Do you have a Living Trust?

[sally]

This question is for everyone except Clang since he only has a 1996 Toyota Corolla and some old lady bloomers to leave to his brother.

I was thinking if the plane went down when we went to Colorado my older kids would be fucked. They'd have to go through probate since I don't have a living trust. So I probably need to take care of that sooner than later just in case I drop dead.

[ramseycat]

I need to get that stuff in order too. I just hate thinking about it.

[Duchess]

No, I don't have anything like that but I have told a few people I want a closed casket when I die. Ramsey can have my footwear/handbags/accessories although my feet are probably bigger, she's tiny.

[ramseycat]

Thanks Duchess! My feet are actually big. Lol. Size 8 1/2. I was a 7 until I had kids. I wound so love to be able to wear jeans and boots right now. :(

[Maggot]

I want them to work for it because I had to.

[Duchess]

In general, when one is simply handed what they want they don't develop a good work ethic. If I were a parent I would be horribly embarrassed if my kids didn't have one.

[F.U.]

Nope, nothing like that at all. In fact, until last week my lake place was under my name only. I don't know how they screwed it up when I bought the place and I didn't catch it, but they did. So I had to have my wife's name added to the deed. Now it should be easier for her when I kick the bucket. The house in town has always had her name on it too.

[sally]

I want them to work for it because I had to.

What do you mean by that? Lets say god forbid you and your wife get mowed over by a bus walking across the street on a date night, you don't want your kids to inherit your money and assets?

I'd rather not have someone else try to take everything I worked for all my life or my kids have to pay a lawyer a big chunk of money just so they can get my stuff after I'm dead.

[Jimbone]

He probably means setting it up in a trust that limits their access to the full sum of the estate all at one time. That way the kids are taken care of, but they hopefully don't grow up to be assholes who never learn the value of money.

I've not set anything up yet, but that's how I'm going to do it. Make sure college is handled, set different tranches for the money to be disbursed by age (30, 40, 50) or something. By stretching it out, they have to work and not just do something dumb with a lot of money.

[sally]

So for example they just can't sell your house and go party at the Hard Rock Hotel and casino with hookers and cocaine for a couple months .

[crash]

We set up a trust for our kids. Their inheritance from their mother went into trust until age 18. At 18 it began to pay them an annuity. They can only draw a lump sum from it to pay for tuition until or property until age 25.

They are pretty much old enough now to be responsible. When I check out it all pretty much gets divvied up between them and they can do what they like with it.

[sally]

My oldest are going to be 22 and 18. My daughter is responsible, my son not 100%. When he gets a chunk of change in his pocket he thinks he's Donald Trump. I'd also need them to be responsible for my youngest daughter should anything happen to us.

I called around to different estate lawyers and they all start at around $800-$1000 to set up a trust and $300/hr. after that. I should have become an estate lawyer. What a gravy job.

[Maggot]

They are in my will and am not sure if that's what you mean. Their colleges are paid for now and there is a fund set up through work that would give them a stipend for the rest of their life if I died. But my wife would get everything to dole out as she pleases if I ever take the plunge. Is that what you mean? You have to maintain all that crap and go over it every 5 years or so though.

[ramseycat]

So for example they just can't sell your house and go party at the Hard Rock Hotel and casino with hookers and cocaine for a couple months .

That sounds familiar.

[ramseycat]

My kids have trust funds set to to pay out over time. I need to set up a living will and health care proxy.

[Clang McFly]

This question is for everyone except Clang since he only has a 1996 Toyota Corolla and some old lady bloomers to leave to his brother.

I plan on having some sort of will someday. It's true I don't have anything real valuable at the moment, but once this DMV job gets going I'll have a retirement plan and have money and stuff saved for the future. And fuck my lazy ass brother. He's getting nothing from me. If anything, my nephews will inherit my future funds and valuables.

[Duchess]

Now that you mention it. The family from Hell.

Ramsey, when you sent that picture to post I actually clicked and saved it as "HellFamily". *snicker*

[sally]

They are in my will and am not sure if that's what you mean. Their colleges are paid for now and there is a fund set up through work that would give them a stipend for the rest of their life if I died. But my wife would get everything to dole out as she pleases if I ever take the plunge. Is that what you mean? You have to maintain all that crap and go over it every 5 years or so though.

I wasn't sure if you meant that you have it set up so they only get so much at a time or you're just one of those mean, old grumpy fucks that leave all their money to the dog or the church.

[ramseycat]

Now that you mention it. The family from Hell.

Ramsey, when you sent that picture to post I actually clicked and saved it as "HellFamily". *snicker*

I've never come across a group so fucked up before. Matt has been out of money since July. And he has nothing to show for it. Except a full blood hound dog and a $5000 TV. He was going to buy a house with the next installment but he can't get a mortgage because he only works part time at GNC. He was looking at $300k houses! Who buys a $300k house for your first home?? I tried to tell him to look at more modest homes but he was set on a big fancy house. Rude awakening when he was told he can't get a mortgage. I would like to see him invest in a house though rather than party the money away.

[ramseycat]

I might just spend all my money and leave the kids nothing.