by COB today I hope.

All of those things need to be done before I can complete this goal (well, apart from the cleaner and property manager I guess).

May 02, 2006, 05:29PM PDT 2 cheers

Comments:

Flirt is planning on being spontaneous tomorrow!

Looks like there's a light shining...

at the end of the tunnel. Good luck on getting this done before your move!

May 08, 2006, 03:08PM PDT | Respond to this

(This comment was deleted.)

May 10, 2006, 10:40PM PDT

Hamish Rickerby

Do you mean...

...you’d like me to name you as a beneficiary of the trust? ;-)

Or have you got something you’d like to move into it?

May 11, 2006, 12:13AM PDT | Thread | Respond to this

(This comment was deleted.)

May 11, 2006, 10:44PM PDT

Hamish Rickerby

You would

move assets into a trust to

1) Protect them from future claims from other people who think they have rights to them.
2) Stop death tax effecting the asset
3) Limit your tax liability
4) Protect assets from income or asset testing

etc…

The trust will be dissolved if it goes bankrupt – ummm, I think either the trustees or settlor is liable for the debt (ie, me).

You get the asset back when the trust is dissolved – I believe I can dissolve it whenever I like, or it automatically expires after 80 years (I think that’s the maximum life of a trust in NZ)...

May 14, 2006, 01:30PM PDT | Respond to this


Hamish Rickerby has gotten 2 cheers on this entry.

 

I want to:

The world wants to...

write books learn to speak french paperfaerie wants to Compile a 100 favorite songs list. learn to read music rethink this list Save $100/month dye my hair Switch to linux Finish my website Grow tomatoes, Watermelon, Onions & Cilantro in my mini-garden learn guitar go on a three day juice fast Sell stuff on ebay learn swimming learn to sing Make my own Christmas gifts get a new hairstyle buy an old house and renovate it learn to bartend Cosplay Liddleheart wants to lose 30 pounds and keep it off see Taking Back Sunday live have more energy re-learn mandarin live overseas majonezki wants to master cleanse stay motivated go camping and hiking in shenandoah national park