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Post by MoBuckChaser on Mar 1, 2017 21:36:56 GMT -6
Nope, the main assets were already signed into a trust that had to be dissolved to please the new wife. Depending on the assets it to bad they were not put in a irrevocable trust. That way upon the death of the spouse the new spouse could not get at the assets. This particularly works well with physical assets like farms, houses, cabins etc. Father could still used these assets but not sell them. You do realize you can change the terms of a irrevocable trust? Not as easy as a revocable trust, but they can be changed!
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Post by Freeborn on Mar 1, 2017 21:39:15 GMT -6
Depending on the assets it to bad they were not put in a irrevocable trust. That way upon the death of the spouse the new spouse could not get at the assets. This particularly works well with physical assets like farms, houses, cabins etc. Father could still used these assets but not sell them. You do realize you can change the terms of a irrevocable trust? Not as easy as a revocable trust, but they can be changed! In this case the irrevocable trust would have been his wifes trust and when she passed the assets would be in her trust and he could not change it.
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Post by MoBuckChaser on Mar 1, 2017 21:42:06 GMT -6
You do realize you can change the terms of a irrevocable trust? Not as easy as a revocable trust, but they can be changed! In this case the irrevocable trust would have been his wifes trust and when she passed the assets would be in her trust and he could not change it. It all depends who the trustee of the trust is/was. Don't be fooled everyone, a irrevocable trust can be changed, they are done very often!
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Post by nhmountains on Mar 2, 2017 6:13:02 GMT -6
I am so screwed up on retirement, I don't even want to think about it anymore. I thought I would draw on my carpenter pension according to the early withdrawal plan. 5 years early get $2,000 a month instead of $3,000 at 62 years old until I die. Then they sent me 3 other options of give the wife $1450 a month after I die I take $1450 for the rest of our lives plus two other options. Now I have not taken any option. So it sits another year. I wish I knew how long we would both live so we could sign up the right way. Do you consider the money you've earned your money or both your money? You've had some health care issues. Do you think those will be a problem in the next 10 years? Youre re not taking the money with you. If she out lives you what are her options?
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Post by MoBuckChaser on Mar 2, 2017 6:19:27 GMT -6
I am so screwed up on retirement, I don't even want to think about it anymore. I thought I would draw on my carpenter pension according to the early withdrawal plan. 5 years early get $2,000 a month instead of $3,000 at 62 years old until I die. Then they sent me 3 other options of give the wife $1450 a month after I die I take $1450 for the rest of our lives plus two other options. Now I have not taken any option. So it sits another year. I wish I knew how long we would both live so we could sign up the right way. Do you consider the money you've earned your money or both your money? You've had some health care issues. Do you think those will be a problem in the next 10 years? Youre re not taking the money with you. If she out lives you what are her options? The law says our assets are joint, I die she gets all
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Post by nhmountains on Mar 2, 2017 7:19:06 GMT -6
Mo,
Then it sounds like you have your answer. Go the route where she's covered if you die. I'd check into a few things. If you die and she remarries does she still get a monthly check?
If you go down hill and she can't take care of you so she puts you in a home. Does she still get a monthly check or does that have to go towards the cost of care??
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Post by MoBuckChaser on Mar 2, 2017 7:31:25 GMT -6
Mo, Then it sounds like you have your answer. Go the route where she's covered if you die. I'd check into a few things. If you die and she remarries does she still get a monthly check? If you go down hill and she can't take care of you so she puts you in a home. Does she still get a monthly check or does that have to go towards the cost of care?? If I take choice number one, the maximum that I can get at that stage of early retirement, I am the only one getting a check until the day I die. Then the pension stops, she gets nothing after my death. If we do a 75%/50 or 100% split, when I die, my part of the split stops, but hers keeps going until she dies. If she dies first, then I would want choice number one, the max I can get. So how the hell does a guy know which one to take? If I leave the pension in for now. I gain 6% in payout every year for 4.5 more years, no matter which way we take it. So for now, I am leaving it in. If we get a huge correction in the stock market, I will pull it then and start buying dividend paying funds with the monthly checks. That is my plan for now, right or wrong!
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Post by MN Slick on Mar 2, 2017 7:45:27 GMT -6
This stuff is depressing as hell! And complex too! I had a devil of a time getting my wife to even agree to a will. She had a hard time thinking about anyone dying when we got married 8 years ago. She's probably changed her tune now 8 years in, lol.
