Obviously, I should get legit legal advice from my attorney when the time comes. That said, I think y'all would have some helpful advice in the meantime. So I'm working on gathering skills to start working for myself and my business (web design for now and then others eventually). For now I'm a stay at home mom. When my parents died they left me a trust with just under a million worth of land and investment accounts. I get $600 / month, which is what makes me able to stay at home with my daughter (barely - husband's paycheck to paycheck, but we're doing alright for now).
My thought from a small amount of research is that when the money starts coming in, I create an llc with the trust as beneficiary (partner? Whatever the word is), and just talk to the trustee to increase my monthly income when I have the business income. Would that be a good form of asset protection or overly complicated? And at what point would I rework the trust/create a new one to make my daughter the beneficiary? I'm 23 and she's 18 months. My trust comes fully in my name in 12 years. I don't have any fears about my husband doing anything bad, but you know, just in case, I want it directly to her.
I don't know much about the legal aspects of this yet (and I'm also exhausted on a road trip), but I'm learning as I go, so feel free to correct terminology or ask for clarification if necessary!
Sent from my SM-G930T using Tapatalk
My thought from a small amount of research is that when the money starts coming in, I create an llc with the trust as beneficiary (partner? Whatever the word is), and just talk to the trustee to increase my monthly income when I have the business income. Would that be a good form of asset protection or overly complicated? And at what point would I rework the trust/create a new one to make my daughter the beneficiary? I'm 23 and she's 18 months. My trust comes fully in my name in 12 years. I don't have any fears about my husband doing anything bad, but you know, just in case, I want it directly to her.
I don't know much about the legal aspects of this yet (and I'm also exhausted on a road trip), but I'm learning as I go, so feel free to correct terminology or ask for clarification if necessary!
Sent from my SM-G930T using Tapatalk
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