Value Buy
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Post by Value Buy on Oct 29, 2015 8:24:55 GMT -5
Even a simple trust can cost maybe, $3,000 for someone to start. Multi milionaires the cost is much higher due to the quantity of assets to be protected. If you do not have several million to fund one after it's established and just a couple of inheritors, you can just leave it to them in a will without too much government confiscation. Not to mention the Executor takes his cut of the trust to distribute the proceeds......
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ArchietheDragon
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Post by ArchietheDragon on Oct 29, 2015 8:27:51 GMT -5
Even a simple trust can cost maybe, $3,000 for someone to start. Multi milionaires the cost is much higher due to the quantity of assets to be protected. If you do not have several million to fund one after it's established and just a couple of inheritors, you can just leave it to them in a will without too much government confiscation. Not to mention the Executor takes his cut of the trust to distribute the proceeds...... with a trust, you need a trustee to manage the trust and and executor to manage the will.
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Value Buy
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Post by Value Buy on Oct 29, 2015 8:36:01 GMT -5
Not to mention the Executor takes his cut of the trust to distribute the proceeds...... with a trust, you need a trustee to manage the trust and and executor to manage the will. Thanks for the clarification. But someone, takes their cut of the Trust, and it comes out of the assets in the trust before it gets distributed. That is why if you do not have a high amount in a trust, it hurts the bottom line. In your opinion, what should be a legitimate dollar level before funding a trust? I know situations vary. I know certain health issues, physical or mental, of people receiving the money forces a trust to be involved to protect the recipient's longterm survival.
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ArchietheDragon
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Post by ArchietheDragon on Oct 29, 2015 8:40:00 GMT -5
with a trust, you need a trustee to manage the trust and and executor to manage the will. Thanks for the clarification. But someone, takes their cut of the Trust, and it comes out of the assets in the trust before it gets distributed. That is why if you do not have a high amount in a trust, it hurts the bottom line. In your opinion, what should be a legitimate dollar level before funding a trust? I know situations vary. I know certain health issues, physical or mental, of people receiving the money forces a trust to be involved to protect the recipient's longterm survival. The federal exemption is $5.43 million. There is no tax benefit if your estate is smaller than that.
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wvugurl26
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Post by wvugurl26 on Oct 29, 2015 9:04:13 GMT -5
It was a waste of money because the guy didn't put that much in it. If the wife wanted stuff in her name only to protect herself he could have just transferred assets into her name only. Low amount of money/assets in trusts plus costs of managing it equals not the smartest idea. She wanted it because her friend had one. If the guy had just done a transfer he wouldn't be paying my firm at the time to manage it and do the tax return on it.
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zibazinski
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Post by zibazinski on Oct 29, 2015 20:31:36 GMT -5
Learned something new tonight. I thought the trust had to be funded with the items before a person died. Never knew you could do it after death. Very good example of how the wealthy get special breaks from the IRS. Not just the wealthy can put things into trusts. Others can do it too... Yup, my stuff is in a trust and I'm not wealthy.
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Deleted
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Post by Deleted on Oct 29, 2015 20:39:27 GMT -5
Why do you have your stuff in a trust?
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zibazinski
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Post by zibazinski on Oct 29, 2015 20:45:56 GMT -5
No probate. No expense.
Leaving for Florida tomorrow with three unhappy cats. Not any happier about the trip than me, that's for sure.
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Value Buy
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Post by Value Buy on Oct 29, 2015 20:49:48 GMT -5
No probate. No expense. Leaving for Florida tomorrow with three unhappy cats. Not any happier about the trip than me, that's for sure. Flying or driving? Twenty some hours in a car with three cats could be a people killer.
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zibazinski
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Post by zibazinski on Oct 29, 2015 20:55:35 GMT -5
Driving. It says 181/2 non stop. Um, I'll need to stop. I'm hoping to leave by 1 pm and try to get 8-10 hours in. If I can make it to Georgia, I'll be happy. Indiana is a long state but KY and TN are shorter.
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Jaguar
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Post by Jaguar on Oct 29, 2015 20:59:01 GMT -5
To Zib <<< BIG HUGS >>>
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taz157
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Post by taz157 on Oct 29, 2015 21:05:06 GMT -5
Driving. It says 181/2 non stop. Um, I'll need to stop. I'm hoping to leave by 1 pm and try to get 8-10 hours in. If I can make it to Georgia, I'll be happy. Indiana is a long state but KY and TN are shorter. Have safe travels.
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zibazinski
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Post by zibazinski on Oct 29, 2015 21:06:08 GMT -5
Thank you. I'm more than a little freaked out. I don't know when I became such a chicken. I did it last year sans cats but said I'd never do it again. Then because of all of DH's stuff, I had to. Now I'm committed. But thankfully just one way.
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Value Buy
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Post by Value Buy on Oct 29, 2015 21:08:09 GMT -5
Driving. It says 181/2 non stop. Um, I'll need to stop. I'm hoping to leave by 1 pm and try to get 8-10 hours in. If I can make it to Georgia, I'll be happy. Indiana is a long state but KY and TN are shorter. Georgia is the worst. Then maybe another five hours into Florida depending on location..... Three meowing cats makes it a lot worse.
