Trusts

[plotthickens]

Time to set one up for just my partner. Oil&Gas mineral inheritances are just too complicated. Any good sites or links or personal reccomendations?

[INTJRyan]

What state are you in?

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CA, interests in TX, NM, and Oklahoma.

[Thinker]

I am afraid to poke my head in here, but I have a reasonable understanding of trust law.

It is complex regardless of the jurisidiction...get advice from the best expert in the field you can find.
Trusts in Australia are losing favour for other simpler structures.
I stopped recommending trusts several years ago as a vehicle to hold family wealth.
The tax laws, trust law, corporate laws (many trusts have corporate trustees) are all becoming much more complex internationally.

They are becoming a minefield for do-it-yourselfers.

[plotthickens]

Hm. What simpler structures are gaining favor? And thanks for the thorough answer, very informative.

[Thinker]

Once again, I state my reluctance, because there are often good reasons why a structure is used in a local jurisdiction.

Single Director/Single Shareholder Pty Ltd companies are gaining more favour over here because there is an "easier", and better defined legislative framework.
Also, in English common law, a trust cannot exist in perpetuity....it must die at some stage...this means that the assets need to be settled amongst beneficiaries. It can be well after the lifetime of the person who set it up...but it still creates difficulties on settlement.

I guess my comment should have been more along the lines of....remain open to alternatives and seek advice. The options will relate completely to the legal framework of your own jurisdiction.

It really comes down to what you are seeking from the structure...asset protection, tax minimisation, holding in perpetuity, family law protection etc etc etc

[Mader]

No offense meant to other posters.

Get the best lawyer in the best firm in your state.
Make sure this lawyer is well connected and knows everyone and everyone wants to do business with this lawyer.

But don't trust this lawyer to do everything right, trust but verify.