For the month of February I'm going to challenge myself to complete his 30 Day Legacy Drawer Challenge.

Well I'm happy to say that my consultation with the lawyer went very well. She was amazed at how in depth my trust documents were so I'm glad about that seeing how I had them prepared over 10 years ago in another state. The main thing that I need to get done immediately is to get the deeds to both my primary property and rental transferred into the trust. This will be done via a Quit Claim Deed transferring it out of my name into the name of my trust. My rental property is located in a different state so we have to make sure that there's no transfer tax either.

Another thing that intrigued me was the thought of placing my rental property into an irrevocable living trust. The only thing is that I would not be abe to change it after it's created. The reason I'm giving this any thought is becuase I have a special needs child whom will be incapable of self care and this is a guranteed way of "asset protection", it can't be touch even if I'm sued. The lawyer also stated that an umbrella insurance policy may also serve the same purpose so I wiil definitely be looking into that since I do in fact have rental property.

Next step: I need to scan in all my important documents so that I have back up copies.