[YANAL] As a secondary beneficiary to a trust, do I have any right to see the original amount, current amount, and accounting information for a trust? Trust is held in PA, but I reside in MN. [more inside]
Due to paranoia about and hatred of my spouse of nearly 20 years, my elderly parents have informed me they have set up their estate as a bloodline trust. 50% to me (I'm an only child) and 25% to each of my children once they hit a certain age (I assume 30 or 35). Fine. I'm happy that my kids are being taken care of even if it's years down the road. My question concerns my research into this type of trust. [more inside]
My adult brother has no income save my parents' monthly stipend. He is unable/unwilling to work. When they pass away, if he receives half their estate (which is not super large), he is likely to spend it all at once and then be without income or means of support. I am asking my parents to change their will to give my brother support for the longest time, so that he is not disabled and homeless on the streets as an older man, and so that I can minimize the impact on my own finances. What kinds of trusts or other legal mechanisms exist to help with the long term financial stability of a legally "competent" but life-skills-wise not competent adult? [more inside]
I'm seeking as many opinions as I can get from people with knowledge of financial advising and/or trusts & estates and/or estate planning, about what my parents (in their 80s) ought to do with their $250,000 in liquid assets. I'm NOT looking for the kind of detailed plan we'd get from an advisor whom we hire; I'm looking for short, quite general, common sense answers (such as "These ONE OR TWO types of instruments are good/bad; all others are to be avoided/considered.") I'm also looking for as many answers as I can get. In order to get that assortment of answers, I want to disclose only a very few specific things about the folks: 1. they currently rent an apartment; they do not own a home. 2. they are in their 80s--relatively healthy and can drive, shop, take care of themselves, but I'm not sure how long that'll last. I'd like to see them in a retirement community within a couple years. 3. Their only income (which doesn't amount to much) is social security. 4. They lose about $2,100 in total expenses every month. That's just about equal to what they take in each month. 5. Their one and only significant asset is a liquid $250,000. Okay, at their age, and considering all the above, WHAT IS/ARE THE MOST PRACTICAL THING(s) THEY SHOULD DO WITH THAT LUMP OF LIQUID MONEY? THANK YOU from their worried adult child with a family of my own!
Grandma set up an uneven trust and we want to distribute it equally. Who do we talk to and what do we ask them? Questions about imbalanced inheritances, DIY redistribution of wealth, and taxes within... [more inside]
Needing advice from an estate lawyer or someone with thorough knowledge of how trusts work. [more inside]
What are some ways to structure a trust? I'm setting up a trust so that if I die, my child would not have a sudden, relatively large windfall. I've got life insurance, 401k and quite a bit of equity in a house, and at this time, I think it would be problematic. [more inside]
How do I find a gay financial planner who is in Manhattan, has inheritance, tax, and foreign country experience, and speaks Spanish?
How do I find a gay financial planner who is in (or accessible to) Manhattan (NYC), has inheritance, tax, and foreign country experience, and speaks Spanish? [more inside]