A friend, who I found money for, would like to give me a car or put money in trust for me in a CD. What do you think is my better option.
(I don't have the money to contact a lawyer or accountant to ask this.)
This person is not a relative.
2007-09-01 00:02:52 · 2 answers · asked by femalegtrst 2 in Business & Finance ➔ Taxes ➔ United States
a simple trust. One person gives the other person receives. It is instead of a finder's fee.
2007-09-01 09:41:14 · update #1
You would certainly need to know the terms of the trust to make a determination on this. It ultimately comes down to what you most desire. Do you have more need for a car or for cash? If it's cash in a trust then how can you access it? Under what terms can you use the money? Who controls it?
Basically you need to decide which you want. The car will decrease in value over time while CD will increase in value but if you need a car then it may be worth it to choose a depreciating asset.
2007-09-02 03:01:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Without knowing the details of the trust, it's really not possible to say. Most likely it's a wash either way.
2007-09-01 08:32:24 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