Aubrey, TX Estate Planning Law Firms & Lawyers

Yes. You can set up multiple living trusts. However, what I have done in the past is to set up one living trust, and then have multiple irrevocable sub trusts. Each sub trust provides that upon a sale of the asset (i.e. real property) that the trust owns, unless a 1031 exchange occurs, the Irrevocable sub trust is terminated. The sole beneficiary of the irrevocable sub trust is the primary revocable living trust. If you (i.e. the trustee) want to buy one or more other properties, you just create a new irrevocable sub trust. I first began using this method with a client who owned multiple preschools, and the real property upon which they were located. Even with insurance, there is substantial risk of liability based upon the acts of employees, or just rumors about the school. In the 1980's commercial trustees lobbied for changes in the liability of trustees of California trust estates following changes in the law that required remediation of contaminated real property in California. Commercial trustees found themselves with unlimited liability when they merely held title to a parcel of real property that had been leased to a company that caused the contamination, or upon which contamination had migrated. There were others who were responsible for the contamination, but in many cases the companies not longer existed or did not have the resources to perform the remediation and filed bankruptcy.

Making a claim against an estate for in-home care of a friend or loved one can be difficult. The truth is that many times these claims often fall under the category of "things that you would have done anyway." Effectively, you are taking the position of being a creditor owed a debt by the estate for the services that you provided. As with any creditor's claim, much of the viability is found in the details. Was there an agreement of some kind between you and the decedent, verbal, or in writing? Was there an expectation of remuneration on your part and expectation of payment for the services on the decedent's part? Is it possible to prove a debt and recover a part of the estate for your services? Sure. Whether or not it is likely depends far too much on the specific arrangement. Your best bet is to consult with a probate attorney near you to outline all of the relevant facts involved.