Search results

Keep in mind, I believe, that the DAF may have a "name" or "title", but that you (or a Rev Trust) does not "own" the DAF. Once you contribute money to the DAF, the DAF (or, more specifically, the overall fund that owns everyone's DAF) is the owner. When you die, the DAF is not considered a...

A guy at work is friends with a person that has a farm with chickens. They apparently could not sell or use all of their eggs. They gave him a "box." He asked me if I wanted some, and I said, "sure." Well - he came to work the next day with somewhere around 90 (just a portion of the box) of...

Don't forget - Texas is a community property state. This adds another layer of thought into the process. Not overly complicated, but something that needs to be considered.

I think most all states protect IRA money, and in Florida, at least, annuities are also generally protected. However, recall that the recent Supreme Court ruling eliminated bankruptcy protection for non-spousal inherited IRA's, although some states do still offer protection. As a previous...

The answer to "another related question" may depend on the IRA document that is being used. You should read the document (and ask the custodian/trustee) to see what happens. It may be distributed per stirpes to their children (would not include spouse), per capita, or somewhere else. Point...

You need an estate planning attorney. Also, there are enough variables there where you'll probably need assistance in thinking about potential events and issues. Such as - if one of the children does not go to college - no $? Any financial support for the kids after school? How much support...

It's no different than most things. If there weren't crooks, I wouldn't need to lock my doors; if people were tolerant, I could practice whatever religion I wished to (or not) without fear; if people drove sensibly, I wouldn't need to obey a speed limit; if antibiotics weren't overused (in...

As most have already commented, an employer can have multiple plans, such as a defined benefit plan and a defined contribution plan, and perhaps also an ESOP. Often times, the 401(k) option is a subset of a profit sharing plan, where the company make the profit sharing contribution and the...

If mom is okay with the money not staying in the family when he dies, make the remainder beneficiary a large charity. That would put a roadblock to terminating the trust - although not impossible.

+1 - This situation is a classical example for a corporate-trusteed trust. Family and money don't mix well in most cases. The "spendthrift" provision would be something that you would want to be included, which would help protect the assets against creditors and reduce the chance for...

This is the difficult part of the process. You may not know you're loosing your marbles. As others have pointed out, a trustee can be very valuable in these cases. It doesn't hurt turning over the reigns before you're incapacitated. As also pointed out, who you name as a trustee is even more...

Agreed - start with the goal and find the solution. TOD/Bene designations may be simpler than running something through probate, but even if you don't have any assets going through your estate you may still need someone to parse out your tangible property and to file your final tax return (not...

Depends on what you have in place in case you're become incapacitated and what you want to have happen to your money once you're gone. A Rev trust normally (always?)provides no asset protection. Some assets really can't even go into a trust, such as an IRA, even though an IRA can name a trust...

And, something else I did not see mentioned yet. In addition to the good points mentioned by OldShooter, you should also consider what happens when you become incapacitated - and the chances are pretty good that someone will be at some point in their life. All's "fine" if you both die in an...

Yeah - I wanted to say, "Gray" and "Tan" - but thought I'd throw in the BS "color" for fun! I had to look them up online.

2010 Corolla - x2 - One is "Classic Silver Metallic" and other is "Desert Sand Mica" - both purchased on the same day - both with about 70,000 miles.

I didn't like tomatoes either, so I'd have a BL with mayonnaise on toast. Aside from a few dinners mom would make, I distinctly remember my father making Ritz crackers with cream cheese and olives (green with pimentos) as a snack when he came from work that we'd share. He'd have a beer - I...

Perhaps mom has a limited power of appointment over the remainders, giving her the ability to decide within the limited class. Of course, this is much different than a "no contest clause." Agree that making a decision of cutting someone out through a no-contest clause should be blessed by the...

My previous comment of, "And for heaven's sake, as the author says, don't put family members in-between other family member's money (that they think is "theirs") and the other family members. Disaster waiting to happen." is based more on my observations of family dynamics vs. being sued or...

Gill's response to the OP's original question exemplifies the difficulties in applying information generally from one situation to another. As noted, the response was "in the example given" - which identified the relationship between the parties and the apparent state of domicile. As we can...

I now concur with Gill: I believe my example is only applicable in with married joint owners in a non-community property state. I also believe the total value of the home would be included in your father's estate, assuming he dies first, thus allowing for the 100% step-up.

Not sure, but I would assume that the real estate would receive a step-up for 1/2 of the value upon your father's death. Your half would not be stepped up and it should retain the original cost basis as was with your father, assuming it is worth more than the original basis at the time of the...

Every situation is different. I'm sure there are plenty of people that spend their inheritances responsibly. However, in the 30 plus years that I've working in the trust business, I can tell you there are also plenty of people that would not spend their inheritance responsibly, and a lot of...

I received, in error, a text late at night from a female co-worker telling me how wonderful "our" evening had been with some other comments that I cannot share here. I didn't know how to respond without obviously embarrassing her, so I just pretended it never happened. I don't know if she ever...

Usually, the more complicated you make things the more expensive it "should" be - and more money can make things more complicated too. If you want to leave everything to one charity when you die, it's not complicated. Once you start adding more than that (second marriages, multiple blended...