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Planning For Her Future - Without You


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KennyF

I'm waiting for Paul to chime in with his normal take on this matter.

 

"Never be worth more dead than alive"

 

KonC

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You old guys might be surprised how quickly those young widows find a new partner.   Your legacy should be a debt free family home, and as much education as you can afford.   After you are gone, i

Citizenship in a better place.

i would say that indicates one should be more discerning when choosing a life partner.  there's an old saying..."if one goes looking in the dump they are going to find trash",  so perhaps some people

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Cebuandrew

I assume you are talking about trusts set up in the Philippines?  Who administered the trusts that you are familiar with ?

 

Don't have to set up the trust in the Phils. I could go back to Oregon, set up a living trust on my own, with me as trustee. I'd name a financial institution as my successor trustee (Wells Fargo is who I used to recommend to clients), and come back here. Does not matter where the beneficiaries live. If I was a "resident" of Oregon when I sign the trust, it is valid. Raptor is correct, trusts can be airtight. College, major medical expenses, children, grandchildren, etc. Someone who does not go to college gets half at 30, other half at 35 was the most common distribution. Sure, if the kid is going to college here in the Phils, the trustee might charge a little extra to ensure payments overseas, but they have set rates.

 

Not saying I'm 100% on this, as I'm going off memory, but I see nothing wrong with this. I'd be curious to know if some banks here would allow a foreigner to open an account in the name of the "John Doe revocable living trust, dated May 15, 2015." This country accepts the fact that I got a divorce in America...why would they not accept my trust from America? Of course, I am a disbarred attorney, so we have that....

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My only point was that despite your best efforts and the best efforts of all the lawyers a rich kano can afford, sometimes (maybe even most of the time) it doesn't exactly work out.

 

It does exactly work out if have a trust fund, that's what they are for; to dole out funds gradually, specifically, any way you choose and nobody can alter it.

 

There was a story about one rich guy who left all of his wealth to his unborn great-grandchildren, if they graduated college.

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miles-high

It does exactly work out if have a trust fund, that's what they are for; to dole out funds gradually, specifically, any way you choose and nobody can alter it.

Hmmm, really? More than a few hundred thousand hungry litigators around the world would tell you otherwise… :D

 

http://www.probate.com/Information-Center/Trusts/Trust-Litigation.aspx

http://www.mayoandmayolaw.com/trust-administration-and-trust-litigation/

http://www.nolo.com/legal-encyclopedia/question-property-living-trust-risk-lawsuit-28023.html

http://www.gss-law.com/Practice-Areas/Trust-Litigation.shtml

http://www.thecolemanlawfirm.net/Trust_Litigation.html

http://www.wynnwilliams.co.nz/What-We-Do/By-Area-Of-Law/Trust-litigation

 

:D

Edited by miles-high
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Your first link proves my point:

 

A Living Trust becomes an irrevocable trust at the Trustor’s death.

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Davaoeno

 

 

There was a story about one rich guy who left all of his wealth to his unborn great-grandchildren, if they graduated college.

 

I heard that since his grandchildren ended up not having children all the money went to the state . 

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smokey

wow now this is some real micro management .... my wife is smart I think she don't need me to tell her what to do after I am gone... she never listened when I was alive so chances are she wont listen later as far as paying someone to control her for me... der do onto others as you would want them to do onto you

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Cebuandrew

 

 

Hmmm, really? More than a few hundred thousand hungry litigators around the world would tell you otherwise…

 

Of course. They usually name the oldest kid as trustee...they die and bad apples everywhere. Trust me (pun intended), I tried to steer them away from naming any successor trustee who could benefit  too much from greed. Once did a 3-day jury trial over a trust spent bad. But, the % is sooooo small. Minuscule. 200 of us buy Toyota's and 1 is a lemon...does that speak for the rest? Can find fault with almost anything. Examples wrought with evil.

 

Life insurance fraud? Power of Attorneys gone way bad...putting property in her name only to see it gone after the home is built here. What "risk" is the lowest in "taking care of her" do you see? I'm curious,  as I have valued your input on here since I joined. 

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RogerDuMond

 

 

I'd be curious to know if some banks here would allow a foreigner to open an account in the name of the "John Doe revocable living trust, dated May 15, 2015."

 

HSBC is the same bank here as it is there.

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I heard that since his grandchildren ended up not having children all the money went to the state . 

 

 

Wrong guy:

 

When Wellington R. Burt died in Saginaw in March 1919 at the age of 87, he was one of the eight richest men in America, as well as a former mayor of the city and Michigan state senator. Most likely as a result of a family conflict at the time, he did not want to leave any substantial amount of his money to his immediate family — so he made his strange stipulation when he hand-wrote his will in 1917 .His will barred any money from his estate being distributed until 21 years after the death of his last grandchild — having been met.

 

His last grandchild died in 1989, but it wasn’t until 2010 that a group of Burt’s descendants began the legal proceedings to reach an agreement to disburse his fortune. Thirty of them applied to claim a piece of that pile of money, but genealogical research whittled them down to the lucky group of 12.

The recipients range in age from 19 to 94 years old, and live in eight different states; only one lives in Michigan. The lucky dozen have succeeded where six children, seven grandchildren, six great-grandchildren and 11 great-great-grandchildren could not.

 

12 of Burt’s descendants split a fortune estimated at about $100 million. - http://www.today.com/id/43098220/ns/today-today_news/t/after-years-millionaire-misers-heirs-finally-split-m/

 

 

92Oxe5r.jpg

 

 

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Davaoeno

 

Wrong guy:

 

When Wellington R. Burt died in Saginaw in March 1919 at the age of 87, he was one of the eight richest men in America, as well as a former mayor of the city and Michigan state senator. Most likely as a result of a family conflict at the time, he did not want to leave any substantial amount of his money to his immediate family — so he made his strange stipulation when he hand-wrote his will in 1917 .His will barred any money from his estate being distributed until 21 years after the death of his last grandchild — having been met.

 

His last grandchild died in 1989, but it wasn’t until 2010 that a group of Burt’s descendants began the legal proceedings to reach an agreement to disburse his fortune. Thirty of them applied to claim a piece of that pile of money, but genealogical research whittled them down to the lucky group of 12.

The recipients range in age from 19 to 94 years old, and live in eight different states; only one lives in Michigan. The lucky dozen have succeeded where six children, seven grandchildren, six great-grandchildren and 11 great-great-grandchildren could not.

 

12 of Burt’s descendants split a fortune estimated at about $100 million. - http://www.today.com/id/43098220/ns/today-today_news/t/after-years-millionaire-misers-heirs-finally-split-m/

 

 

 

 

 

I was joking !!      

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bargeman

i think the government provides very well for our wives its called everything is in her name..

Best benefit / SSS you are likely to find anywhere.  :cool:

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SkyMan

I have 2 guys with a scooter on retainer.  When I go she goes so no need for all that blubbering mourning bs.  Hahahahaha    j/k

 

I wish I could do Photoshop.  If I could I would mock up the "Two Men and a Truck" logo into "Two Guys and a Scooter."  Hahahahahaha  Broden?

 

Two_Men_and_a_Truck_logo.png

Edited by SkyMan
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