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He Was A Tight-Fisted Hand At The Grindstone…

(Warning: Typos Intact, Not Legal Advice)
(Copyright Notice: All Headlines Are Quoted From Dickens’ A Christmas Carol)

There Never Was Such A Goose.

Can my sister refuse to show me rent, bill receipts, and bank statements?
Both me and sister were appointed co-administrators of our deceased parents estate. My sister is collecting and holding the rent. She refuses to give any receipts or show me bank statements.

It’s Enough For A Man
To Understand His Own Business,
And Not To Interfere With Other People’s

Simple Answer. No. Sister got bad advice somewhere. Why is she withholding information from her co-administrator? Plus, brother is probably co-beneficiary. Brother needs the information to carry out his responsibility as administrator of the estate. Brother is NOT free to let sister get away with this. Brother is duty-bound to challenge sister, in court if need be. Brother literally owes it to mom and dad to find out what is going on and to carry out their intention.

Interesting Note: Sister embezzles, and brother does not find out. He does not want to find out. He does not want to fight sister. He does not want to know. Brother lets it slide. Isn’t brother an accessory to elder financial abuse? Isn’t brother in big trouble?

Bottom Line: When you agree to act as trustee, agent, personal representative, patient advocate, or other fiduciary, you are taking on a big job. You must fully perform that big job. Sorry if you don’t like it, you agreed. If you did not want the job, you should not have taken it. You should have said “No.” or “NO!” Or no way, no how, not in a thousand million years.

Observation: It is no big deal to get a person to act as Trustee or Executor. The First Time. But it is damn near impossible to get that same person to do it a second time. Fool me once, shame on you. Fool me twice, shame on me.

*************

I Have Seen Your Nobler Aspirations Fall Off One By One, Until The Master-Passion, Gain, Engrosses You.
Have I Not?
Our Contract Is An Old One. It Was Made When We Were Both Poor And Content To Be So, Until, In Good Season, We Could Improve Our Worldly Fortune. You Are Changed. When It Was Made, You Were Another Man.

Should I sign a post-nuptual?
My husband and I bought a house almost 3 years ago. My husband put the down payment, a portion of which his parents gave him.
I am equally responsible for the loan and my name is on the deed. I contribute to the household expenses every paycheck. We renovated the basement, to which we both contributed, my husband much more than I. He is insisting that I sign a post nup saying that he would get back every penny of the money he has put into the house
should we get divorced. He wanted to renovate the entire second level, but wants all that money back if we divorce. I have refused, stating that we are married and therefore equal owners. He has subsequently taken all of his parents assets (his father passed early this year) and placed it in a trust controlled by him and only for his family, including our children. I am excluded because I am not a blood relative. He has made it a point to tell me he owns nothing except our house, because he has put everything in this trust. He believes our house is more his than ours, and wants to split the equity only after he gets back all his money. Is this reasonable??

Should You Sign A Post-Nuptial? No. No you should not.

Is This Reasonable? No, No, it does not seem reasonable to me. His actions are not illegal. In fact, the law excludes inheritances from marital property.. So maintaining his family inheritance for his family is well grounded. But is that how you wish to live?

On the Other Hand: Do you recognize your dearly beloved in Dickens’ description of Scrooge?

Oh! but he was a tight-fisted hand at the grindstone, Scrooge! a squeezing, wrenching, grasping, scraping, clutching, covetous old sinner! Hard and sharp as flint, from which no steel had ever struck out generous fire; secret, and self-contained, and solitary as an oyster. The cold within him froze his old features, nipped his pointed nose, shriveled his cheek, stiffened his gait; made his eyes red, his thin lips blue; and spoke out shrewdly in his grating voice. A frosty rime was on his head, and on his eyebrows, and his wiry chin. He carried his own low temperature always about with him; he iced his office in the dog-days and didn’t thaw it one degree at Christmas.

Wake Up and Smell the Coffee! Is this how you wish to live your life? The Law does not have all the Answers. Some you have to figure out on your own. This is one of those questions. Wasn’t that easy?

