When I was young the goal was to provide for my children in the event my wife and I passed. This meant money for education, healthcare and living expenses until they became of age. As we got older we saw our children evolve into hard working, responsible adults and so they are entitled to our assets when we pass. They are responsible for managing the assets for the grandkids. Anything that is left to grandkids is not done until they are 30 and have had the opportunity to show themselves. as responsible, hard working adults.
I agree about having an independent non interested fiduciary - three sons in my family (I am #2) and oldest had power of attorney - wanted to settle old scores that he felt was part of the process. Also took Dad from his home state (with 3 living siblings) back to brother's state and put him in retirement home - Dad knew no one for the last three years - other than my brother and his family. Sad what happens - could have been handled better with a non family member calling the shots in my view.
There really is no right or wrong issue because I have seen situations where there was only one involved and the accountant and attorneys fought and would not give up. I have seen strangers be representatives and never talk too the one that suppose too get the inheritance. I have seen people say they love there children and give them nothing. I have seen people inherit trust and want the money so the attorney gives them 10 percent and the attorney gets 90 percent. Take this advice too heart. Give it too the person before you die otherwise the greedy ones will come. And never treat your children like there not worth your money. Your children are apart of you. When you die your giving it too yourself because there your flesh.
May we ask what is the difference between “estate of David X” versus “david trust” vs “ david living trust” after the grantor dies how does one refer to what the deceased person person left?
Attorneys love keeping their fingers in the family funds by “legacy” plans. Their nightmare is exactly what is described here: the kids come to town and leave with their portion of the assets, never to be involved with the local lawyer again.
Exactly. And most ordinary people don't leave a fortune behind big enough to ruin their kid's lives, especially if they end up in a nursing home, which most do in the end (and eats up their estate before they die). The sense of value, responsibility and wisdom your kids will have as adults will - _or will not_ - be imparted to them as children by their parents before they become adults. You can't structure those things into an estate plan once you're an aging parent. Your kids will have those qualities instilled within or they will not. No lawyers and their parasitic fees required.
It’s clear from your comment above you’ve never actually seen how much an inheritance can kill a young adults work drive. It’s pretty sad. This is a good video to start the inheritance conversation.
Thank you for the information. I am so appreciative of your video. I would only like to add a thought of concern that I have regarding choosing not to designate any money for one's successful grown children & maybe designate grandchildren and their children only. A catastrophic long term illness or accident can leave one's grown children in a possibly perilous financial position, which in turn can cause a chain of events of severe financial struggle. I can only speak for myself, but for this reason, I would leave atleast a decent/ worthwhile sum of money to my successful grown children. I look forward to looking into more of your advice on various financial estate planning topics.
40% above about 13k. Less under. Same for all trusts but there are deductions for charity, etc. Not the whole story though. Can pass out income in same year and be taxed at beneficiary's ordinary income rate. Not legal advice.
I was in a family meeting that the 5 family members with substantial wealth were discussing how to set up a structured fund so that after all the family members are passed away their fund continue to support a group of select individuals and or families with financial need by lending them money without interest in return of a simple honorary and promissory note that if and when they stand on their feet and start earning money to return the money to the fund and if they can without any obligation to help one or more needy individuals or families the same way they were help when they needed to come out of poverty to improve their chances of success in their lives. All of the family members unanimously voted that they did not want to give to charities that the executives work for salaries and bonuses ( like good will executives ) . What would be the way for this family to structure a trust fund that after all the beneficiaries are passed away the fund will continue to provide for the needed individuals or families chosen by a trusted guardian( s ) that could work for the fund on voluntary basis without asking any compensations? I thought to share this story to get ideas. assed the fumoney
You arise yo kids to be hard working . Show them how hard you worked for that home . Teach them the value of owning something out right .so they will hold what you’ve let them in high regard .
