I would sujest that you put it in a trust and you only have to pay on the interest that you earned from your bank. You might also consider a CD that earns interest. Just make sure what ever you do if you are putting the money in trust for yourself then you need to make sur you put on the trust a benificary,if not then make sure you put who you want the money to go to in your will. The thing with a will is it can go into probate if any one trys to contest it,if their name is on the CD or trust then they can get it without a hassle.
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Submitted 300 days ago...
Do I need a Trust form Or some other form?
I just asked some questions about Trust or guardianship for money I have in savings. I was waiting for your answer and the page disappeared. I am still waiting. I am 86 years old. If I put it in either of the above, do I have to declare it as income and pay taxes on it? Or just the interest earned?
QUESTION Which is the best way to handle the above? What do you suggest?
TEXAS LEGAL FORMS
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Do I need a Trust form Or some other form?
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