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Old 11-25-2019, 12:53 PM
 
Location: Chicago
3,150 posts, read 5,435,132 times
Reputation: 3713

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I'm all for states freedom to enact laws specific to them, although this does seem too lenient in my mind.

Either way, what surprises me most is this paragraph:

"Among those in the know were the lawyers of Leona Helmsley, the legendarily mean hotel heiress, who coined the phrase “only the little people pay taxes”. When Helmsley died in 2007, she left $12m in trust for the care of her dog, a maltese called Trouble. Trouble dined on crab cakes and kobe beef, and the trust provided her with $8,000 a year for grooming and $100,000 for security guards, who protected her against kidnappings, as well as against reprisals from the people that she bit. When a New York court – not entirely unreasonably – decided to restrain this expenditure, trustees moved the trust to South Dakota, which had crafted “purpose trusts” with just such a client in mind. Other states impose limits on how a purpose trust can care for a pet, on the principle that perhaps there are better things to do with millions of dollars than groom a dog, but South Dakota takes no chances. The client is always right."

12million FOR A DOG?!?! Could you imagine being the security guard getting paid $100,000/yr to take care of a dog? Talk about dream job.
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Old 11-25-2019, 11:05 PM
 
Location: Everywhere.
633 posts, read 791,498 times
Reputation: 665
Quote:
Originally Posted by Wartrace View Post
You bought a house as well. How are the property taxes?
This. They get you on the property taxes. Also, why even bother if your going to be living away 8-9 months of the year.
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Old 11-25-2019, 11:40 PM
 
3,346 posts, read 925,184 times
Reputation: 5858
Helmsley most likely died without a single friend in the world to take care of her dog.
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Old 11-29-2019, 04:12 PM
 
Location: Manhattan, NYC
930 posts, read 655,029 times
Reputation: 845
Quote:
Originally Posted by ChiGuy2.5 View Post
I'm all for states freedom to enact laws specific to them, although this does seem too lenient in my mind.

Either way, what surprises me most is this paragraph:

"Among those in the know were the lawyers of Leona Helmsley, the legendarily mean hotel heiress, who coined the phrase “only the little people pay taxes”. When Helmsley died in 2007, she left $12m in trust for the care of her dog, a maltese called Trouble. Trouble dined on crab cakes and kobe beef, and the trust provided her with $8,000 a year for grooming and $100,000 for security guards, who protected her against kidnappings, as well as against reprisals from the people that she bit. When a New York court – not entirely unreasonably – decided to restrain this expenditure, trustees moved the trust to South Dakota, which had crafted “purpose trusts” with just such a client in mind. Other states impose limits on how a purpose trust can care for a pet, on the principle that perhaps there are better things to do with millions of dollars than groom a dog, but South Dakota takes no chances. The client is always right."

12million FOR A DOG?!?! Could you imagine being the security guard getting paid $100,000/yr to take care of a dog? Talk about dream job.
I'd argue I need $250,000 or $300,000, even as a security guard.
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Old 12-01-2019, 10:41 AM
 
Location: Tucson AZ & Leipzig, Germany
2,640 posts, read 7,942,649 times
Reputation: 4312
Quote:
Originally Posted by GhostOfAndrewJackson View Post
Its not just the super wealthy : )
Here in southern Arizona, it is common to see vehicles with South Dakota license plates in the October to April peak visitor season. I would guess most are like me, retired with a decent income but not in the ranks of the 1 percent. Many own a condo or mobile home here, or stay here in a large RV for several months to avoid the winter season in South Dakota. Many might not live at all in South Dakota, but just use it as a home address through a private mailbox service.
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Old 12-02-2019, 07:01 AM
 
Location: Boston
9,421 posts, read 2,764,916 times
Reputation: 6697
lol....super rich aren't moving to SD to save a few bucks. They can live wherever they want, they're super rich!
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Old 12-05-2019, 08:02 PM
 
Location: Silicon Valley, CA
10,943 posts, read 7,032,714 times
Reputation: 6882
Well, there's a super-rich entity in South Dakota, but it's a corporation, not an individual - Citibank. They put their credit card operations there to get around state usury laws that limit the interest they can charge consumers on their balances.

