Five Million Dollars discussed on Information


It's great it's set up properly all the wording that needs to be there is is there Mike reviews it because he is the estate planning attorney but then we find out that nothing is actually ever put into the trust and that's because you go to this place you pay the money they ask a whole bunch of questions at the end of the day you sign a bunch of documents they hand you the binder in in that binder says all right here all the steps you need to take need to move your house into this you move your vacation house into the trust you need change the beneficiaries on all your accounts of the trust any non IRA account you need to move into the trust in people see that's a yeah okay I'll do that and then what happens that binder never they never open it up again they never do though never opened again it put gets put on the shelf and such collecting dust until something happens and actually to look at it but what I noticed is that just like I said none of their assets were actually in the trust all of the money was going directly to each other which is perfectly fine but then when they passed away all the money was going directly to the kids because their name as a benefit from accounts and the kids were thirteen fourteen and flower at the time and we're talking about a large amount of money it was about five million dollars when they came to me and I had the conversation of art you have this wonderful trust set up that says this person in charge of the money for all the kids they get money at twenty five to get money at thirty they can my at thirty five that's all well and good but all of the money that you have set aside for them is going to go directly to them and they're going to get it all at age eighteen and the investment adviser did not know about the trust they had set up so he didn't make recommendations neither of them because they're working with to another them amid the relevant recommendations you've done this trust now we need to make sure we title all of the assets properly so not only do they have that they're they're going to be leaving five million dollars to a bunch of minors at age eighteen and we were all eighteen one I don't really have a lot of money yeah right we're gonna be shown up to mom dad what corvettes for ours and we got a somebody that it was really the the perfect storm of it what I noticed for these people is that there was a huge huge air on their tax return that could have easily been fixed we could have a wonderful center for that but I'm forty the window for that hi clothes and they have this problem this really potential problem with their state plan and all of.

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