Any of y'all have a Family Trust? or pool your family assets together in a similar fashion?

Jimmy from Linkedin

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My parents set one up right before they got divorced. I am not sure how that changes things because I am an only child but my understanding is that someone would have to have an unprecedented lawyer to take what they set up away from me. I'll work on understanding whatever this is more this summer. They set this thing up then got divorced like a year later so my emotional ass wasn't really tryna hear none of it
 

Ghostface Trillah

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How's it going?

I'm doing research now before speaking to my siblings. I want us to set up our kids and/or grandkids to be Trust Fund babies

It has it's difficulties. Organizing and convincing family members to pool the small wealth is not an easy task. Especially with black people and when you're the only one who actually understands what a trust is and it's function. I wanted my whole immediate family but honestly it's like 30% on board.
 

OfTheCross

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It has it's difficulties. Organizing and convincing family members to pool the small wealth is not an easy task. Especially with black people and when you're the only one who actually understands what a trust is and it's function. I wanted my whole immediate family but honestly it's like 30% on board.
yeah...that's been on my mind. we all got properties and kids and significant others. I'm trying to come up with a proper sales pitch now.

I'll probably start with my full sister and then move on to my half-siblings.
 
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I'm thinking about doing this for my family. I wanted to know if it's worth the hassle...how protected are the assets if an individual does some fukkshyt or gets sued?

I, personally, wouldn't do a family trust.

I would do a revocable, living trust. The living trust bypasses probate, keeps your estate private from public records in the event of your passage, insures assets are passed to beneficiaries in an orderly fashion, and preserve usage and control for yourself. The trust can be dissolved if need be as well.

The only drawback is that it does not give asset protection. A living trust would need supplementation from other vehicles to obtain an asset protection quality.

Many African-American and African-American families do not study, research, or execute on estate planning.

Interestingly enough, this is how many African-Americans and African-American families lost their lands and property by way of probate courts in addition to family squabbling.

I would keep it simple for yourself and your family by you doing the implementation and maintaining complete control of the trust and the trust assets.
 
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