I'm certainly no expert and have no direct experience in a similar thing, but, this just doesn't sound correct. Having he, she, and a trust as joint owners seems to confuse the issue distinuishing trust assets with other assets. I have had problems transferring money and stock from an individual or joint account to a trust account. I have changed a joint account to a trust account at Vanguard without a problem or taxable event.But they said they could "add" the trust to the existing account, so it would be the trust along with my wife and me listed as owners (3 owners).
sscritic wrote:And yes I pay my bills from my trust checking account. It is my only checking account. It is my understanding that the revocable nature of the trust makes it "me" for most purposes. The only time the trust nature of the trust comes into play is when I die. I am not sure what rocket's concerns are.
mikep wrote:Thanks - it likely depends on the banks, and likely not a popular request so it may depend on the person you talk to.
sscritic wrote:JamesSFO wrote:Basically each financial institution will be different, USAA just changed the account owner for me (~8 years ago), Vanguard had to give me all new account owners.
So whom did they give your money to? Did you know any of them?
mikep wrote:Signed a revocable living trust yesterday. I spoke with my bank and to change the account to a trust account, would require closing current account and opening a new account.
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