*************

And Therefore, Uncle Scrooge, Though Christmas Has Never Put A Scrap Of Gold Or Silver In My Pocket, I Believe That It Has Done Me Good, And Will Do Me Good; And I Say, God Bless It!

Must a Successor Trustee make a Distribution-in-Kind of gold coins left in a trust?
My wife’s parents Trust left every thing to their two daughters to be divided equally. Her sister does not want half of the coins, my wife does.
My concern is if the coins which are all identical are are taken in kind that the tax liability may be different than a direct inheritance of the coins. The coins are documented as in the Trust. The cost of valuing the coins is a concern as well. This is in the hands of a 3rd party fiduciary as the daughters don’t get along.

Death and Taxes. Inherited property, like these gold coins, get a special tax benefit. When the property is sold by the trust or transferred to the beneficiary, there is no tax. And property is treated, for tax purposes, as though the beneficiary owner paid fair market value for it on the date of Dad’s death.

Dad Sells His Coins: Dad paid $5 for each gold coin. While alive, Dad sells a gold coin for $10. Now Dad has $5 of profit. Therefore, Dad must pay tax on the profit. Also known as capital gains.

Daughters’ Doubloons. When the trust sells the coins, the trust also has no profit, no capital gain. No tax. Because the trust is treated as if it had paid full fair market value for the coins. The coins were then sold for fair market value. There is no profit. There is no tax. And the tax-free money goes to the daughter who did not want the coins.

Your wife, the other daughter, wants to keep the coins. That’s just fine. No problem and no tax problem. While valuing coins is difficult, it must be done. Write down the value. Get a written appraisal. At some point, your wife will decide that rather than the gold, she would rather have green, folding money.

When she sells, she is treated as if she paid fair market value, back when the last parent died. Even if the value has continued to increase, your wife still pays much less tax.

Dad paid $5 for each coin. Dad dies.

At his death, the coins are worth $10. Daughter (your wife) sells a coin. For $20.

Daughter’s profit is not $15. Daughter is treated as if she had paid $10 for each coin (the value on Dad’s date of death).

Yes, it is complicated. But did you think the government would make it easy for you to keep any part of your stuff? Of course not…

And It Was Always Said Of Him, That He Knew How To Keep Christmas Well, If Any Man Alive Possessed The Knowledge. May That Be Truly Said Of Us, And All Of Us!
And So, As Tiny Tim Observed, God Bless Us, Every One!

Bah,” Said Scrooge, “Humbug.” Why Don’t You Deserve A Little Payback For All The Taxes You Paid In?

Why Do You Want To Spend Your Last Nickel On Long-Term Care?

Why Shouldn’t The Government Spend Your Money For You?

Traditional estate planning is concerned with avoiding probate, saving taxes, and dumping your leftover stuff on your beneficiaries. After you die. Nobody cares what happens to you while you are alive. How does that help anyone? Stupid.

Traditional estate planning fails because the overwhelming majority of us will need long-term skilled care. 70% of us. For an average of 3 years. And we will go broke paying for it.

Is it surprising that thousands of recreation properties: cottages, cabins, hunting land, are lost to pay for long-term care? Why is your estate planner hurting you and your family? It is evil intent? Or stupidity?

LifePlanning™ defeats Nursing Home Poverty. Keep your stuff. Get the care you have already paid for. Good for you. Good for your family. Good example for society.

When my mother suffered from the dementia which led to her death, over 10 years ago, their estate plan preserved their lifesavings. Mom’s months in the nursing home did not mean Dad’s impoverishment. Dad spent the last years with security and peace of mind.

Is Now A Bad Time For A Real Solution?

Perhaps you think you already have an answer to this problem. Maybe you do not see this as a problem at all. It is possible that you do not believe in the passage of time or its effects on you.

Peace of mind and financial security are waiting for everyone who practices LifePlanning™. You know that peace only begins with financial security. Are legal documents the most important? Is avoiding probate the best you can do for yourself or your loved ones? Is family about inheritance? Or are these things only significant to support the foundation of your family?

Do you think finding the best care is easy? Do you want to get lost in the overwhelming flood of claims and promises? Or would you like straight answers?

