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I am 36 years old and we are expecting baby this year. I dont have any debt and i own a condo worth $150,000 outright. We both have 1 million life insurances each. I am expecting $500,000 next year from a litigation. I need to create a trust or foundation for my baby so that i can act as a trustee and raise the kid without ever worrying about creditors taking away what i have. What kind of trust i need to create? When i put the 500k from the litigation into the trust, will it be taxed? I dont need the actual trust creation at this time, but just answers. Thanks
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