Paul Elio Has Transfered His Home To A Trust To Protect It From Being Seized?

[Build it RIGHT!]

Ran across this dated Jan 05, 2017 : https://recorder.maricopa.gov/UnOfficialDocs2/pdf/20170018837.pdf
Is this a move to protect it from being seized?

OR has funding come thru?

.

 

[Trusting]

Ran across this dated Jan 05, 2017 : https://recorder.maricopa.gov/UnOfficialDocs2/pdf/20170018837.pdf
Is this a move to protect it from being seized?

OR has funding come thru?

.

 

[Jambe]

So he put his property into his trust. What everyone should do.

 

[slinches]

A trust that he is the beneficiary of wouldn't protect him from losing his house in a bankruptcy. It's just as likely that he is setting up a living trust because his ELIO shares are about to become highly valuable and his house was included as standard practice.

 

[wizard of ahs]

A revocable living trust is a popular estate planning tool that you can use to determine who will get your property when you die. Most living trusts are “revocable” because you can change them as your circumstances or wishes change. Revocable living trusts are “living” because you make them during your lifetime.

 

[Ty]

Ah... panic abated. Thank you for the clarification.

 

[W. WIllie]

A "Living Trust" also keeps the estate out of PROBATE court when you pass on?

 

[slinches]

Or are incapacitated, yes. Basically, a trust is a more legally secure way of ensuring your assets are dispensed per your wishes than a will.

Without knowing the terms and beneficiaries of the trust, we can't tell what the purpose is. Though, here's an article on some of the reasons people might create one:
http://www.theglobeandmail.com/globe-investor/personal-finance/taxes/the-top-10-reasons-to-set-up-a-trust/article16832572/

 

[Coss]

Maybe there is something wrong with Paul that we don't know about (heaven forbid) and it has nothing to do with Elio the car.

 

[RSchneider]

You guys have it all wrong. You put things into a trust because you need to make sure that if something happens to you, someone else will take over and manage it. You don't do this if you are going bankrupt as you will get in a heap of trouble if you do. What you really do is sell everything you have, then just lease what you need. Take the money and stick it in an offshore account. With Elio, I can see that something like this was done because something big is going to happen and it went from being a startup to a major corporation. You need your assets taken care of because you can't predict the future. For all we know, Paul could have a massive heart attack and pass away. Last thing that is needed is for Elio to shut down, but for it to continue.

This is normal business and in my opinion, something big and good is going to happen. Again, that's my opinion and don't take it as fact. I do know that transferring things into a trust is no big deal. Even today, CEO's of major corporations are being sued personally because they have misled deals between companies. The day of hiding behind a corporation doesn't work. Plus with a trust, they can still go after that if needed.