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Post by MoBuckChaser on Mar 2, 2017 8:52:43 GMT -6
I believe a trust would be in place of your wills. Yep, thats what the Barracuda just told be. We tossed our wills when we set up our trust. Good call Stu!
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Post by westbranch on Mar 2, 2017 8:56:29 GMT -6
It is much easier to designate beneficiaries than a will and make changes to the beneficiaries. Need to make sure all bank accounts, retirement accounts, land, life insurance, etc. has the trust listed as owner, especially important with out of state assets to avoid probate in multiple states. Also important if there are beneficiaries in multiple states. It is easier to make changes to the trust than with a will. Details of the trust are not made public upon death, with a regular will everything is public record.
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Post by Foggy on Mar 2, 2017 8:57:01 GMT -6
^ Your on the right path MO. My wife and I have revocable, disclaimer trusts. One passes.....the other has access to the dough......but likely will give it away to avoild more taxes at his/her death. (that is the disclaimer part). The second to die will keep enough assets to live on and disperse the rest. At least that is the plan.....unless we both bo at the same time in a car accident (or maybe a gunfight? ) One reason we like having an organization as a financial planner.......is that when one of us passes we have some good expertise on hand to help do these things and provide the needed guidance in our old age. BUT....you gotta trust them! We have a good deal of trust in our planner and have talked about these things for 10 years. Also, the plan continues to evolve......and likely will take a few more twists as laws change, etc. it never ends. FORE!
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Post by westbranch on Mar 2, 2017 8:58:34 GMT -6
Not changing life insurance beneficiaries has been a big issue in a lot of court cases. People get divorced and the will says that the new spouse gets the life insurance, but the life insurance policy still lists the ex. Legally the ex will get the money.
Edit: also applies to retirement and investment accounts that are not joint and have beneficiaries listed.
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Post by smsmith on Mar 2, 2017 9:01:10 GMT -6
Not changing life insurance beneficiaries has been a big issue in a lot of court cases. People get divorced and the will says that the new spouse gets the life insurance, but the life insurance policy still lists the ex. Legally the ex will get the money. Both our attorney and CFP informed us that beneficiary designation rules over will if they conflict.
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Post by MoBuckChaser on Mar 2, 2017 9:14:31 GMT -6
^ Your on the right path MO. My wife and I have revocable, disclaimer trusts. One passes.....the other has access to the dough......but likely will give it away to avoild more taxes at his/her death. (that is the disclaimer part). The second to die will keep enough assets to live on and disperse the rest. At least that is the plan.....unless we both bo at the same time in a car accident (or maybe a gunfight? ) One reason we like having an organization as a financial planner.......is that when one of us passes we have some good expertise on hand to help do these things and provide the needed guidance in our old age. BUT....you gotta trust them! We have a good deal of trust in our planner and have talked about these things for 10 years. Also, the plan continues to evolve......and likely will take a few more twists as laws change, etc. it never ends. FORE! I have done as you, surrounded myself with what I call professionals in different businesses. Good lawyer, banker, and accountants. And now that my daughter has gotten her feet wet being a CPA, I think I have things covered. But it is hard for a guy that scrapped all this money together, to let other people have some of the control and tell me what I need to do. I guess I just have to learn how to trust people, but it aint easy.
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Post by MoBuckChaser on Mar 2, 2017 9:20:24 GMT -6
It is much easier to designate beneficiaries than a will and make changes to the beneficiaries. Need to make sure all bank accounts, retirement accounts, land, life insurance, etc. has the trust listed as owner, especially important with out of state assets to avoid probate in multiple states. Also important if there are beneficiaries in multiple states. It is easier to make changes to the trust than with a will. Details of the trust are not made public upon death, with a regular will everything is public record. One of the things I have not done is the actual transfer of assets into the trust, or funded it yet. I have the option to still do so, but I still cant give up control yet. I hope it don't bite me in the ass later or the wife for that matter. Edit: One of the other things we set up was Health Care Directives for each other. I don't know if that is that important or not?
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Post by nhmountains on Mar 2, 2017 9:45:43 GMT -6
Mo, In all seriousness, the only thing I can suggest is work on your health. Try to drop some pounds and get into walking or exercising more each day. We all think we are invincible until we get our butts handed to us. I learned that last year. Walking out to that coyote bait and back is nearly 1/2 mile.
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Post by Bwoods11 on Mar 2, 2017 9:56:29 GMT -6
We have our will set up so the boys would have 1/4 ownership in our farms equally if we were to pass away in a crash or something. I asked them if they would always keep the land and our lake home, and for now I guess they all agree that would be very important to them. I do not think they would ever sell either... other than to upgrade bigger on the land holdings.
