Comments for Sue Farley's Trust Blog http://www.suefarley.com/blog Sue Farley, an expert on trust and estate law, takes an in depth look at a system that is flawed, and gives the inside scoop on what you can do to make sure that your money and property are protected. Wed, 08 Sep 2010 12:11:17 +0000 http://wordpress.org/?v=2.7 hourly 1 Comment on Trust, Are You Kidding?! by Steve @san diego bankruptcy lawyer http://www.suefarley.com/blog/default/trust-are-you-kidding/comment-page-28/#comment-1401 Steve @san diego bankruptcy lawyer Sat, 04 Sep 2010 05:49:24 +0000 http://www.suefarley.com/blog/?p=4#comment-1401 Trust is important, but something to read up on. Trust is important, but something to read up on.

]]> Comment on Trust, Are You Kidding?! by Luisa http://www.suefarley.com/blog/default/trust-are-you-kidding/comment-page-28/#comment-1372 Luisa Sun, 15 Aug 2010 02:31:41 +0000 http://www.suefarley.com/blog/?p=4#comment-1372 Hello Sue: A lawyer from my employer legal plan, has recommended to do a will while I am still alive and upon my death the will be converted (not sure if this is the correct terminology) to trust for my small properties that will not be distributed but rented for the medical and living expenses of my older brother and my disable nephew who both lives overseas. The trustees will be my younger brother, (who I consider will do the right thing) and one married niece (not sure 100% about her because she is married), both are beneficiares among other nieces, upon my older brother and my disable nephew death. You said is expensive to keep a trust because the accounting fees, and the trustees may abuse and may keep the assets for themselves. Therefore what will be best thing to do for my situation? Thank you for your advice. Luisa Hello Sue:

A lawyer from my employer legal plan, has recommended to do a will while I am still alive and upon my death the will be converted (not sure if this is the correct terminology) to trust for my small properties that will not be distributed but rented for the medical and living expenses of my older brother and my disable nephew who both lives overseas.

The trustees will be my younger brother, (who I consider will do the right thing) and one married niece (not sure 100% about her because she is married), both are beneficiares among other nieces, upon my older brother and my disable nephew death.

You said is expensive to keep a trust because the accounting fees, and the trustees may abuse and may keep the assets for themselves. Therefore what will be best thing to do for my situation?

Thank you for your advice.

Luisa

]]> Comment on Trust, Are You Kidding?! by Sue Farley http://www.suefarley.com/blog/default/trust-are-you-kidding/comment-page-28/#comment-1360 Sue Farley Wed, 11 Aug 2010 16:51:47 +0000 http://www.suefarley.com/blog/?p=4#comment-1360 Dear Day Care Grants: You could not be more correct. Trusts are NOT trustworthy! We are led to believe that they are the estate planning tool of choice and then when someone dies and the trust springs to life it often is like a land mine! Too many taking what was left to the beneficiaries, no transparancy, no accountability, the money or assets are diverted BEFORE the beneficiaries find out or can do anything about it, the language muddies the rights of the parties in short A MESS. If your company, business, family, parents are considering a TRUST have someone else, not your lawyer review it to see if they can figure out what you want from the document and see if it says what you want. Do not accept the fact that it is written in legaleze for not understanding it. Pay to have a second lawyer tell you how it can go wrong and how to correct it. It is worth it! Dear Day Care Grants: You could not be more correct. Trusts are NOT trustworthy! We are led to believe that they are the estate planning tool of choice and then when someone dies and the trust springs to life it often is like a land mine! Too many taking what was left to the beneficiaries, no transparancy, no accountability, the money or assets are diverted BEFORE the beneficiaries find out or can do anything about it, the language muddies the rights of the parties in short A MESS. If your company, business, family, parents are considering a TRUST have someone else, not your lawyer review it to see if they can figure out what you want from the document and see if it says what you want. Do not accept the fact that it is written in legaleze for not understanding it. Pay to have a second lawyer tell you how it can go wrong and how to correct it. It is worth it!

]]> Comment on Trust, Are You Kidding?! by Daycare Grants http://www.suefarley.com/blog/default/trust-are-you-kidding/comment-page-28/#comment-1359 Daycare Grants Wed, 11 Aug 2010 16:30:42 +0000 http://www.suefarley.com/blog/?p=4#comment-1359 Trusts are misnomers. The problem with these trusts are that they leave a lot to be desired. The gullible individual should brush up on trusts and how to make a trust fit his requirements and wishes. Trusts are misnomers. The problem with these trusts are that they leave a lot to be desired. The gullible individual should brush up on trusts and how to make a trust fit his requirements and wishes.

