Trust or not to Trust
I'm buying an RV that I will fulltime in. I went to my attorney and talked to him about a trust. I wanted the trust for asset protection in case I'm sued. He didn't think I needed one for that. I g...
Forum Discussion
I think it would would be much easier and simpler to just have your RV insured out the wa-zoo to cover any situation.
Under (non-full time scenarios), homeowners insurance will cover the contents of your camper (anything not anchored down or screwed down for loss or theft. Your automobile policy covers the vehicle while in transit (moving on the road), both property damage and liability. Your camper insurance covers any physical damage that may occur when unhitched, including acts of nature.
In the event of a dog bite, or someone falls on your campsite, and somehow you are found negligent (and not the campground), that would fall under homeowners insurance.
Apart from this, I (personally) don't see how you can much better protect your assets, unless you are referring to your investments, savings, and bank accounts. Unless you have greedy kids that somehow are attempting to declare you "nuts" and get you tossed into an a nut-house so they can sieze control of your money or some bizarre scenario like this, I don't see what "protection" is really needed, other than what you would normally do any other day of the week.
If you don't have any special financial protection now, why should it be any different full timing?
If you give your spouse 100% power of attorney over everything in your life, and your spouse gives you 100% power of attorney over everything in their life, I think you are pretty much "protected" against anyone attempting to intrude on your (financial) assets. Apart from this, I don't see any advantage for a "trust".
My wife has 4 trust funds set up for our grand kids. We are putting a small amount each week into the funds for them, so when they graduate high school, they will get the trust fund. Until then, they cannot touch it.
Trust funds are set up, as in wills sometimes, when the assets are put into a fund and a caretaker of the fund is appointed for the purpose of taking care of a surviving child.
Apart from these two types of examples, I don't know how a "trust" would help protect your assets.
Here again... I am no lawyer, and my life-experiences really means 'squat!' legally, but as someone stated above, if your own lawyer gave you advise and now you're turning here? Well ... maybe your just not listening to what everyone is saying. Sorry. I suggest you forget the idea of a "trust" and just get lots and lots of insurance!
Under (non-full time scenarios), homeowners insurance will cover the contents of your camper (anything not anchored down or screwed down for loss or theft. Your automobile policy covers the vehicle while in transit (moving on the road), both property damage and liability. Your camper insurance covers any physical damage that may occur when unhitched, including acts of nature.
In the event of a dog bite, or someone falls on your campsite, and somehow you are found negligent (and not the campground), that would fall under homeowners insurance.
Apart from this, I (personally) don't see how you can much better protect your assets, unless you are referring to your investments, savings, and bank accounts. Unless you have greedy kids that somehow are attempting to declare you "nuts" and get you tossed into an a nut-house so they can sieze control of your money or some bizarre scenario like this, I don't see what "protection" is really needed, other than what you would normally do any other day of the week.
If you don't have any special financial protection now, why should it be any different full timing?
If you give your spouse 100% power of attorney over everything in your life, and your spouse gives you 100% power of attorney over everything in their life, I think you are pretty much "protected" against anyone attempting to intrude on your (financial) assets. Apart from this, I don't see any advantage for a "trust".
My wife has 4 trust funds set up for our grand kids. We are putting a small amount each week into the funds for them, so when they graduate high school, they will get the trust fund. Until then, they cannot touch it.
Trust funds are set up, as in wills sometimes, when the assets are put into a fund and a caretaker of the fund is appointed for the purpose of taking care of a surviving child.
Apart from these two types of examples, I don't know how a "trust" would help protect your assets.
Here again... I am no lawyer, and my life-experiences really means 'squat!' legally, but as someone stated above, if your own lawyer gave you advise and now you're turning here? Well ... maybe your just not listening to what everyone is saying. Sorry. I suggest you forget the idea of a "trust" and just get lots and lots of insurance!