We as grandparents to out of schoolers, are NOW thinking the same way. We have given to our one child's family and feel as though they expect us to help them retire at the same age we did...LOL. I think NOT.....They need to pay their own way yet and teach their own kids how to accomplish what they want to be in life...its NOT a free ride.....We have our OWN Charities that we have supported for years, and enjoy doing so....We are NOT looking to our family to care for us in our Old Age....We plan on taking care of ourselves, so as NOT to be a burden on them.....It's STILL our life AND we plan on enjoying it too the END!....Surprise! 😘 SMOOCHES. 😘
My brother and sister took all my dads money and got a shady lawyer to exclude out of everything now i have to fight them to try and get my share my dad died 5 weeks ago.he had alzheimers etc.
So leaving the a "legacy" means force your kids to enter into business they may not want to...such as leaving properties and forcing them all to cooperate in a rental business so they can get smaller amounts? Why not just write your will that would allow anyone who wants the property(s) to buy them at a discount from their siblings. Then those who want to have a legacy, do and those who don't won't. Rarely a good idea to PUSH your ideology on anyone, including your own grown kids.
Exactly. Money doesn't change people it shows who they truly are. If you raised them right you shouldn't stress about what they will do with it. People are waking up, life IS NOT about struggling & hard work, unless you want it to be, that's your choice..don't push it on your children my goodness
I like the idea of a long term legacy where money is used to enhance the lives of descendants. Where even low interest loans could be taken and paid back to help heirs get ahead in life (school, housing, business) but not have them feel entitled and retire at 30, never really working a day. That isn't healthy.
When I was young the goal was to provide for my children in the event my wife and I passed. This meant money for education, healthcare and living expenses until they became of age. As we got older we saw our children evolve into hard working, responsible adults and so they are entitled to our assets when we pass. They are responsible for managing the assets for the grandkids. Anything that is left to grandkids is not done until they are 30 and have had the opportunity to show themselves. as responsible, hard working adults.
I am 60 - thanks for the council
I agree about having an independent non interested fiduciary - three sons in my family (I am #2) and oldest had power of attorney - wanted to settle old scores that he felt was part of the process. Also took Dad from his home state (with 3 living siblings) back to brother's state and put him in retirement home - Dad knew no one for the last three years - other than my brother and his family. Sad what happens - could have been handled better with a non family member calling the shots in my view.
There really is no right or wrong issue because I have seen situations where there was only one involved and the accountant and attorneys fought and would not give up. I have seen strangers be representatives and never talk too the one that suppose too get the inheritance. I have seen people say they love there children and give them nothing. I have seen people inherit trust and want the money so the attorney gives them 10 percent and the attorney gets 90 percent. Take this advice too heart. Give it too the person before you die otherwise the greedy ones will come. And never treat your children like there not worth your money. Your children are apart of you. When you die your giving it too yourself because there your flesh.
I wanted to be legal representative of my late mother’s estate. Every single sibling agreed except one. I ran out of money and quit.
You've become my personal hero, Sir.
"Planning for a lifetime" kinda got upended by the SECURE Act.
May we ask what is the difference between “estate of David X” versus “david trust” vs “ david living trust” after the grantor dies how does one refer to what the deceased person person left?
Thank you for this; it was thought provoking and of value. Sorry if name icon comes up 2x. Computer glitch we don't know how to fix.
Thank you for this. We had a great experience when your firm did our Family Trust and daughter's Health Care POA.
I'm leaving most of my estate to charity. Even now I have started.
So are we!
Very wise recommendations; definitely helped reframe the purpose of an estate. Thank you!
Dana, what is the net worth range of your clients? This sounds like high net worth and ultra high net worth planning.
How long can a Trust litigation (probate) case remain in pre-trial/discovery stage?
Thank you for the video!!! We learn a lot from you! Thank you!
Wow, that was so good! thank you!
Attorneys love keeping their fingers in the family funds by “legacy” plans. Their nightmare is exactly what is described here: the kids come to town and leave with their portion of the assets, never to be involved with the local lawyer again.
Exactly. And most ordinary people don't leave a fortune behind big enough to ruin their kid's lives, especially if they end up in a nursing home, which most do in the end (and eats up their estate before they die). The sense of value, responsibility and wisdom your kids will have as adults will - _or will not_ - be imparted to them as children by their parents before they become adults. You can't structure those things into an estate plan once you're an aging parent. Your kids will have those qualities instilled within or they will not. No lawyers and their parasitic fees required.
