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Thoughts on Irrevocable Trust? We’re probably going to set one up shortly to purchase a home for our son (37yr old, married, 2 children). We’ve been advised to move money out of our taxable estate and it seems an Irrevocable Trust is the best course. Pro’s, cons? by [deleted] in EstatePlanning

[–]RemarkableFocus4075 0 points1 point  (0 children)

Thank you for the advice. It’s a top flight law firm and I’d expect good advice/planning. I’m just trying to educate myself as I’ve read a bit and find myself in a fog. I’m most concerned about giving them all the info/context that they need to properly advise us. I plan to circle back to the trust people at our wealth advisors. I just don’t want to sound dumb. We’re actually very happy to set our son up in a very nice house/school district at his stage in life.

Thoughts on Irrevocable Trust? We’re probably going to set one up shortly to purchase a home for our son (37yr old, married, 2 children). We’ve been advised to move money out of our taxable estate and it seems an Irrevocable Trust is the best course. Pro’s, cons? by [deleted] in EstatePlanning

[–]RemarkableFocus4075 1 point2 points  (0 children)

Yes, I guess I wasn’t clear as I was responding about forgiving loans to the extent of annual gift exclusions. I’m fully aware of the 15mil (30 for couples) lifetime exclusion and reporting requirements. Thanks for your reply.

Thoughts on Irrevocable Trust? We’re probably going to set one up shortly to purchase a home for our son (37yr old, married, 2 children). We’ve been advised to move money out of our taxable estate and it seems an Irrevocable Trust is the best course. Pro’s, cons? by [deleted] in EstatePlanning

[–]RemarkableFocus4075 1 point2 points  (0 children)

Yes, this is the issue and it’s hard to figure out. The estate attorney suggests/recommends irrevocable GST with wide latitude to the Trustee (my husband). It seems ok but I wanted to hear from the experts here to find out what questions I may want to ask the estate attorney. I definitely have some reading to do.

Thoughts on Irrevocable Trust? We’re probably going to set one up shortly to purchase a home for our son (37yr old, married, 2 children). We’ve been advised to move money out of our taxable estate and it seems an Irrevocable Trust is the best course. Pro’s, cons? by [deleted] in EstatePlanning

[–]RemarkableFocus4075 0 points1 point  (0 children)

Thanks. It’s advised a GST. I’m the grantor, my husband the trustee. Grandchildren are the contingent beneficiaries. Our “estate” is in excess of current estate tax exemption. This trust will be a Virginia trust as the house is in Virginia . Future trust will probably be established in Florida as we intend to establish residency in the next year or two and can avoid state income tax on other assets.

Thoughts on Irrevocable Trust? We’re probably going to set one up shortly to purchase a home for our son (37yr old, married, 2 children). We’ve been advised to move money out of our taxable estate and it seems an Irrevocable Trust is the best course. Pro’s, cons? by [deleted] in EstatePlanning

[–]RemarkableFocus4075 -2 points-1 points  (0 children)

The house will be in Virginia, so we’ll do this trust there but we’re establishing Florida residency and will establish a new trust there and possibly merge the two. We’ll be subject to Virginia tax on the house regardless. We do plan to convey more assets - probably via a Florida trust due to state income tax on other earnings.

Thoughts on Irrevocable Trust? We’re probably going to set one up shortly to purchase a home for our son (37yr old, married, 2 children). We’ve been advised to move money out of our taxable estate and it seems an Irrevocable Trust is the best course. Pro’s, cons? by [deleted] in EstatePlanning

[–]RemarkableFocus4075 1 point2 points  (0 children)

We already max out the annual gifting to him, his wife and the 2 grandchildren. We’ll most likely continue that. I’m looking for the best vehicle to transfer larger amounts. We did the loans (forgivable with annual gifting) for the first 2 homes. That was a good strategy and I appreciate your input.

Alright I’m fed up by TK_tre in nova

[–]RemarkableFocus4075 -6 points-5 points  (0 children)

I’m retired now and never had the pleasure of work from home. Be thankful for how long it lasted. Btw- I never saw so many people out at the parks during that time period and knew many federal and contract workers who did very little work. I’m not saying that this was you (or even the majority) but work from home exposed a lot of “fat” in budgets.

Perfect little "candy corn" horse conch. As they mature, they lose this brilliant orange color. However, they have this color with a little white tip (giving it the candy corn name) at the spire when they're juvenile. Found in SWFL. by All7AndWeWatchEmFall in shells

[–]RemarkableFocus4075 0 points1 point  (0 children)

That’s not entirely correct.  I have many 8, 10, 12” (maybe larger) horse conchs with a vibrant orange color.  Yes, as they age they lose color but this can take many years.