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  1. #1
    Join Date
    Jan 2006
    Location
    East Coast
    Posts
    4

    Default Property in trust do I have to claim it

    my father has a Rev trust with 4 condos in it and I am named in the trust. one condo was in it before the marriage and 3 were added durning the marriage. In delaware do I have to claim these condos on the Delaware financial report along with other assets

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Trust Assets

    Is your father still alive?

  3. #3
    Join Date
    Jan 2006
    Location
    East Coast
    Posts
    4

    Default trust

    yes he is 80 now

  4. #4
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default

    If he's still alive and it's a revocable trust, you would not ordinarily have any interest in the corpus of the trust (the assets it holds) because such a trust normally doesn't vest you with an interest until after the death of the grantor, and because the grantor remains able to revoke the trust. You should confirm this with your lawyer, of course, but I doubt that a possible (or even probable) future interest in the trust's assets would count as a present asset.

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