For those with a trust, who administers it? (inheritance, relative, coverage)
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that is just what we did , every account has a beneficiary .
however not all brokerages allow beneficiaries on a joint account . vanguard dropped that ability and i dropped vanguard because of it . not only that but they never notified us they were doing away with our listed beneficiaries .
they wanted us to either use trusts or split the joint account in to two individual accounts which can accept beneficiaries .why bother , we pulled our shares out , transferred it to chase and got private client status along with lots of perks . today common deaths happen a whole lot more and vanguards reasoning for no longer not allowing it because it is rare is no reason in my book .
my sons best friends in-laws were killed a few months ago when a drunk plowed in to them . look At vegas or any other terrorist act-it happens .
Last edited by mathjak107; 10-21-2017 at 10:07 AM..
Frankly, we have put off forming a trust because we also can't decide on a trustee. Our siblings are our age or older. We have no children. Our 13 nieces/nephews are aged 19 to 29, none of them married or really settled down; none own homes, many are in early stages of careers where they are "finding themselves" and doing some job-hopping, trying out different parts of the country and world. We are not close to any of them, geographically or otherwise.
We think now that we will simply do POD's on our US bank and brokerage accounts to a local charity and change our house deeds so that they also go to local charities, one in the US and one in MX. Just going to skip the trust/will issue altogether. All of our siblings have done well, on my husband's side they inherited quite a bit and are capable of taking care of their own children, we feel.
So it sounds like I’m good with the brokerage accounts, as they have beneficiaries.
And I believe the will and subsequent probate are the way to go with the real estate. There is no way in hell I am giving some trust 2% of what is probably 4M in real estate to simply change the name on the deeds, per my wishes.
To the person who mentioned changing the deed while I’m alive...... I don’t share any financial decisions with anyone, and never have my whole life. So I don’t think I could ever be comfortable with that, but I understand it’s a great idea for most.
Are there any tax implications I may be overlooking?
as long as it is not a joint account all brokerages should let you add beneficiaries .
so far i only ran in to vanguard who wouldn't let us keep them on a joint account . makes you wonder their real plan as they have been promoting their trust dept a lot
So it sounds like I’m good with the brokerage accounts, as they have beneficiaries.
And I believe the will and subsequent probate are the way to go with the real estate. There is no way in hell I am giving some trust 2% of what is probably 4M in real estate to simply change the name on the deeds, per my wishes.
To the person who mentioned changing the deed while I’m alive...... I don’t share any financial decisions with anyone, and never have my whole life. So I don’t think I could ever be comfortable with that, but I understand it’s a great idea for most.
Are there any tax implications I may be overlooking?
shouldn't be . only issue is if asset protection as part of medicaid planning was in the cards your home in the trust becomes an un-protected asset if revocable during your lifetime . but other than that no issues other than pertaining to defects in the paperwork if it comes up .
that is just what we did , every account has a beneficiary .
however not all brokerages allow beneficiaries on a joint account . vanguard dropped that ability and i dropped vanguard because of it . not only that but they never notified us they were doing away with our listed beneficiaries .
they wanted us to either use trusts or split the joint account in to two individual accounts which can accept beneficiaries .why bother , we pulled our shares out , transferred it to chase and got private client status along with lots of perks . today common deaths happen a whole lot more and vanguards reasoning for no longer not allowing it because it is rare is no reason in my book .
my sons best friends in-laws were killed a few months ago when a drunk plowed in to them . look At vegas or any other terrorist act-it happens .
Frankly, we have put off forming a trust because we also can't decide on a trustee. Our siblings are our age or older. We have no children. Our 13 nieces/nephews are aged 19 to 29, none of them married or really settled down; none own homes, many are in early stages of careers where they are "finding themselves" and doing some job-hopping, trying out different parts of the country and world. We are not close to any of them, geographically or otherwise.
We think now that we will simply do POD's on our US bank and brokerage accounts to a local charity and change our house deeds so that they also go to local charities, one in the US and one in MX. Just going to skip the trust/will issue altogether. All of our siblings have done well, on my husband's side they inherited quite a bit and are capable of taking care of their own children, we feel.
How are you changing the deed on property such that you will not need a will?
the property is held in the name of our LLC . it is actually shares in the business that get willed to the kids . kind of like share's in a private equity fund . the property is owned by the llc which still goes on , it just gets different partners . same as when we bought in . there is no deed in our name . our llc holds title and that was there long before we were partners ..
Last edited by mathjak107; 10-21-2017 at 10:33 AM..
it is in an LLC partnership with other people and willed . it is a business and will be probated .
Okay, very different from mine.
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