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Your money is not safe…if you have it in a trust.
Do you know that if you sign a broad grant of powers to your trustee, that trustee can invest your hard-earned money and assets in whatever way the trustee wants?
Do you realize that because most estate planners don’t address how your trust will play out, you risk a trustee playing God and distributing funds in whatever way they wish?
Do you know that no one oversees whether your trustee actually complies with the terms of your trust?
This is only the tip of the iceberg. The trust industry is worth trillions of dollars. It is rife with problems that no one in the industry wants to fix because they make too much money off the system as is.
It’s up to us to fix it, and Sue Farley, J.D., shows us how! In “Trust Are you Kidding?,” Farley, long time trust litigator, shows us why the current system doesn’t work and then offers a real and very workable solution!
Sue Farley has over thirty years handling litigation surrounding trust cases. Because of the hardships her family endured with the legal system, she has a personal interest in protecting people’s assets and educating them about a system that she believes is rife with problems.
Trust is important, but something to read up on.
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
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!
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.
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.
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.
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.
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
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.
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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Sue Farley says in response to kobfire@สปาสปา Thank you. It is important people become aware of these issues. We walk blindly into these documents having no idea how they will play out. Like everything else in our life we must take more responsibility and more control of who we want to benefit and that includes taking care of ourselves.
I am just finishing a trial where the drafting attorneys wrote themselves into the trust and diverted millions to themselves. These are well known and purportedly respected attorneys who have taken advantage of the people they are to serve. This type of activity needs to be confronted and challenged every time it occurs. It will not stop until people pay more attention to the powers they grant to their trustees.
It’s great!
It’s interesting!
Dear TTAN
Could not read your blog. If you translate it into English I will respond.
Thanks
Sue Farley
AREA ระบุภาษีอสังหาฯ ไทยมีข้อควรปรับปรุง เสนอสูตรการคิดภาษีจากมาเลเซีย เทียบเป็นแนวทางให้การจัดเก็บภาษีไทย…
I have been in a recent trial against a bank and drafting attorney of the trust and esate plan. the attorney drafted a very elaborate so called estate plan. Except he put himself in charge of all of the families wealth and in order to get the bank to go along divided the family money between himself and the bank. The children wound up with virtually none of the assets. In my book I warn about not allowing the drafting attorney to draft themselves in as trustee, beneficiary, overseer etc. It is a BAD idea.
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I think it’s important to mention that trusts (if properly looked over and handled by an experienced professional) can actually be one of the safest places to put money. But that’s a big if, and it requires a lot of professional expertise.
I’m glad that you pointed out the dangers of offshore accounts.
Ellen Klyce
small trusts are too expensive to maintain. the trustees take all the money in fees and charges so create one with you personally managing it for your child. Do not allow third parties to take over your money and assets. My experience has shown me that all too often the third party is too tempted by the money under their control. Unless your REALLY trust a third party keep track of and control of your own assets. When you die it is better just to give the assets outright, pay the taxes and be done with it.
Sue Farley
Daniel:
Offshore accounts are risky. The government is now cracking down and tracking these accounts plus the accounts themselves may not be safe. Be really carefull to do a full investigation into US government taxes and restrictions on such transfers and thoroughly investigate the country or offshore entities where you intend to place the funds. Sometimes the government of these islands, or countries just freeze or seize the funds. Not a good option!! Nonetheless there may be a few safe havens out there.
Sue Farley
Some years ago I read a lot about how to incorporate a trust offshore. It seems a good alternative for big money.
Hello!
Trust? I don’t have it in it.
Thank you for this post.
Trusts are a very complicated industry - and used by only a small proportion of the country! In the UK - trusts that look after a child until they are 18 are all but abolished under new legislatioon - as too many are using them as tax shields and nothing else.
I was the beneficiary of several trust over my life time, my fahter once filed 102 tax forms for his family of 7, most of them trust related instruments. One expired when i was 50! I never had any major problems as the trustess were old friends of my fathers and did it as volunteers but I never really benefited either. I have heard the horror stories, however. I have created 2 trusts for my daughter and will probably dissolve them both when she is 18, mainly becasue the accounting is so expensive it doesnt pay for the small amount in the trust. Interesting topic that involves, I believe, some US history of taxation and its evolution over the last 50 years.