]]> Comment on Trust, Are You Kidding?! by Sue Farley http://www.suefarley.com/blog/default/trust-are-you-kidding/comment-page-27/#comment-1350 Sue Farley Wed, 04 Aug 2010 22:03:45 +0000 http://www.suefarley.com/blog/?p=4#comment-1350 Tip 1. When writing a trust, trust yourself! Project yourself into the future so that what you want to do with your assets is spelled out in detail. If you leave it to your trustee it will be their standards and decisions that will dominate not yours. Prepare an inventory of what you have, value it and then designate where and to whom it is to go on your death. This should accompany your will or trust and your trust or will should parallel your directives. Do this now. Do not wait until you are too imfirm or incapable of taking care of this very important business. Tip 1. When writing a trust, trust yourself! Project yourself into the future so that what you want to do with your assets is spelled out in detail. If you leave it to your trustee it will be their standards and decisions that will dominate not yours. Prepare an inventory of what you have, value it and then designate where and to whom it is to go on your death. This should accompany your will or trust and your trust or will should parallel your directives. Do this now. Do not wait until you are too imfirm or incapable of taking care of this very important business.

]]> Comment on Trust, Are You Kidding?! by Sue Farley http://www.suefarley.com/blog/default/trust-are-you-kidding/comment-page-27/#comment-1349 Sue Farley Wed, 04 Aug 2010 21:58:35 +0000 http://www.suefarley.com/blog/?p=4#comment-1349 On Small trusts - Any small trust should be structured to be distributed immediately on death. This avoids the expense of probate and gets the assets directly to the heirs. If you have under $1 million have your trust distribute on death. There is no point in allowing third parties to run up big fees against this amount only to deprive the beneficiaries of their inheritance. On Small trusts - Any small trust should be structured to be distributed immediately on death. This avoids the expense of probate and gets the assets directly to the heirs. If you have under $1 million have your trust distribute on death. There is no point in allowing third parties to run up big fees against this amount only to deprive the beneficiaries of their inheritance.

]]> Comment on Trust, Are You Kidding?! by Sue Farley http://www.suefarley.com/blog/default/trust-are-you-kidding/comment-page-27/#comment-1348 Sue Farley Wed, 04 Aug 2010 21:44:14 +0000 http://www.suefarley.com/blog/?p=4#comment-1348 Trusts are not all that trustworthy. They are expensive and you have to rely on family and often strangers to do the right thing. Today we are finding that there are few that are in fact trustworthy. If they are trustworthy they are untrained and that can be just as bad. When you create a trust you must create a check and balance system. Empower your beneficiaries to remove a poorly performing or bad trustee. Trusts are not all that trustworthy. They are expensive and you have to rely on family and often strangers to do the right thing. Today we are finding that there are few that are in fact trustworthy. If they are trustworthy they are untrained and that can be just as bad. When you create a trust you must create a check and balance system. Empower your beneficiaries to remove a poorly performing or bad trustee.

]]> Comment on Trust, Are You Kidding?! by business accountant melbourne http://www.suefarley.com/blog/default/trust-are-you-kidding/comment-page-25/#comment-1256 business accountant melbourne Tue, 06 Jul 2010 06:06:55 +0000 http://www.suefarley.com/blog/?p=4#comment-1256 A small trusts are a very much to expensive to maintain accountant & President of Back Taxes Help, LLC, a tax resolution firm that assists taxpayers taxpayers very good information A small trusts are a very much to expensive to maintain accountant & President of Back Taxes Help, LLC, a tax resolution firm that assists taxpayers taxpayers very good information

]]> Comment on Trust, Are You Kidding?! by Sue Farley http://www.suefarley.com/blog/default/trust-are-you-kidding/comment-page-25/#comment-1249 Sue Farley Wed, 30 Jun 2010 05:34:53 +0000 http://www.suefarley.com/blog/?p=4#comment-1249 Small trusts should not be prolonged. They should be distributed to their intended beneficiary at the earliest opportunity. The fees, charges, attorneys fees, accountant fees, investment fees etc. etc. will consume the trust before it can ever be distributed. I had one beneficiary call me to tell me that her mother put $100,000 in trust for her when she was fifteen. She was to get it when she was 25. When she went to collect there was nothing left! This is not atypical. Small trusts should be distributed as soon as possible to the named beneficiaries with as little interference from third parties as possible. Small trusts should not be prolonged. They should be distributed to their intended beneficiary at the earliest opportunity. The fees, charges, attorneys fees, accountant fees, investment fees etc. etc. will consume the trust before it can ever be distributed. I had one beneficiary call me to tell me that her mother put $100,000 in trust for her when she was fifteen. She was to get it when she was 25. When she went to collect there was nothing left! This is not atypical. Small trusts should be distributed as soon as possible to the named beneficiaries with as little interference from third parties as possible.

]]> Comment on Trust, Are You Kidding?! by tax accountant http://www.suefarley.com/blog/default/trust-are-you-kidding/comment-page-25/#comment-1248 tax accountant Wed, 30 Jun 2010 03:55:06 +0000 http://www.suefarley.com/blog/?p=4#comment-1248 A small trusts are a very too expensive to maintain accountant and President of Back Taxes Help, LLC, a tax resolution firm that assists taxpayers very good information! A small trusts are a very too expensive to maintain accountant and President of Back Taxes Help, LLC, a tax resolution firm that assists taxpayers very good information!

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