stephenson
Thinks s/he gets paid by the post
- Joined
- Jul 3, 2009
- Messages
- 1,616
We have done initial consultation with a reputable trust attorney (Florida) - referred by friends.
We are not near the Federal Estate and Gift Tax limits - but, over the next 20 years could be. We have several pieces of real estate in Florida.
We're read the book, "Beyond the Grave," and lots on why RLT makes sense.
Our biggest consideration is how to apportion ... we have two sons (30 and 35), the younger one and wife love kids, and likely will have a couple over the next 5 years or so. The elder is unmarried, a bit less mature and is showing no indication of a desire to be married, yet.
Initial thoughts:
- executor tbd, including option for independent
- 25% going straight to each son (10% immediately and 15% at 5 years later)
- 25% going to each son's natural children (assuming they have children)
- funds to remain invested, in a mix we specify
- funds to be used for college expenses ... with a bonus for graduation at each level (bachelors, and masters)
- if the grandchildren do not attend college, the funds to roll to their children college expenses with same bonus provisions
- if sons don't have children, then the funds would revert to our sons on their 65th birthday
Questions:
1. The above seems harder than it needs to be?
2. What are some constructs you have used?
3. Has anyone used an independent executor - like Fidelity?
4. How about a secondary executor - in remote case the primary dies prematurely?
We find ourselves trying to be motivational from the grave - both of us worked jobs in college and would like to help grandkids in this way. We also hate the idea of our hard work being wasted, so we are trying to avoid the basic circumstances when they could happen.
Would appreciate your thoughts!
We are not near the Federal Estate and Gift Tax limits - but, over the next 20 years could be. We have several pieces of real estate in Florida.
We're read the book, "Beyond the Grave," and lots on why RLT makes sense.
Our biggest consideration is how to apportion ... we have two sons (30 and 35), the younger one and wife love kids, and likely will have a couple over the next 5 years or so. The elder is unmarried, a bit less mature and is showing no indication of a desire to be married, yet.
Initial thoughts:
- executor tbd, including option for independent
- 25% going straight to each son (10% immediately and 15% at 5 years later)
- 25% going to each son's natural children (assuming they have children)
- funds to remain invested, in a mix we specify
- funds to be used for college expenses ... with a bonus for graduation at each level (bachelors, and masters)
- if the grandchildren do not attend college, the funds to roll to their children college expenses with same bonus provisions
- if sons don't have children, then the funds would revert to our sons on their 65th birthday
Questions:
1. The above seems harder than it needs to be?
2. What are some constructs you have used?
3. Has anyone used an independent executor - like Fidelity?
4. How about a secondary executor - in remote case the primary dies prematurely?
We find ourselves trying to be motivational from the grave - both of us worked jobs in college and would like to help grandkids in this way. We also hate the idea of our hard work being wasted, so we are trying to avoid the basic circumstances when they could happen.
Would appreciate your thoughts!