In Texas, a homestead can be held by a revocable trust and by certain irrevocable trusts. See Texas Property Code Section 41.0021.Prof wrote:I still argue that a homestead transferred into a trust is no longer exempt but so far the courts wiggle around the issue .
Pure Trust vs. "Common Law/Contract Trust"?
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Re: Pure Trust vs. "Common Law/Contract Trust"?
"Run get the pitcher, get the baby some beer." Rev. Gary Davis
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Re: Pure Trust vs. "Common Law/Contract Trust"?
One word: Prenup.Gregg wrote:Well at the risk of asking a legitimate question....
I am divorced and getting remarried, and have thought of putting my home in a trust to protect it from any possibility of getting attached should I get divorced again. My second home has never been in my name, so no worries there, but the primary residence is in my name. Any help or suggestions are welcome....
Just my opinion. Your mileage may vary.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
A word of caution from a female member of this community.
You mention pre-nup to a fiancee and you'd better be filthy rich or have kids you're trying to financially protect. Anything less, and the suggestion of a pre-nup (which the female mind translates automatically as "you have no faith that our marriage can make it") is an automatic deal breaker.
You mention pre-nup to a fiancee and you'd better be filthy rich or have kids you're trying to financially protect. Anything less, and the suggestion of a pre-nup (which the female mind translates automatically as "you have no faith that our marriage can make it") is an automatic deal breaker.
Demo.
Re: Pure Trust vs. "Common Law/Contract Trust"?
Alternatively, she's the one with the money and you're offering to protect her interests: "I love you, and I'm not in it for the money."Demosthenes wrote:A word of caution from a female member of this community.
You mention pre-nup to a fiancee and you'd better be filthy rich or have kids you're trying to financially protect. Anything less, and the suggestion of a pre-nup (which the female mind translates automatically as "you have no faith that our marriage can make it") is an automatic deal breaker.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
Still a deal killer.Nikki wrote:Alternatively, she's the one with the money and you're offering to protect her interests: "I love you, and I'm not in it for the money."Demosthenes wrote:A word of caution from a female member of this community.
You mention pre-nup to a fiancee and you'd better be filthy rich or have kids you're trying to financially protect. Anything less, and the suggestion of a pre-nup (which the female mind translates automatically as "you have no faith that our marriage can make it") is an automatic deal breaker.
Demo.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
Guys, unless a woman is marrying for money, getting hitched is a serious emotional commitment. Dragging two lawyers into the marriage bed is a bad idea.
Demo.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
Even if both of the lawyers are good lookin' women?Demosthenes wrote:Guys, unless a woman is marrying for money, getting hitched is a serious emotional commitment. Dragging two lawyers into the marriage bed is a bad idea.
Sorry, I couldn't resist. I'll go back to my room now.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
Yeah, I mean a person only gets married six or seven times in a lifetime...Demosthenes wrote:Guys, unless a woman is marrying for money, getting hitched is a serious emotional commitment.
Now funerals on the other hand, that's a commitment.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
And of course there is the situation wherein I found myself... in which she suggested the pre-nup.
My choice early in life was to either be a piano player in a whorehouse or a politican. And to tell the truth there's hardly any difference.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
CaptainKickback wrote: ... probably realizes that some mushy-headed gaganess over impending nuptials is fine, but there is some family business to take care of first.
....or was so befogged with getting married that they pushed it out of their mind.
I take it you've never been married.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
And.....Duke2Earl wrote:And of course there is the situation wherein I found myself... in which she suggested the pre-nup.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
So always being the gentleman I agreed to have my attorney provide the first draft.Mr. Mephistopheles wrote:And.....Duke2Earl wrote:And of course there is the situation wherein I found myself... in which she suggested the pre-nup.
My choice early in life was to either be a piano player in a whorehouse or a politican. And to tell the truth there's hardly any difference.
Harry S Truman
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Re: Pure Trust vs. "Common Law/Contract Trust"?
I think this post belongs on the Mormon thread,Famspear wrote:Even if both of the lawyers are good lookin' women?Demosthenes wrote:Guys, unless a woman is marrying for money, getting hitched is a serious emotional commitment. Dragging two lawyers into the marriage bed is a bad idea.
Sorry, I couldn't resist. I'll go back to my room now.
Demo.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
If she came into the marriage with a higher net worth than yours, you're safe. Otherwise, it's a test...Duke2Earl wrote:And of course there is the situation wherein I found myself... in which she suggested the pre-nup.
Demo.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
Demosthenes wrote:If she came into the marriage with a higher net worth than yours, you're safe. Otherwise, it's a test...Duke2Earl wrote:And of course there is the situation wherein I found myself... in which she suggested the pre-nup.
Actually hers was a bit lower but she did have substantial assets some of which she was very determined to retain soley for her children.
My choice early in life was to either be a piano player in a whorehouse or a politican. And to tell the truth there's hardly any difference.
Harry S Truman
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Re: Pure Trust vs. "Common Law/Contract Trust"?
Ah. As I said in my initial post on the subject:Duke2Earl wrote:Demosthenes wrote:If she came into the marriage with a higher net worth than yours, you're safe. Otherwise, it's a test...Duke2Earl wrote:And of course there is the situation wherein I found myself... in which she suggested the pre-nup.
Actually hers was a bit lower but she did have substantial assets some of which she was very determined to retain soley for her children.
Your case fell within the safe harbor test.You mention pre-nup to a fiancee and you'd better be filthy rich or have kids you're trying to financially protect. Anything less, and the suggestion of a pre-nup (which the female mind translates automatically as "you have no faith that our marriage can make it") is an automatic deal breaker.
Demo.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
Before our marriage my wife and I had roughly equal net worth. An investment opportunity came up and we invested in some property with her parents before we were actually married. We never discussed a pre-nup but she mentioned her father might want some agreement to protect his investment in the venture. I had no issue with that, considering the request was prompted by a bad experience with a former marriage. In the end we created an LLC. whereby we tidied up who owned what portion of the investment property, etc. No other agreement was ever drafted. It is interesting though, that my name has never been on the signature card for the LLC. checking account.Demosthenes wrote:If she came into the marriage with a higher net worth than yours, you're safe. Otherwise, it's a test...Duke2Earl wrote:And of course there is the situation wherein I found myself... in which she suggested the pre-nup.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
If you consider the inability to stop humping the living room furniture part of being "perfect," then sure, I agree.CaptainKickback wrote:It took me a loooong time to become perfect.Dezcad wrote:CaptainKickback wrote: ... probably realizes that some mushy-headed gaganess over impending nuptials is fine, but there is some family business to take care of first.
....or was so befogged with getting married that they pushed it out of their mind.
I take it you've never been married.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
webhick wrote:If you consider the inability to stop humping the living room furniture part of being "perfect," then sure, I agree.
I just laughed out loud, not a good thing in the middle of a very quiet office.
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Re: Pure Trust vs. "Common Law/Contract Trust"?
Living room, den, patio, neighborhood dogs, whatever...CaptainKickback wrote:I have NEVER humped the living room furniture.webhick wrote:If you consider the inability to stop humping the living room furniture part of being "perfect," then sure, I agree.
When chosen for jury duty, tell the judge "fortune cookie says guilty" - A fortune cookie