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Last Will and Trust

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Tractor Guru

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PostPosted: Fri Jan 11, 2019 11:37 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

I think there are more than one type of trust. John T can clear up different types of trusts.I have a revocable living trust which I'm the trustee. Once I'm gone kids get everything. My trust makes it easier for them to close my estate and no lawyers charging a fee to run estate through probate.

Not saying all lawyers are crooks, but my financial investor told a story where lawyer wanted to charge widow on things he wasn't entitled to. Made the lawyer mad, but financial investor was right.

Again, JT may tell stories of crooked practices some lawyers use.

I know of a farmer who had cancer. He put his boy name on everything along with his name. That took a lawyer to do the paperwork. When farmer passed so did all his property, stocks, investments, even the money in his checking account. There wasn't much need for a last will and trust and a lawyer.

That made the rest of the kids mad as heck, but nothing they could do about it. Wills can be contested, no contesting this.
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PostPosted: Fri Jan 11, 2019 11:40 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

Lots of talk on here about the wonderfulness of trusts. I'm no so sure. Yes, if done (and maintained) properly, they will avoid probate. But in 30 years of law practice, I've only seen a couple that were done properly. Usually they are set up by charlatans that give you a free meal and a slick binder for 3500 bucks or so. I did a lot of probates, and don't recall one ever costing the heirs more than $2,500. As far as estate taxes and income taxes, they are essentially nil until the value of the estate gets into the several million dollar level (no income taxes on estates or inheritances, period).

Done properly, trusts are difficult to operate properly. ALL assets must be owned by the trust- ie, "put into" the trust. Typically, the trust salesmen don't do anything in that regard, just give some immediately forgotten instructions to the group of patsies there assembled. My favorite case was where the son brought in the trust binder, with a bunch of auto titles, deeds, investment account statements stuffed into it (all still in the names of the parents). It was just as he found it after parents died- they apparently thought stuffing the documents into the binder was "putting them into the trust". You must buy vehicles, invest, etc. in the name of the trust for the rest of your lives to make it effective. If any probate assets are not in the trust, you still may have to do a probate. Bummer.

As far as dribbling the money out to the kids, are you really doing them a favor? I like Bruce's post- give them their equal share, and let them do with it what they will. Sure, some will pi$$ it away, but everyone will if they only get a little a year. With a chunk, they may be able to buy into a business, make a good investment, etc. They might even get lucky enough to buy themselves a 12 hour 365 day a year job! But with Bruce, at least there's pie!
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PostPosted: Fri Jan 11, 2019 12:03 pm    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

Back in mid 80s I rented 300 acres from an older widow. After 5 years she was declared legally incompetent. She had no children, but 40 cousins. Cousins decided an attorney should be her guardian. Only took 4 years for attorney to blow through 300 acres. Cousins got nothing.
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Crazy Horse
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PostPosted: Fri Jan 11, 2019 2:27 pm    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

Greg ...... I couldn't agree with you more. I taught school for over 30 years and some of the nicest and
outstanding parents I met ended up with a kid(s) that was (were) just plain bad. Something happens to a kid
at 2 AM and everyone asks "where were the parents?" How lame that is ..... they were in bed where normal
people would be at 2 AM and their kid was out carousing ..... that's the way I see it anyways.
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JD Seller
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PostPosted: Fri Jan 11, 2019 4:47 pm    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

Well I have a will but the majority of my assets are in the farm Corporation. My Kids and Grand kids are already owners. I currently have the majority share but they gain each year. Also what the corporation earns is split between the share holders evenly. There is life insurance to take care of my Daughter since she was to far enough away, when the corporation was formed, to be active. My sons have their own enterprises that they own but the corporation helped them start them. Then they paid the corporation back. So far they get along. I think they will in the future too.

They receive an income out of the corporation when they do work for the corporation. They also get a share of the profits at the year end. Even the Grand kids

We all work and talk daily to each other. The key so far is we all set down and listen to ideas that each one has. We talk about implementing them. We have rarely not tired new things. Often the person with the idea changes their mind after we talk about it. So no one was bent out of shape over it. Sometimes things do not work but often they do.

As long as I have enough money to live comfortably why would I NOT want to help my children/grand children have better lives???? The only thing is I do not want to just hand them money. I would rather help them create a living that is far better than what just the money would have bought. Why hoard my assets while they struggle to get started in life???? When my sons where younger they might have only had 10-20% invested in something we were doing but they had some skin in the game.

An example is my oldest son. When he was in high school we did not have much free money but we helped him find ways to make some money and gain work experience. So we found a flat bed trailer that could be pulled behind my farm Pickup truck. It needed a lot of work. I bought the trailer but he did all the repair work and paid for what he could. I "loaned' him the rest. When it was done he bought and sold scrap iron/steel. He would ride his bike around and find scrap/steel. He would make the "deal" then on weekends either myself or my wife would drive the truck and trailer around while he loaded his scrap. Then when he had a load I would haul it in on my way to work. He had to buy the gas, pay whoever drove him around, and 10% of his gross was his "loan payment. The rest was his. He and I owned the trailer 50/50. He paid me back for the repair money the first month. He bought my share of the trailer out at six months. When he got his license I helped him buy his on Pickup truck. He paid me payments until it was his. By the time he graduated he was still hauling some scrap, Cutting and selling firewood, and had bought/fixed up a livestock trailer that he hauled for people with. He did not want to go to college. He instead worked construction. By the time he was 21 he was an operator. He also took night classes to get his welding certification. At 23 he bought his first house. We matched what he saved for his down payment. Before he turned 30 he had the house paid off. Two years later he sold the house and bought his first farm. We once again helped him with his down payment. He turned 50 last year. He owns two farms, has a nice house, a full line of farm equipment, track hoe and bull dozer. All paid for. I am still alive!!! (LOL Most days) So he would not have inherited anything yet. He would more than likely be in debt or maybe struggling if we had not helped with some seed money when he was younger. We helped him create his future with his own work and management. We just gave him a little "push" when he needed it.

None of us will take a single dime with us when we die. It will not matter what we THINK our children/heirs should do because we are beyond being effected by it anymore. So try not to be too controlling.
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PostPosted: Fri Jan 11, 2019 11:10 pm    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

Old popper, ditto. My wife grew up with 2 sisters and 1 brother. After the estate was settled, all estranged, zero communication.
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Location: Howell, Michigan

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PostPosted: Sun Jan 13, 2019 7:50 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

I?ve got friends that are deathly afraid that when they die, the government is gonna get everything. Reality is that they have nowhere near enough money to worry about estate taxes. They listen to fraudsters to mange their money. I tried to tell an in-law that their financial ?advisor? was screwing them. Selling private REIT?s with a 16% sales charge? No problem, these folks will buy it..... when the parents pass, a lot of crap will hit the fan. And nowhere near the money that they think will be there.
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