TexasCHLforum.com

RPB wrote:

Caltex wrote:Living Trusts hold assets "in trust" for estate planning purposes,.

Grrr Old age sucks, My 1970s/80s/90s GO-TO guy and former friend and former professor for 3 courses years ago was Judge Russ Austin, (Authored Real Estate /Law textbooks, and taught-Russ was an adjunct professor of law at the University of Houston and the South Texas College of Law.) I just saw he passed away in 2008. (I moved from there in 07, my dad was ill and passed in 08 too) http://www.chron.com/news/houston-death ... 754365.php" onclick="window.open(this.href);return false;
My "New" Go-to- guy I used in '08 near Austin, Tx has a _____Memorial street named after him now... so, What went in effect in Sept 09? ... I'm unaware, retired and out of touch on some stuff

Not out of touch at all; very well read actually. And sorry about your friend; go to friends are great.

WildBill wrote:

emcee rib wrote:Wouldn't you need to own the house free and clear? Can a trust get a mortgage?

A mortgaged property can be in a trust.

Think of it this way: You can change the manner in which title is held; as RPB illustrated, there are many reasons, and most due to financial, that you would transfer the property into the trust. You are still an individual, holding title as the trustee of the trust.

Everything else is legally correct. If you wanted to change the manner in which the mortgage was held (show the trust instead of you as an individual), you would contact your servicer for directives - as each underwriter has different requirements.

All I have to say is, if you're aren't an attorney, you missed your calling...

My career has been primarily in insuring real property (title insurance\legal manners of title transfers\legal descriptions and compliance documentation, etc.). There are many different purposes and just as many rules for situations. Your knowledge is very impressive. As is your knowledge of the gun protection laws. I haven't read them all, I wanted to respond now so if I missed something, let me know.

The 2009 Amendment to the Texas Property Tax Code in part states that any transfer of title where the parties are the same, an existing Homestead would not be cancelled. This means, you transfer to a trust (if you decide to do so), your Homestead protection stays in place (if you are the trustee of the trust; i.e. Mr. Moby, Trustee of the Moby Family Trust dated 1-2-03) - you're transfering property into the trust for whatever purpose; you can file a Homestead for principal property only. In some states, any property transfer cancels the existing Homestead and it needs to be re-filed. And Texas laws normally lean towards the homeowners, more than other states. Homesteads today are simply another layer of protection, especially with a surviving spouse and in today's market, and with the enlisted particuarly. For instance, if you don't pay your mortgage, the servicer can come after you for the payment. You signed the contract and they can take a secured debt if you default. If you are sued, the party can file a judgment against you and your property (as an individual or a trustee of a trust) and against the actual legal property; it will show as an open lien (2nd and subject to any existing mortgage(s)) and will also appear on your credit report. You cannot refinance or sell the property unless you plan on taking care of the judgment. If it's more than the property, Homeowner's Insurance would be accessed. You did not sign anything putting the home up for collateral if they sue you, so legally they can't take your home, but they can make it uncomfortable; (your credit score just dropped). So if you're sued, I would want a lot of insurance (unfortunately the freedom does come with obligations), and since you shot them while they were on your property, it was probably for a good reason, so you need all the protection you can get.

So that's pretty much the outline of what could happen. Hopefully this will give you a reference point to start from. Me, I don't want to deal with any attorneys (no insult intended to anyone); sometimes paying a high price is worth the peace of mind. If you have equity in your home, this might moreso come into play, as anyone can check your info online to see if suing you is profitable. If you don't have equity, or are in a Short Sale or HAFA, you're letting go of your assets and taking a loss. But you still need protection. Above all, always contact an attorney regarding legal issues.

Sorry this is so long. Often times if you talk it out, the information becomes clearer. Hope this helps and hope it doesn't have to help.

Moby wrote:http://www.lonestarlandlaw.com/Living-Trust.html

I'm considering putting my home in a trust after my CHL is issued.

I've been told by two CHL instructors (both cops) you can pretty much expect to get sued
should you ever be force to shoot.

Putting ones home and other investments in a trust seems a cheap and very effective way to protect
my assets. Like my business being in an LLC.

Any thoughts?

Homestead Acts protect the forced sale of property to satisfy unsecured debts. As of 9-09, title transfers (in Texas only), do not remove existing Homsteads. Living Trusts hold assets "in trust" for estate planning purposes, and both offer great write offs. So to a point, both protect your assets but in different ways. And always consult an attorney for specific legal advice.

Ofcourse you could always overinsure and be a really good shot.