Trusts

coboardhead · Joined: 26 Oct 2009 Posts: 4303

My point, is that these tools are so complicated that they require retaining professional and, in my experience, very expensive advice.

I think that your assumption that success in a business or profession makes one sophisticated and capable to negotiate these complex legal issues is not true.

Many of us can be quite successful in the practice of our professions without ever needing to talk to a lawyer. I will admit, until we heard of these sort of estate planning tools, through a casual conversation with an attorney friend, I did not know they existed. Why is that? Cause 60 hour weeks, maintaining a profession and growing a business (with a few windsurfing sessions thrown in) is all a lot of us can handle.

I know that my Grandfather's farm, in the day, barely provided him a living. He did not have money to hire legal advice. The farm, in next years possible estate tax scenario (if a small business), would be valuable enough to exceed the threshold and would have to be sold to pay taxes.

Our tax code is overly complex. I believe that much of this complexity is DESIGNED to require the retention of professional advice to properly navigate.

This is wrong. I would gladly turn over the money I spend on accounting and legal advice to help reduce the national debt.

coboardhead · Joined: 26 Oct 2009 Posts: 4303

Oh, and by the way.

My interpretation of Dick the Butcher's statement:

He is sarcastically describing a utopia where lawyers did not exist. He goes on to, basically, describe lawyers as theives (using "beeswax). Or stealing using the pen.

Not that they are in the way of his plot.

keycocker · Joined: 10 Jul 2005 Posts: 3598

Well spoke. I know little about estate matters but am still successful enough.

Iso said "I never knowingly put words in others’ mouths; that’s the far left’s game here, and it’s why and how they look so foolish to people who can read for themselves and a major reason I killfiled them."
When I began to post here the others were kind enough to fill me in on Iso.
He posts as a Talk Radio show with him as the host.. Same content- often same "facts"
On TR you can never check the hosts facts. He has no idea if they are true. They get them by polling to see what "truth" the audience wants today.
The host, like Iso, streams silly opinions you supposedly hold and then cuts you off.
Iso provides dumb opinions for others quite often here. Those who fact check him are "plonked" in his words and he pretends he can't see their posts with some software...
Now and then he responds to their posts anyway, so the pretense often breaks down.
According to him he gets no respect because
He is a conservative
-We come from all backgrounds Dems,GOP, no politics, but agree Iso is a troubled person
The others are all psychos.
-Could all hundred of us be psychos?
We are all traitors to the US
-Offensive talk radio speak, heard on the air all the time.
We don't know anything about.....
-He is often speaking to lawyers about law ,teachers about teaching, water engineers about water, and we are all always wrong in our own fields.
I ignore this advice at first, then one day I quoted him saying something foolish and he went crazy on me and said he was going to contact my employer and get me fired.
Looked me up to see how to hurt me for quoting him.
By way thanks to one and all GOP, Dems, everyone for sending me a mail like this at first.
Sorry I didn't listen.

mrgybe · Joined: 01 Jul 2008 Posts: 5181

DanWeiss · Joined: 24 Jun 2008 Posts: 2296 Location: Connecticut, USA

isobars · Joined: 12 Dec 1999 Posts: 20939

isobars · Joined: 12 Dec 1999 Posts: 20939

Back to protecting one's assets, I hope every one of you has converted his IRA into a "stretched" IRA. It takes just minutes, and can legally stretch a moderate IRA into many millions of dollars (one such example converted a $100K IRA into $8,167,629) for your grandkids. The tax codes not only allow this, but were written with this as its intent.

Read Ed Slott's book, "Parlay Your IRA into a Family Fortune".

Mike

boggsman1 · Joined: 24 Jun 2002 Posts: 9138 Location: at a computer

Just a little positive news in a sea of bickering and negativity. Apple is at an all-time high, thats right , all time high, its the largest company on the NAZ, and second largest cap in the US behind Exxon, which I anticipate it overcoming in the next year. Netflix, Amazon, Salesforce, Orcl(9yr high), and many other big cap tech names are en fuego. This could be the beginning of something real positive, dont be scared!

mrgybe · Joined: 01 Jul 2008 Posts: 5181

mac · Posted: Wed Sep 22, 2010 10:30 am Post subject:

This is hysterical that folks on this forum are defending people in business who can't figure out the best ways to involve their children in the business while minimizing their tax liability. It is the nature of business that folks who don't do it wisely go out of business. The American Way. Duh.