Originally Posted by lewdog:
I was told in AZ a trust does a variety of things. We are 33 years old and just had a kid so delineating assets, in case of death is on my mind with a child involved now.
1. It avoids probate which can take years? Is years really true?
-It also avoids probate fees which can be 5% of assets!
2. It limits who has access, can claim access and how much of your assets they can acquire at one time if needed.
3. Would delineate a set amount to be given to children, if both parents die, so your child doesn't blow through their entire inheritance.
I can't speak to any state other than Massachusetts, but probating a simple estate is not a multiyear process, and even if the formalities take a while, usually it is not that hard to get access to the assets.
I mean, if you're an ordinary couple, then:
1. your house is owned jointly, so it passes automatically upon death without going through probate.
2. your bank accounts and investment accounts are held jointly, so that too goes through probate.
3. your 401(k) etc. often have a named beneficiary, so it will pass outside of probate to your named beneficiary.
So yeah, usually not THAT big of a deal to go through probate, but some of the above may be part of the taxable estate which could have an impact, depnding on the state, and there may be other assets that do need to pass through probate, which can be a pain.
BUT -- KEY CAUTION -- I AM NOT AN WILLS/TRUSTS/ESTATES LAWYER AND THIS IS A F'ING WEBSITE. The legal advice I give is worth about what you're paying for it -- nothing. Seek professional advice from a lawyer with expertise in this issues IN YOUR STATE. [Reply]
Originally Posted by Amnorix:
I can't speak to any state other than Massachusetts, but probating a simple estate is not a multiyear process, and even if the formalities take a while, usually it is not that hard to get access to the assets.
I mean, if you're an ordinary couple, then:
1. your house is owned jointly, so it passes automatically upon death without going through probate.
2. your bank accounts and investment accounts are held jointly, so that too goes through probate.
3. your 401(k) etc. often have a named beneficiary, so it will pass outside of probate to your named beneficiary.
So yeah, usually not THAT big of a deal to go through probate, but some of the above may be part of the taxable estate which could have an impact, depnding on the state, and there may be other assets that do need to pass through probate, which can be a pain.
BUT -- KEY CAUTION -- I AM NOT AN WILLS/TRUSTS/ESTATES LAWYER AND THIS IS A F'ING WEBSITE. The legal advice I give is worth about what you're paying for it -- nothing. Seek professional advice from a lawyer with expertise in this issues IN YOUR STATE.
I understand. I do appreciate your thoughts on probate though. Everyone seems to make it a big deal and says that if you have any kind of assets and kids, you should have a Trust.
My biggest reason for having a Trust would be to delineate monetary assets such as investments, so say my 12 year old son wasn't placed with a lump sum of cash and instead you could delineate money to him over decades if needed.
What happens in that scenario where both parents die and let's say have a sum of $250k in investment accounts? They only have one child, who let's say is 10 years old. If they have no trust does that minor really become the sole beneficiary of that lump sum? [Reply]
My meeting in Argentina with President Xi of China was an extraordinary one. Relations with China have taken a BIG leap forward! Very good things will happen. We are dealing from great strength, but China likewise has much to gain if and when a deal is completed. Level the field!
Originally Posted by lewdog:
I understand. I do appreciate your thoughts on probate though. Everyone seems to make it a big deal and says that if you have any kind of assets and kids, you should have a Trust.
My biggest reason for having a Trust would be to delineate monetary assets such as investments, so say my 12 year old son wasn't placed with a lump sum of cash and instead you could delineate money to him over decades if needed.
What happens in that scenario where both parents die and let's say have a sum of $250k in investment accounts? They only have one child, who let's say is 10 years old. If they have no trust does that minor really become the sole beneficiary of that lump sum?
Yes, but what will happen in the real world is a guardian would be appointed because nobody is going ot hand a kid $250K in cash. He doesn't have legal capacity to even enter into a contract for God's sake.
So hopefully some family member who isn't in it to steal the money for himself/herself steps up, otherwise a bunch of family members potentially fight over the appointment, etc. But if you set up your estate plan that can be in what is called a pourover trust, where your assets (other than specific bequests and the like) are poured over into a trust that exists on paper but has nothing and does nothing until/unless you die, at which point it goes into the trust. The trustee is whoever you appointed etc. etc.
Different trusts for different purposes. But yes, if you have underage kids, at least a pourover trust is a damn good idea. [Reply]
Originally Posted by Hammock Parties:
IQ UP AGAIN TODAY
TO THE MOON
Is this in an account you can tax loss harvest some? I bought some Tencent in May or so that was down pretty big and was planning to sell some at least for the 31 days but it's recovered quite a bit. "only" down 15% now
I added some United Health UNH on 10/25 and that's up 11% so got lucky on the timing there [Reply]
Originally Posted by ChiliConCarnage:
Is this in an account you can tax loss harvest some? I bought some Tencent in May or so that was down pretty big and was planning to sell some at least for the 31 days but it's recovered quite a bit. "only" down 15% now
I added some United Health UNH on 10/25 and that's up 11% so got lucky on the timing there
I could but I'd rather not. I'm still down almost 10 grand in that stock. I want to hold it long term and see it get at least somewhat close. [Reply]
Bought UPS on November 9th @ 110.50. Sold today @ 116. Had to hold a bit longer than wanted to get to my price point.
4.2% profit netting $300. I'll take it in this volatile market that I think continues to wax and wane.
As soon as my 100 shares of IQ gets near $30 I am selling covered calls again until that shit gets sold. I am thinking it will be quite a while to near $30 again though. Months out provided any market stability we may get. [Reply]
Originally Posted by lewdog:
Bought UPS on November 9th @ 110.50. Sold today @ 116. Had to hold a bit longer than wanted to get to my price point.
4.2% profit netting $300. I'll take it in this volatile market that I think continues to wax and wane.
As soon as my 100 shares of IQ gets near $30 I am selling covered calls again until that shit gets sold. I am thinking it will be quite a while to near $30 again though. Months out provided any market stability we may get.
I'm hoping for a Chinese invasion of Alaska followed by a hostile takeover of the West coast, resulting in the destruction of the Netflix headquarters in Los Gatos, CA.
IQ expands into the American market and becomes the dominant global force in streaming service.
$$$$$$!!!!
Then WWIII starts with America, Canada and Mexico ganging up on Russia and China.
BOOMING WARTIME STOCK MARKET! BUY MILITARY BONDS! TRUMP! [Reply]
Originally Posted by lewdog:
Bought UPS on November 9th @ 110.50. Sold today @ 116. Had to hold a bit longer than wanted to get to my price point.
4.2% profit netting $300. I'll take it in this volatile market that I think continues to wax and wane.
As soon as my 100 shares of IQ gets near $30 I am selling covered calls again until that shit gets sold. I am thinking it will be quite a while to near $30 again though. Months out provided any market stability we may get.
I made some money on fdx calls. Funny that we may have traded similar strategies [Reply]