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msventoux
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Post by msventoux on Oct 29, 2015 21:42:17 GMT -5
One would hope that the cats would tire themselves out. I went on a marathon road trip of over 48 hours of driving straight, swapping driving duties with someone else and stopping only for brief gas/potty breaks. One of the cats tired himself out, but the other was awake and bitching pretty much the entire time. Plus there was a yappy little dog with a nervous stomach along for the ride, so that was one miserable trip. I'm a dog lover but considered tossing that dog out the window. I think my travel mate knew my intentions, because the dog remained leashed and on his side of the car out of my reach most of the time. As revenge, I made him clean up the multiple results of the dog's nervous stomach. It was actually rather impressive. In one instance the dog inhaled a hot dog (no bun) almost entirely whole, rode with it for a few miles and projectile vomited it back up with hardly a tooth mark on it. Good travels, Zib! At least you're not taking along a yappy little dog. And don't feed the cats any hot dogs.
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Tennesseer
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Post by Tennesseer on Oct 29, 2015 22:03:48 GMT -5
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resolution
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Post by resolution on Oct 29, 2015 22:31:28 GMT -5
No need to push 8-10 hours in a day, you aren't on a deadline. Take plenty of time and if you have to stay a couple nights in hotels that will make the trip more comfortable.
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zibazinski
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Post by zibazinski on Oct 30, 2015 8:21:27 GMT -5
My son and his friends will help me unload mini van, return mini van, and get my car. This has to be on Sunday because they all work. I've got to make it in. Location is Tampa. So not as far as Miami but not Jacksonville, either.
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zibazinski
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Post by zibazinski on Oct 30, 2015 8:24:08 GMT -5
It gets even better. The ex, the one who DOES steal, has accused me of taking things. I happen to know that DH never had these items and told me she took them. My lawyer says to not mention that because then I'd look as crazy as she does.
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Wisconsin Beth
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Post by Wisconsin Beth on Oct 30, 2015 8:27:35 GMT -5
I hope you have everything locked up tight and trusted people watching your house while you're gone Zib.
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swamp
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Post by swamp on Oct 30, 2015 8:29:04 GMT -5
Not just the wealthy can put things into trusts. Others can do it too... Reminds me of being in public accounting. We managed a handful of trusts for clients. One was because the wife heard one of her friends had a trust and she wanted one too. Tried to talk them out if it but no go. Such a waste of money.
I have lots of clients that come in looking to do a trust. I don't do very many. They don't have the assets to make it worth while. And if they have a significantly large estate to need a trust and estate tax minimization planning, I send them to someone who does lots of them.
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zibazinski
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Post by zibazinski on Oct 30, 2015 8:30:32 GMT -5
I do BUT technically the house does not belong to me but the trust. If the executor decides to be a prick, she can boot me out and force the sale immediately. I can get the lawyer involved who drew up the trust to say DH never intended for me to be homeless but she has the authority to do so. I'm hoping this doesn't happen.
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Wisconsin Beth
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Post by Wisconsin Beth on Oct 30, 2015 8:53:34 GMT -5
I don't want you to get a call saying the house has been stripped by the kids/ex.
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Post by Deleted on Oct 30, 2015 9:02:33 GMT -5
I do BUT technically the house does not belong to me but the trust. If the executor decides to be a prick, she can boot me out and force the sale immediately. I can get the lawyer involved who drew up the trust to say DH never intended for me to be homeless but she has the authority to do so. I'm hoping this doesn't happen. If the executor sells the house what happens to the money paid for it?
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mmhmm
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Post by mmhmm on Oct 30, 2015 9:09:25 GMT -5
No probate. No expense. Leaving for Florida tomorrow with three unhappy cats. Not any happier about the trip than me, that's for sure. Oh, the angst! Woe, the howls of objection! Travelling with cats is murder!
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taz157
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Post by taz157 on Oct 30, 2015 9:17:49 GMT -5
I don't want you to get a call saying the house has been stripped by the kids/ex. Yeah that.
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Post by Deleted on Oct 30, 2015 10:13:52 GMT -5
I don't want you to get a call saying the house has been stripped by the kids/ex. I'm really not understanding how this works. If the executor can sell it off is it part of the trust or part of their inheritance?
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Wisconsin Beth
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Post by Wisconsin Beth on Oct 30, 2015 10:23:23 GMT -5
I don't want you to get a call saying the house has been stripped by the kids/ex. I'm really not understanding how this works. If the executor can sell it off is it part of the trust or part of their inheritance? I don't know how it works either but people who would strip Dad's office might not hesitate to go into "Dad's" house and strip it of everything they consider to be theirs.
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ArchietheDragon
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Post by ArchietheDragon on Oct 30, 2015 11:39:51 GMT -5
I don't want you to get a call saying the house has been stripped by the kids/ex. I'm really not understanding how this works. If the executor can sell it off is it part of the trust or part of their inheritance? A will, a trust, an executor, etc, only mean something if everyone follows it. If not, then they aren't worth the paper they are written on. Of course, with a large estate everyone will sue everyone if they think they are getting screwed, but that takes time and money.
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Post by Deleted on Oct 30, 2015 11:57:09 GMT -5
Isn't that called cleaning his office out? It was a couple of weeks after he passed. Someone had to do it.
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