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A Houston billionaire is accused of using a complex web of trusts and limited liability companies to prevent his wife from accessing cash and the 13 homes they acquired together
Ha! I read this yesterday but didn’t have a chance to post it. I bet Jack’s and Dyches’ trusts are better though!
The upshot seems to be like Jack said, no one understands trusts because typically there is no money involved for the lawyers. They get a 30 minute class on them and then onto family law or corporate law or whatever.
Right out of a Jack Miller play book.
The problem is when only one person knows how to put the pieces of the puzzle together then they die. Family members usually don’t understand complicated estate planning structures so it could take years and a lot of money to unravel. Trustees could take advantage of the situation so you have to be really careful.
Right now I know a lady who inherited 17 rental properties when her husband died. But the trusts cannot be found, the Trustees are long dead and she does not have a clue how to solve the problem. Her late husband did not leave a map to where things are located or explain to her how it all works together. The title companies won’t let her sell anything until she can produce the Trust which show clearly who the successor trustees are. (easy to recreate of course).
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