| CDs and Trusts…find out more:
CLIENT QUESTION:
If I want to fund my trust with my CDs, do I have to cash them in first or can I just change the title to put in a trust?
MY RESPONSE:
There should be no problem (in a perfect world) in transferring a CD into a trust. You are NOT breaking the CD, but rather you are transferring the ownership to the trust. Just change the title to the trust. However, some unknowing bank employees don’t really understand what we are doing (or what they are doing) and may tell you that you must cash them in and pay a penalty. Fight back…they are wrong.
I hope this helps!
And, if anyone you know would like to
receive this Listen to Lawrence Letter just
tell them to send their email address to
info@davidowlaw.com and I’ll add them to the list!
As always, please send me your questions. If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.
Let’s stay connected.
Stay safe! |