Income would more than pay for all the taxes, insurance and maintenance.
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Post by chummer16 on Mar 2, 2017 10:10:05 GMT -6
We have our will set up so the boys would have 1/4 ownership in our farms equally if we were to pass away in a crash or something. I asked them if they would always keep the land and our lake home, and for now I guess they all agree that would be very important to them. I do not think they would ever sell either... other than to upgrade bigger on the land holdings. Income would more than pay for all the taxes, insurance and maintenance. This is the situation we will be in with my wife's sisters. What happens if one or more of you boys wants out? What happens if 3 want out. This is what we need to discuss. If my wife's parents died tomorrow her sisters would want their third the next day. We would have to buy out their 2/3rds of the camp and land. I know with our camp and land if one kid wants it and one doesn't they will not get paid out at 50%. This shit is depressing
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Post by Foggy on Mar 2, 2017 10:14:58 GMT -6
One thing I have learned over the years. If you give your kids part of a biz or farm or whatever......give them the ability to have a buy-out with the others. If people get "trapped" into a situation where they aint happy.......its bad for everyone. Don't set 'em up. Saw that happen with several families......and it aint pretty when someone wants their part but their is not a good way to get out. You cannot micro manage all this stuff.......some is just a part of life. Nobody is always happy.......as Rick Nelson said........"you gotta please yourself".
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Post by MoBuckChaser on Mar 2, 2017 10:24:52 GMT -6
One thing I have learned over the years. If you give your kids part of a biz or farm or whatever......give them the ability to have a buy-out with the others. If people get "trapped" into a situation where they aint happy.......its bad for everyone. Don't set 'em up. Saw that happen with several families......and it aint pretty when someone wants their part but their is not a good way to get out. You cannot micro manage all this stuff.......some is just a part of life. Nobody is always happy.......as Rick Nelson said........"you gotta please yourself". Yep, my two buddies who are brothers are going through this crap now with some very expensive 240 acres of farm land now in Dayton MN that my buddies are still farming, have all their sheds on, grain bins, cattle feedlot everything has been updated by them the last 20 years. They have 4 sisters and the mother has died, dad is ready to kick over now. The girls want the money for their share of the land the day the old man tips over. It will be millions of dollars, they cant possibly come up with that and expect to pay for it farming. Now no one is talking to each other, and it will be a battle of epic proportions when the old man is put in the ground. None of it is in a will or trust. I could see this costing 100's of thousands of dollars in attorney fee's before it is over! Really sucks. I hope we our stuff in better order.
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Post by nhmountains on Mar 2, 2017 10:26:30 GMT -6
We have our will set up so the boys would have 1/4 ownership in our farms equally if we were to pass away in a crash or something. I asked them if they would always keep the land and our lake home, and for now I guess they all agree that would be very important to them. I do not think they would ever sell either... other than to upgrade bigger on the land holdings. Income would more than pay for all the taxes, insurance and maintenance. That's a good plan but, what happens if one of the kids gets divorced and their spouse want half of their share or all of their share just to be spiteful?
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Post by smsmith on Mar 2, 2017 10:29:07 GMT -6
We have our will set up so the boys would have 1/4 ownership in our farms equally if we were to pass away in a crash or something. I asked them if they would always keep the land and our lake home, and for now I guess they all agree that would be very important to them. I do not think they would ever sell either... other than to upgrade bigger on the land holdings. Income would more than pay for all the taxes, insurance and maintenance. That's a good plan but, what happens if one of the kids gets divorced and their spouse wants valor their share or all of their share just to be spiteful? Kids' priorities and desires change over time. Throw in spouses (maybe multiple spouses) and the shit can get deep. What you (bwoods) say is likely what my folks would have said when I was in my 20s and 30s. Parents' dreams/desires are theirs, not their childrens'
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Post by MoBuckChaser on Mar 2, 2017 10:35:19 GMT -6
We have our will set up so the boys would have 1/4 ownership in our farms equally if we were to pass away in a crash or something. I asked them if they would always keep the land and our lake home, and for now I guess they all agree that would be very important to them. I do not think they would ever sell either... other than to upgrade bigger on the land holdings. Income would more than pay for all the taxes, insurance and maintenance. That's a good plan but, what happens if one of the kids gets divorced and their spouse want half of their share or all of their share just to be spiteful? I think about that now, with my new SIL and DIL! Shit can go south in a hurry nowadays with these kids!
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