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Post by leexrayshady on Mar 2, 2017 7:54:39 GMT -6
My Father in law died of a heart attack in 2007 at the age of 55 on the verge of selling his trucking business he owned with his 2 brothers and his father. My mother in law received almost a million from the sale, She was very upset when my wifes grandparents- on fathers side both passed away and we got a cut of their inheritance and she didn't. We were always concerned about her ability to manage money and our concerns were validated last year when she also passed away at age 54. she was broke and we ended up paying out of pocket for her funeral.
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Post by MoBuckChaser on Mar 2, 2017 7:55:50 GMT -6
This stuff is depressing as hell! And complex too! I had a devil of a time getting my wife to even agree to a will. She had a hard time thinking about anyone dying when we got married 8 years ago. She's probably changed her tune now 8 years in, lol. Yep, the womans dont like to talk about it, but a will is important. What I did was, we sat down and went through everything going on with our personal finances, business dealings, land holdings, assets of anything we have. Listed them all out, and went to our attorney. He explained it better than I could on why we needed wills. But what I did for my wife was make up a list and file of what to do, and what not to do, in the case of my death. It contains everything step by step on how to collect the life insurance, what assets to sell off first, when to sell them off and how to sell them off to maximize the sales. Also lists all of my wholesalers we buy from so we don't leave any prebuy money sitting unclaimed. But the first thing in the file, in BOLD letters is "DONT FUCKING PANIC", you have plenty of money to live on for now, think things through before you sell any land or equipment.
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Post by nhmountains on Mar 2, 2017 8:14:46 GMT -6
This stuff is depressing as hell! And complex too! I had a devil of a time getting my wife to even agree to a will. She had a hard time thinking about anyone dying when we got married 8 years ago. She's probably changed her tune now 8 years in, lol. Yep, the womans dont like to talk about it, but a will is important. What I did was, we sat down and went through everything going on with our personal finances, business dealings, land holdings, assets of anything we have. Listed them all out, and went to our attorney. He explained it better than I could on why we needed wills. But what I did for my wife was make up a list and file of what to do, and what not to do, in the case of my death. It contains everything step by step on how to collect the life insurance, what assets to sell off first, when to sell them off and how to sell them off to maximize the sales. Also lists all of my wholesalers we buy from so we don't leave any prebuy money sitting unclaimed. But the first thing in the file, in BOLD letters is "DONT FUCKING PANIC", you have plenty of money to live on for now, think things through before you sell any land or equipment. Good stuff Mo. It sounds like you've got a good plan.
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Post by MoBuckChaser on Mar 2, 2017 8:23:08 GMT -6
Yep, the womans dont like to talk about it, but a will is important. What I did was, we sat down and went through everything going on with our personal finances, business dealings, land holdings, assets of anything we have. Listed them all out, and went to our attorney. He explained it better than I could on why we needed wills. But what I did for my wife was make up a list and file of what to do, and what not to do, in the case of my death. It contains everything step by step on how to collect the life insurance, what assets to sell off first, when to sell them off and how to sell them off to maximize the sales. Also lists all of my wholesalers we buy from so we don't leave any prebuy money sitting unclaimed. But the first thing in the file, in BOLD letters is "DONT FUCKING PANIC", you have plenty of money to live on for now, think things through before you sell any land or equipment. Good stuff Mo. It sounds like you've got a good plan. We have a good plan, for now. But as everyone finds out, things change and you have to be able to adapt along the way. My attorney is well versed on Wills and Trust's. We not only have a will, we are in a revocable trust. Because life for us can change in a heartbeat, we want to be able to change some of the wording in or trust if needed and as easy as possible, while still being able to protect our assets from unfair taxation. But its always a chess game with the gov on them trying to take your money. So like a good military, you need to be able to adapt and change at a moments notice!
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Post by westbranch on Mar 2, 2017 8:38:08 GMT -6
One of the biggest things with a revocable trust is that it helps avoid probate (along with a few other things), but all assets in the trust are still included in your estate at death and will be taxed if you are over the exemption limits.
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Post by MoBuckChaser on Mar 2, 2017 8:46:04 GMT -6
One of the biggest things with a revocable trust is that it helps avoid probate (along with a few other things), but all assets in the trust are still included in your estate at death and will be taxed if you are over the exemption limits. Yep, I think to avoid probate was one of the biggest things of having a trust. What are the other things? I need to check and see if the trust is now in place of our wills or if they are combined somehow. all this crap is making my head spin. Edit: I think not having to go through the power of attorney Bullshit and expense was the other thing for setting up a revocable trust in case we cant manage our affairs ourselves.
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Post by smsmith on Mar 2, 2017 8:51:16 GMT -6
I believe a trust would be in place of your wills. I also believe lawyers and lawmakers (pretty much the same thing ) make shit as complicated as they can so they benefit. For every possible choice, there is essentially a built in "negative".
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