Well, here you are. Now you know. No excuses. Get the information, insight, inspiration. It is your turn. Ignore the message? Invite poverty? Or get the freely offered information. To make wise decisions. For you. For your loved ones.

The LifePlan™ Workshop has been the first step on the path to security and peace for thousands of families. Why not your family?

NO POVERTY. NO CHARITY. NO WASTE.
It is not chance. It is choice. Your choice.

Get Information Now. (800) 317-2812

The post God Bless Us, Every One! appeared first on Carrier Law.

Read the Print Version

Truth Stranger Than Fiction

Terrifying Typos – Slaughtered Syntax – Painful Punctuation – Obviously Original
And Still Not Legal Advice!!

Do Not Spoil Your Golden Anniversary Or Opportunity

IS IT POSSIBLE FOR A MARRIED WOMAN TO HAVE A TRUST IN ONLY HER NAME OR MUST HER HUSBAND BE ON IT TOO?

I had an inheritance trust in my name only but when we moved to Mi and wanted to change to the new assets, I was told my husband and I had to both be on it. This has been no problem, we’ve been married almost 50 yrs and all is well except he is showing the very first stages of dementia and I would like to keep him from damaging our retirement fund. Can I have the trust in my name and my son’s name. He will take care of the trust when we die.

Short Answer: Possible for a married woman to have her own trust? Yes. Of course. This isn’t Russia. (Is this Russia? No!) So yes of course you can have your own trust. And eat it too!

Longer Answer: Your deceased relative was uncommonly on the ball! Almost all estate planners overlook the charming opportunities presented by death. Sorrowfully, most simply dump assets on beneficiaries. Such laziness would be malpractice, except everybody’s doing it. Because monkey see/ monkey do is a pretty good defense against malpractice.

Also know as the “generally accepted standard of care”. Poor standard of care, poor results… but not malpractice. Why isn’t the standard: “best practices”? Don’t know.

Shouldn’t the test be, did you do the best thing? Hmmm. Let’s dig up that corpse next Halloween.

She: You Only Love Me For My Trust!
He: Yeah So?

The Good: Your relative left you assets in trust. Hurrah! Of course, we do not know the terms of the “inheritance trust,” but let us (charitably) assume the best. Let’s guess that your “inheritance trust” was structured as a third-party supplemental needs/discretionary trust. Done properly, the inherited assets are protected from lawsuits and long-term care. And protected immediately!

Your aged relative, R.I.P. was aware (we hope) that even 50-year golden anniversary marriages occasionally hit the skids. State law says inheritances don’t count in divorce. As a practical matter, everyone knows inheritances do “count.” When assets are dumped from an estate, the first inclination is to put the money in a joint account.

You know it’s true! Then, like a dervish demon from the fiery furnace, the inheritance dollars flee, fly, flit away to get divvied up… But put those assets in a well-constructed trust and you have driven a stake through the heart of the nefarious vampire divorce lawyer seeking plunder!

Perhaps aged relative was also familiar with the “very first stages of dementia beginning to show.” Wise old bird! Relative knew that you would soon be face-to- face with the original Punisher:

Medicaid. Done properly however, your inheritance trust assets are secure from Medicaid’s ghastly, ghoulish, grim, gruesome, grisly, grasping grip. [See what you can do with a thesaurus?] Bottom Line: you are not going broke when hubby needs help because your inheritance trust assets are protected.

The Bad: “When [you] moved to Mi… [you] wanted to change to the new assets…” Probably you just changed financial advisors or re- arranged your investment portfolio.

Dealing with assets already in the inheritance trust does not affect the validity of the trust. If by “new assets” you simply mean replacement investments for stuff that is already in the trust, it is hard to see how your husband could be involved. At all.

On the other hand… What if you and your husband got the awful, terrible, no-good, very bad advice to add your own assets to the trust? That would be ill-advised. It would expose the trust to potential claims. By your husband. By your creditors. By Medicaid. Risky! Unnecessary! Foolish! Typical. Sad. Do not do that thing!

Leave inheritance trust assets alone in the inheritance trust. Manage them, change ‘em out, develop new portfolio strategies. That is all good. But. Do not commingle inheritance trust assets with your household, marital assets. Do not ruin a good thing.

