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Last Will and Trust

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Bruce(OR)
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PostPosted: Fri Jan 11, 2019 7:54 am    Post subject: Last Will and Trust Reply to specific post Reply with quote

Well, as the wife and I grow into old(er) age we have contemplated the future.
The largest chunk of value is the property we are living on with no neighbors on 4 sides and the proximity of it to Portland, Ore.
There are a few items inside/outside that should also bring a buck or two with two 401 plans. It all boils down to a charity and two kids via a trust fund. The trust fund is a simple operation. You earn "X" amount in a given year and you get "X" amount out of the trust fund.
Too many people get too much money too fast and they wind up worse off than when they started.
 
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Jim in rush co
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PostPosted: Fri Jan 11, 2019 7:59 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

Like the old saying 1st generation makes it, 3rd one goes thru it!
 
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SDE
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PostPosted: Fri Jan 11, 2019 8:03 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

I have been told that I need to have a trust set up for my son. I just never think to call a lawyer to get it done. Getting to much money at one time does not sound like it would be a bad problem to have, but it would definitely cause him a problem when that money runs out.

I dread the day when eight of us have to sit down and settle my Dad's estate. I really hope that it is a reading of the will and no one feels the need to whine or complain. I might just walk out at that point.
 
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rustyacres sd
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PostPosted: Fri Jan 11, 2019 8:25 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

There was one around here, that the granddaughter was executor of estate. It was stated in the trust, that if anybody contested it, then they would be omitted from any inheritance and it would be divided among the others. Someone contested. LOL

I would do the trust that way and make sure everyone had a copy and make sure that part was highlighted.
you get what you get and if you contest, nothing. Love it.
 
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rockyridgefarm
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PostPosted: Fri Jan 11, 2019 8:57 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote


If you don’t think your kids are smart enough with money, is that a reflection on how they were raised???

Why don’t you just donate the money or blow through it? Trip to Europe, nice car, fancy house, it’ll be gone soon enough, then you don’t have to worry about the kids and their irresponsibile ways.


Trusts can easily be broken. The worse you make them, the easier it is. And then your money you’re so worried about will mostly end up in the retirement account of your kids’ lawyers as they fight over it.

I take every chance I get to talk to my kids about money and how to live life. I even use myself as a bad example. When I kick over, it’s up to them to find their path. I just hope I did my best to guide them when I could.
 
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Bruce(OR)
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PostPosted: Fri Jan 11, 2019 8:58 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

That's already in there also.
I am contemplating changing it so the kids get a base amount. Just not all at once.
 
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wjytexas
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PostPosted: Fri Jan 11, 2019 9:02 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

My 2 kids inherited a sizable estate from my MIL since my wife passed before my MIL did. Mostly stock and some cash. My daughter has a long time trusted broker managing the stock for her. The cash is still intact over 4 years later although has made a few well deserved purchases. She wants to buy a house this year. My son burned thru the cash fairly quickly and I'm sure is cashing out the stocks as time goes by. I will be marrying again this year and will definitely consult an estate planner (got a name) to ensure my new wife and the kids are all taken care of. Paying a lawyer seems like wasted money but then paying a dermatologist to do a screening could seem like wasted money but she found the malignant melanoma very early.
 
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James Howell
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PostPosted: Fri Jan 11, 2019 9:02 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

"I just never think to call a lawyer to get it done."

I would strongly recommend that you contact a lawyer that specializes in trust and estate planning.

Nancy and I set up a trust to benefit several generations in the future.

We have explained to all seven beneficiaries that anyone that "feels the need to whine or complain" gets nothing.
 
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Oregon Tractor Jack
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PostPosted: Fri Jan 11, 2019 9:10 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

I think a trust is very important if for no other reason than to keep the government and the lawyers from getting anything that you leave to your heirs. If you just have a will there is a good chance it will go to probate court depending on how much your estate is valued at. That's when the government and the lawyers get their share. That's not even counting the income taxes that your heirs will pay anyway. A living trust is harder to break than you would expect. Our trust attorney stated that a Living Trust cannot be broken or contested at least in Oregon anyway. A will can be contested. The wife and I have one and I think it was worth every penny is cost.

OTJ
 
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Bruce(OR)
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PostPosted: Fri Jan 11, 2019 9:22 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

The kids were raised by the ex-wife for 10 plus years. This is abundant minded Oregon, I am a male and I am wrong in all
matters.
The current wife and I tried at one time for a change of custody and no dice.
The ex only got 90K out of me while the kids had a better life style living up here each weekend.
She didn't really want the kids, just the monthly check. You would think that she would have set up a savings account or the
kids. No dice.
Contest the will and lose. No problem.
A trip to Europe? Already done. 1964-1968 when dad was in the military and we traveled all over.
Panama? Been there, Korea? Been there.
Wife has already traveled the rest of the world including China and more.
How many people have ever listened to sage advice and then ignored it? Thinking thy either know better or that history will not
repeat itself?
 
