With a Revocable Trust, one can put any finiancial accounts, personal property(not vehicles), or real property in the Trust. You, as the Trust Owner and Beneficiary, retain full control over the Trust. Since the Trust owns everything, you own nothing. The Trust is responsible for any and all taxes except income taxes, if you are still working, under the Trust Owners SSN. You cannot lose your home or monies if you have an automobile, or any other type accident, and are sued. If the Trust owns the automobile that is another story. The Trust lays out what happens to the property and any monies owned by it. A Successor Trustee should be named to carry out the terms of the Trust, along with any Beneficiaries. A Revocable Trust becomes an Irrevocable Trust when the Owner dies and must apply for a EIN(Employer Identification Number), since the SSN is no longer valid. The beauty of a Trust, along with a good Will, is that there will be no reason to go to Probate Court to settle the deceased's Estate. As long as there are Named Beneficiaries, there are no death taxes if the Estate is less than 5 million dollars. A good Trust and Will is called proper Estate Planning. If one has any valuable assets, it is a must.
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Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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