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THANKS for this info everyone. I'm not sure how a pure trust is set up differently than the usual trust. Is there someplace on this forum that I can go to learn about that?
We have a home in a 100% homestead state, and that home is owned by our trust - a trust set up several years ago with the help of a close friend who is a paralegal, but I know she used the standard form used in her employer's law office. It is also set up using the names on our birth certificates. This trust is the title holder to our residence, which is also 100%homestead protected in this state.
An irrevocable living trust is supposed to be iron-clad, but it is a typical statutory trust, I'm sure. Anything new we do now would fall under the Fraudulent Reconveyance Act because we are currently being pursued by creditors. My mom desperately wants us closer to her, and she is afraid to move here because of the hurricanes - only Texas and Florida are 100% homestead states, and she is afraid to move here. But I don't think we DARE sell this house and move the money out from under the Homestead protection here. We've lived here 5 years so we are protected from the new bankruptcy law that comes into play in October (a Homestead will only protect your home if you've been there over 4 years). I don't think there is any way we can protect our assets if we sell this house and try to move close to my mom, do you? Hurricanes or not, we'd better stay put!
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