Ombud
Junior Associate
Joined: Jan 14, 2013 23:21:04 GMT -5
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Post by Ombud on Oct 11, 2015 18:50:30 GMT -5
Did you establish one?
Which entity inherits it if minors are involved?
How should the executor be compensated?
At what point should the funds be released to the heirs?
POSTED ON 2 BOARDS BC I'M LOST
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The Virginian
Senior Member
"Formal education makes you a living, self education makes you a fortune."
Joined: Dec 20, 2010 18:05:58 GMT -5
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Post by The Virginian on Oct 12, 2015 5:53:25 GMT -5
Ombud - I am not familiar with the term legacy account, I did a search on Investopedia and nothing came up. Are you talking about establishing a Trust ? If so This is a link to the firm I used to set up a living trust maybe you can find answers on their Blog even though they are located in Virginia. ( Some answers are dependent on state laws) : www.carrellblanton.com/Also here is for planning purposes - A Living Trust - While you are alive you maintain complete control over the assets in your trust. Also you determine what assets will be included in the trust and the various rules of the trust. Here are the phases : Phase one - You and your spouse is alive and well: Transfer desired assets into the trust - Determine trustmaker and cotrustees; You maintain control and rights to amend trust. Phase two - Incapacity ( If you are in a nursing home or other wise medically Incapacitated. Phase three: - Death of a spouse - it transfers to surviving spouse. Phase four : death of the 2nd spouse - You allocated amounts and how to be paid to surviving children - grandchildren - If it goes on for generations then it is a "generational trust" Mine cost about two thousands to establish. Mine is set up so my children will be paid about 5% of the portfolio total and will not start until 7 years after my death. ( They already have a trust from their grandparents and will inherit part of a insurance policy which will provide for the so I just want to ensure they are taken care of for the long term.)
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tyfighter3
Well-Known Member
Joined: Dec 20, 2010 13:01:17 GMT -5
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Post by tyfighter3 on Oct 12, 2015 11:18:48 GMT -5
Do a TOD on bank accounts, stock, insurance, anything that has to do with cash. That way you can give your cash to anyone you want at death.
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Ombud
Junior Associate
Joined: Jan 14, 2013 23:21:04 GMT -5
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Post by Ombud on Oct 12, 2015 17:08:31 GMT -5
tyfighter3, I want to give a portion to kids who may or may not be grown up when I die (like if I get hit by that mack truck tomorrow they would be 18, 14, 11, 9, 2, 1, due December) So I guess I want it inherited by a trust to be dispersed later?
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The Virginian
Senior Member
"Formal education makes you a living, self education makes you a fortune."
Joined: Dec 20, 2010 18:05:58 GMT -5
Posts: 3,629
Today's Mood: Cautiously Optimistic
Location: Somewhere between Virginia & Florida !
Favorite Drink: Something Wet & Cold
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Post by The Virginian on Oct 13, 2015 13:07:35 GMT -5
tyfighter3, I want to give a portion to kids who may or may not be grown up when I die (like if I get hit by that mack truck tomorrow they would be 18, 14, 11, 9, 2, 1, due December) So I guess I want it inherited by a trust to be dispersed later? Yes , if you set up a trust you can make the rules and dictate exactly how the trust doles out the money. You will spell it all out in your will and your trust will carry out your wishes. If you want them to receive a lump sum you can do that or you can have it pay them monthly, yearly, what ever you want. The trust is a very good way to ensure your wishes are carried out because even when you are gone, your trust still represents your wishes just as if you are still alive.
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Ombud
Junior Associate
Joined: Jan 14, 2013 23:21:04 GMT -5
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Post by Ombud on Oct 13, 2015 17:03:20 GMT -5
I dn want to do trust returns while alive, so I guess I just make the unfunded trust the TOD /POD beneficiary?
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Bluerobin
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Post by Bluerobin on Oct 23, 2015 9:48:28 GMT -5
Ombud if minors are involved, direct your executor that the money be placed in an account under the Uniform Gift to Minors Act. They get the money at 18, so if you don't trust their judgement, make a private trust. I tend to like the age of 35 for giving control to kids. You can direct your lawyer to set things up in trusts for the following, Nephew A, B, C and you can direct the terms of the trust.
Ombud, really, talk to your lawyer - he or one of his colleagues has experience in this. Your lawyer, or bank can be a trustee, or a trusted relative.
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Ombud
Junior Associate
Joined: Jan 14, 2013 23:21:04 GMT -5
Posts: 7,591
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Post by Ombud on Oct 23, 2015 10:49:12 GMT -5
DS is the successor executor. Totally trust him, accountant, dad to 3 of them. Appointment with estate attny next week. I just want to make sure it's set up right and that I have some background. It's not a lot but enough to pay off college loans for 7 as DD's kids don't have 529s (DS does)
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