"Spehro Pefhany" wrote in message
...
On Mon, 19 Sep 2005 08:40:02 -0700, the renowned "SteveB"
wrote:
I own literally nothing. It is all in living and family trusts.

Steve

Just out of curiosity, and if you are willing to say, why would you
arrange your affairs that way?


I have the same setup. In my case, it was to ensure that all my estate
would go without probate, modification, or garnishing to my disabled son.
Because I'm in the pyro business, risks are high that I might be sued. I'm
not wealthy, so any loss would be a great one to my son's welfare. With the
trust, HE owns everything (well, the trust does), and I own nothing.

In a properly established living trust, the administrator(s) of the trust
(me) have the right to manage, modify, dispose of, or otherwise manipulate
the contents of the trust freely. The construct doesn't interfere with my
life at all, except for the periodic updating of the status of the trust and
its holdings.

LLoyd