It’s clear from your comment above you’ve never actually seen how much an inheritance can kill a young adults work drive. It’s pretty sad. This is a good video to start the inheritance conversation.
Thank you for a thought provoking video. This is precisely what happened to a family member who inherited money at a young age.
@@shelleysedwick it’s clear from your comment that you don’t know me.
What property doesnt go through probate court?
Pls do more u tube video which are structured what to fo to open the trust how to structure
Thank you for the information. I am so appreciative of your video. I would only like to add a thought of concern that I have regarding choosing not to designate any money for one's successful grown children & maybe designate grandchildren and their children only. A catastrophic long term illness or accident can leave one's grown children in a possibly perilous financial position, which in turn can cause a chain of events of severe financial struggle. I can only speak for myself, but for this reason, I would leave atleast a decent/ worthwhile sum of money to my successful grown children. I look forward to looking into more of your advice on various financial estate planning topics.
If you can't trust your own children, then you have failed as a parent.
I want to know what is the tax rate of assets in a trust. Is income inside a trust the same regardless of the type of trust? Anyone?
40% above about 13k. Less under. Same for all trusts but there are deductions for charity, etc. Not the whole story though. Can pass out income in same year and be taxed at beneficiary's ordinary income rate. Not legal advice.
I like your tie. Where'd you buy it? Please let me know & thanks, for this video! It's great advice!
I was in a family meeting that the 5 family members with substantial wealth were discussing how to set up a structured fund so that after all the family members are passed away their fund continue to support a group of select individuals and or families with financial need by lending them money without interest in return of a simple honorary and promissory note that if and when they stand on their feet and start earning money to return the money to the fund and if they can without any obligation to help one or more needy individuals or families the same way they were help when they needed to come out of poverty to improve their chances of success in their lives. All of the family members unanimously voted that they did not want to give to charities that the executives work for salaries and bonuses ( like good will executives ) . What would be the way for this family to structure a trust fund that after all the beneficiaries are passed away the fund will continue to provide for the needed individuals or families chosen by a trusted guardian( s ) that could work for the fund on voluntary basis without asking any compensations? I thought to share this story to get ideas.
assed the fumoney
You arise yo kids to be hard working . Show them how hard you worked for that home . Teach them the value of owning something out right .so they will hold what you’ve let them in high regard .
3:28 is important!
We as grandparents to out of schoolers, are NOW thinking the same way. We have given to our one child's family and feel as though they expect us to help them retire at the same age we did...LOL. I think NOT.....They need to pay their own way yet and teach their own kids how to accomplish what they want to be in life...its NOT a free ride.....We have our OWN Charities that we have supported for years, and enjoy doing so....We are NOT looking to our family to care for us in our Old Age....We plan on taking care of ourselves, so as NOT to be a burden on them.....It's STILL our life AND we plan on enjoying it too the END!....Surprise! 😘 SMOOCHES. 😘
My brother and sister took all my dads money and got a shady lawyer to exclude out of everything now i have to fight them to try and get my share my dad died 5 weeks ago.he had alzheimers etc.
So leaving the a "legacy" means force your kids to enter into business they may not want to...such as leaving properties and forcing them all to cooperate in a rental business so they can get smaller amounts? Why not just write your will that would allow anyone who wants the property(s) to buy them at a discount from their siblings. Then those who want to have a legacy, do and those who don't won't. Rarely a good idea to PUSH your ideology on anyone, including your own grown kids.
Exactly. Money doesn't change people it shows who they truly are. If you raised them right you shouldn't stress about what they will do with it. People are waking up, life IS NOT about struggling & hard work, unless you want it to be, that's your choice..don't push it on your children my goodness
Your thoughts are very helpful. Especially avoiding our offspring becoming ‘trust fund babies’.
If that is truly a fear, then you didn't raise or teach your kids correctly.
I like the idea of a long term legacy where money is used to enhance the lives of descendants. Where even low interest loans could be taken and paid back to help heirs get ahead in life (school, housing, business) but not have them feel entitled and retire at 30, never really working a day. That isn't healthy.
Do unto others
🤝📈
Great video! Very Informative! If you want help growing your channel I think I can be of service! I sent you an email