This was an interesting video. I would imagine that some people might be concerned that if they did set up an irrevocable trust and if some strange event happened in the future that they would not be able to make alterations. However the fact that one can put in place a list of "exceptions" / conditions that allow for unforeseen events in the founding documents is good to know. Clearly it is important to take time with the founding documents and put in as many safeguards as possible.
@@TheBusinessGuy brilliant thanks. What's always confused me, is that the mortgage is in eg a person's name..what happens when they die. Does the trust take over the payments or does someone have to remortgage in their name?? The irrevocable element again seems an issue here. Also the anonymity?
This was an interesting video.
I would imagine that some people might be concerned that if they did set up an irrevocable trust and if some strange event happened in the future that they would not be able to make alterations.
However the fact that one can put in place a list of "exceptions" / conditions that allow for unforeseen events in the founding documents is good to know.
Clearly it is important to take time with the founding documents and put in as many safeguards as possible.
Agreed Ross
Do the state of Maryland have this protection ? How can I find out?
No. At this time, MD does not have asset protection trust statutes where the settlor can also be the beneficiary.
Great videos. Can I ask, can assets with mortgages be put on trust or just cash paid assets? Do you deal with UK clients too?
Yes we put assets with mortgages into trusts all the time. We do work with UK clients. www.assetprotectionplanners.com/
@@TheBusinessGuy brilliant thanks. What's always confused me, is that the mortgage is in eg a person's name..what happens when they die. Does the trust take over the payments or does someone have to remortgage in their name?? The irrevocable element again seems an issue here. Also the anonymity?