By the way: With LifePlanning™, you will always protect your beneficiaries with an inheritance trust. Because why wouldn’t you?

The Ugly: This guy is ugly. Thank you, Universal Studios.

Show Me The Money!
Whaddaya Mean None For Me?!

My grandmother passed away almost a year ago and I need to know if she left money for me? Want to see if my grandmother left me money from her will

Simple Answer: Go to the probate court in the county where grandmother died. Ask if there has been a will filed for her. Ask if there has been a probate estate opened for her. If yes or yes, get a copy of the Will. Read it. Now you know.

Not-So-Simple Answer: If there was a will or trust and the will or trust is being administered and if you were a named beneficiary, then you should already have received notice. But you have not. That suggests a few possibilities:

1. Grandmother was dead broke when she died.
2. Grandmother had all beneficiary designations on her accounts.
3. Grandmother had leftovers and a will, but no one has probated the will and the stuff is just sitting there.
4. Grandmother had a trust. And you are not a beneficiary.
5. Grandmother had a will. Probate is humming along. And you are not a beneficiary.

There are more possibilities, but these are the most likely. Why not ask your mom or dad? Aunt or uncle? If you cannot get straight answers, you may wish to hire an attorney to help you out. Beware, these things get expensive quickly. And ruin family relationships.

Both are bad.

Home Mortgage Interest Rates Break The 7% Barrier

A few choice quotes from Freddie Mac:

“Mortgage interest rates have increased at the fastest rate since the early 1980s.”
“However, in 1980 and 1981, rates
averaged 16% and 18%”

Mortgage rates “have more than doubled in the past year. Mortgage rates have never doubled in a year before.”

“Kong Save Down Payment! Now Interest Rate Triple! Cannot Afford Bungalow! How Break News To Wife?!”

Trick Or Treat!

Did You Want Your Estate Plan To Be A Nasty Trick?
Is It Wrong To Leave Your Family A Treat?

Why Should The Government Get All Your Halloween Candy?

Why Estate Planning Fails And How To Be A Winner

Traditional estate planning is concerned with avoiding probate, saving taxes, and dumping your leftover stuff on your beneficiaries. After you die. Nobody cares what happens to you while you are alive. How does that help anyone? Stupid.

Traditional estate planning fails because the overwhelming majority of us will need long-term skilled care. 70% of us. For an average of 3 years. And we will go broke paying for it.

Is it surprising that thousands of recreation properties: cottages, cabins, hunting land, are lost to pay for long-term care? Why is your estate planner hurting you and your family? It is evil intent? Or stupidity?

LifePlanning™ defeats Nursing Home Poverty. Keep your stuff. Get the care you have already paid for. Good for you. Good for your family. Good example for society.

When my mother suffered from the dementia which led to her death, over 10 years ago, their estate plan preserved their lifesavings. Mom’s months in the nursing home did not mean Dad’s impoverishment. Dad spent the last years with security and peace of mind.

Is Now A Bad Time For A Real Solution?

Perhaps you think you already have an answer to this problem. Maybe you do not see this as a problem at all. It is possible that you do not believe in the passage of time or its effects on you.

Peace of mind and financial security are waiting for everyone who practices LifePlanning™. You know that peace only begins with financial security. Are legal documents the most important? Is avoiding probate the best you can do for yourself or your loved ones? Is family about inheritance? Or are these things only significant to support the foundation of your family?

Do you think finding the best care is easy? Do you want to get lost in the overwhelming flood of claims and promises? Or would you like straight answers?

Well, here you are. Now you know. No excuses. Get the information, insight, inspiration. It is your turn. Ignore the message? Invite poverty? Or get the freely offered information. To make wise decisions. For you. For your loved ones.

The LifePlan™ Workshop has been the first step on the path to security and peace for thousands of families. Why not your family?

NO POVERTY. NO CHARITY. NO WASTE.
It is not chance. It is choice. Your choice.

Get Information Now. (800) 317-2812

The post Abandon Hope All Ye Who Send Letters Here appeared first on Carrier Law.