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oldtanker
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PostPosted: Fri Jan 11, 2019 9:50 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

I dread the day my MIL passes. She has her will all made out like none of her 6 kids will get greedy. One of my brother in laws has told everyone that he intends to contest the will because he thinks he deserves everything. My wife and I don't really care. Nothing there we want or need. But it's going to be messy and a lot of feelings are gonna get hurt.

Talk to a lawyer.

Rick
 
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rockyridgefarm
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PostPosted: Fri Jan 11, 2019 10:00 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

CVPost-Bruce(OR) wrote:
(quoted from post at 10:22:05 01/11/19) The kids were raised by the ex-wife for 10 plus years. This is abundant minded Oregon, I am a male and I am wrong in all
matters.
The current wife and I tried at one time for a change of custody and no dice.
The ex only got 90K out of me while the kids had a better life style living up here each weekend.
She didn't really want the kids, just the monthly check. You would think that she would have set up a savings account or the
kids. No dice.
Contest the will and lose. No problem.
A trip to Europe? Already done. 1964-1968 when dad was in the military and we traveled all over.
Panama? Been there, Korea? Been there.
Wife has already traveled the rest of the world including China and more.
How many people have ever listened to sage advice and then ignored it? Thinking thy either know better or that history will not
repeat itself?


“Contest the will and lose”. Ok, so they both get together and contest the will, now who gets the money?

My grandpa thought he had an ironclad way to control his kids through a trust for 20 years after his death. Two years in, they all 9 got together and agreed to break it up. Farm is gone. Lawyers did well for themselves. He would have been better off selling when he quit farming and live a comfortable life in town, or helping one of them keep it running instead of pitting each against the other all through their lives.

I can see a couple year trust to get them going, but I sure wouldn’t make it difficult or long lasting. Only lawyers win when two people start fighting over an estate.
 
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Bruce from Can.
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PostPosted: Fri Jan 11, 2019 10:10 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

I am not going to tell you what to do, or not to do, but to me a trust is really nothing more than trying to still maintain control from beyond the grave. Even with a trust, beneficiaries can still burn through the money. When my folks past away, all of us kids got a cheque for an equal amount. There is 5 of us. Some took trips, some bought new vehicles, one put his in the bank, I bought real estate with my share. The money all was used as each person thought best. I like to think I made the best choice. Trips are now just memories, vehicles are old and worn out, money in the bank has lost value due to inflation, and buying farm land just got me a lot more work. Of course I still have the land, and it is now worth three times what I gave for it. Despite that fact, none of my siblings would have wanted to do what I did, and still feel what they did was right for them. If the money had been dribbled out of a trust to me, I could not have bought when I did, effectively tying my hands.
 
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gregww
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PostPosted: Fri Jan 11, 2019 10:38 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

"If you don’t think your kids are smart enough with money, is that a reflection on how they were raised???" Sorry, but I really get tired of hearing this. I have 2 great successful kids. But just suppose one of them had turned bad somewhere along the line. Would that have been my fault? Because I didn't raise them right? Somewhere along the line, it becomes a persons own responsibility for the actions they take. If one of my kids had become a murderer, is that MY fault? Would it be my parents FAULT because they didn't raise me right, so I in turn didn't raise my kids right. Maybe my grandparents fault? How far back are you going to go? ( OK rant over sorry. back tot he subject at hand ) My wife and I have a trust set up for our kids and grand kids. When one of us passes, the kids will receive a portion. When the other passes, the kids and grand kids will receive the rest. I believe a trust protects better from taxes than a simple will. That may not be true, but it's what I believe anyway. This summer after my wife retires, we plan to have our funeral arrangements made. This is an area where we differ greatly. As far as myself, dig a hole, cremate me, bury whats left, call it a day. No wake, no visitation, no funeral mass, no dinner/lunch whatever. My wife on the other hand wants a full blown out 3 - 4 day affair. That's fine if that's what she wants, it's her choice. We bought our burial plots 10 years ago. We are not yet 65, so with a little luck it will be a while. I am curious though about one thing. Suppose we go down in a plane crash, or sink on a cruise ship. ( My wife says we are going to travel. O Boy ) There are no bodies to bury. What happens to the money we prepaid the funeral home? Thanks Greg
 
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old popper
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PostPosted: Fri Jan 11, 2019 10:50 am    Post subject: Re: Last Will and Trust Reply to specific post Reply with quote

I found out (the hard way) when settling an estate (my Father's) You don't know the people you grew up with.
I grew up with 3 sisters and 3 brothers. After the estate was settled I have 2 sisters and 2 brothers. I don't know the other two greedy people that I grew up with.
 
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