Chase uses Delaware for the same reason.
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Old 12-06-2019, 12:02 PM
 
Location: Chandler, AZ
2,695 posts, read 1,347,578 times
Reputation: 6348
Quote:
Originally Posted by ChiGuy2.5 View Post
I'm all for states freedom to enact laws specific to them, although this does seem too lenient in my mind.

Either way, what surprises me most is this paragraph:

"Among those in the know were the lawyers of Leona Helmsley, the legendarily mean hotel heiress, who coined the phrase “only the little people pay taxes”. When Helmsley died in 2007, she left $12m in trust for the care of her dog, a maltese called Trouble. Trouble dined on crab cakes and kobe beef, and the trust provided her with $8,000 a year for grooming and $100,000 for security guards, who protected her against kidnappings, as well as against reprisals from the people that she bit. When a New York court – not entirely unreasonably – decided to restrain this expenditure, trustees moved the trust to South Dakota, which had crafted “purpose trusts” with just such a client in mind. Other states impose limits on how a purpose trust can care for a pet, on the principle that perhaps there are better things to do with millions of dollars than groom a dog, but South Dakota takes no chances. The client is always right."

12million FOR A DOG?!?! Could you imagine being the security guard getting paid $100,000/yr to take care of a dog? Talk about dream job.
Where is the problem here?

It was her money to do with as she wished. Who are you to come around, and say "I disapprove of how your money is being spent, I am going to force it to be spent on my priorities"?

What, exactly, is your concern with that paragraph?
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Old 12-06-2019, 12:03 PM
 
Location: Chandler, AZ
2,695 posts, read 1,347,578 times
Reputation: 6348
Quote:
Originally Posted by recycled View Post
Here in southern Arizona, it is common to see vehicles with South Dakota license plates in the October to April peak visitor season. I would guess most are like me, retired with a decent income but not in the ranks of the 1 percent. Many own a condo or mobile home here, or stay here in a large RV for several months to avoid the winter season in South Dakota. Many might not live at all in South Dakota, but just use it as a home address through a private mailbox service.
Yup, our beloved snowbirds
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Old Today, 01:53 PM
 
3,050 posts, read 2,809,792 times
Reputation: 5806
Originally Posted by ChiGuy2.5 View Post
I'm all for states freedom to enact laws specific to them, although this does seem too lenient in my mind.

Either way, what surprises me most is this paragraph:

"Among those in the know were the lawyers of Leona Helmsley, the legendarily mean hotel heiress, who coined the phrase “only the little people pay taxes”. When Helmsley died in 2007, she left $12m in trust for the care of her dog, a maltese called Trouble. Trouble dined on crab cakes and kobe beef, and the trust provided her with $8,000 a year for grooming and $100,000 for security guards, who protected her against kidnappings, as well as against reprisals from the people that she bit. When a New York court – not entirely unreasonably – decided to restrain this expenditure, trustees moved the trust to South Dakota, which had crafted “purpose trusts” with just such a client in mind. Other states impose limits on how a purpose trust can care for a pet, on the principle that perhaps there are better things to do with millions of dollars than groom a dog, but South Dakota takes no chances. The client is always right."

12million FOR A DOG?!?! Could you imagine being the security guard getting paid $100,000/yr to take care of a dog? Talk about dream job.

Quote:
Originally Posted by jnojr View Post
Where is the problem here?

It was her money to do with as she wished. Who are you to come around, and say "I disapprove of how your money is being spent, I am going to force it to be spent on my priorities"?

What, exactly, is your concern with that paragraph?
Yes, it is her money and she should have the right to decide how to spend it. Shame on New York and other states for not allowing the wishes of the deceased to be fulfilled.

And while we are talking about Leona, yes she had her quirks and eccentricities, but she left a lot of money to provide hospitals and health care for those who aren't as well off.
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