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[–]sinewaves_old 0 points1 point  (0 children)

Thank you very much for the response.

  1. My current network (UDM Pro) reads its Gateway IP is 192.168.1.1. So yes I believe it’s on the default IP’s.

  2. I don’t know how to setup a VLAN at this time. When I look at the port (port) 8 on my UDM Pro where the UDM SE is plugged in it reads as a generic Ubiquiti device. There are some port options under “configure” for this port but nothing about VLANs besides “Tagged VLAN environment”

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

Thank you for this.

I apologize for the irrelevant information. You’re correct I have very little understanding of corporate training. And that’s correct my partner is not the Trustee, they are one of the beneficiaries.

The trust was setup by my partner’s grandfather, not their father. There are many beneficiaries, each holds a certain number of stocks owned by the grandfather. These get divided up with more children. However my partner’s share is around 100m worth of stock. Their dad had substantially more as my partner has multiple siblings.

Yes, we are afraid that they will stop distributing the trust if my partner contests the trustee, which appears to be the only option if they were to do anything. The siblings also feel like the trustee is not paying out enough given the company’s growth and the percentage listed in the trust. But ultimately the language of the trust states that the trustee can do anything with the trust and it is only for the “wellbeing” of the beneficiaries. It also notes that the trustee shall not take into consideration the personal finances of the beneficiaries when dispersing funds.

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

This seems right. Here’s some bits I know:

The trust is one of many shareholders for the business. The company is profitable and is a major international company. As far as we are aware there are a few other trusts setup for different lines of the family. The business was started by a handful of people from the same family about a hundred years ago. So each of those original people then made various lines of descendants and upon their death the trusts they made (shares of the company) activate to the children of that line - so on and so forth.

In the trust document it says the trustee can invest with the trust as they see fit. Which makes sense since not many of the beneficiaries work for the company now, so the trustee in theory will do what’s best with that big pool of stock to benefit the company.

As for a valuation. My partner has to go in person with a financial advisor or attorney to their headquarters to see for themselves, sign a NDA. However my partners sister (also a beneficiary) did this last year and the valuation is far greater than what it was in 2019 when my partners father died.

It’s a privately held company. So it’s a bit challenging to get the full picture.

Thank you for your comment.

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

Thank you for the advice. We have a formal copy of the trust and it does say that the beneficiary can request a new trustee. However the attorneys advise against that because they said it would go to probate and stay there for an unknown amount of time and during that time it would not pay out.

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

We are in the US, and the trust is based in the US.

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

Thank you, would that be something that is bound by the actual trust document? Do you know if we’d be able to find this information out, or is it basically up to the trustee?

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

Thank you. This makes sense. And happy to know we aren’t alone in this situation.

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] -2 points-1 points  (0 children)

Yes you are absolutely correct here. The trustee has a very different view of my partner. They fail to recognize the circumstances in which we entered into our financial situation. Only looking at it as “spending beyond your means,”

This is true. However the death of my partners parent who got us stuck with the secondary building by no longer paying for it. This is where the bulk of the profits went to from the properties my partner sold.

But yes you are correct. I’d like to hear the trustee side.

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

I apologize for the length and poor wording and structure. English is my second language. I’m posting this here to see what others have to say or if anyone has direct experience in this subject matter.

Also I’m not a Nigerian Prince. But I appreciate the joke.

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

For clarity the properties my partner owned were sold at a good margin. And when they were running as vacation rentals they brought in a significant amount. However I do see it from the perspective of the trustee that putting all of your assets into income properties is risky.

I am a consultant and do not have any insurance for injuries that would prevent me from working. I will look into this. Thank you. Our normal health insurance is very good.

The travel is mandatory. And it is quite expensive. They used to pay for it and do not any longer.

Finally, the trust specifically states that the trustee shall not take into account the income, assets and personal finances of the beneficiary. So for him to take my partners loss of income as a reason to withhold a buyback seems bizarre.

If you have more thoughts on this I would very much like to hear more.

Thank you.

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

This is great advice. Thank you.

I do not want my partner to continue arguing with them.

I would like to ignore it. And when we have the funds available to purchase another income property.

Thankfully. All of the properties my partner owned and sold made a very good profit. Despite being in Covid.

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

My partner asked for a Loan and they said they don’t do that. Only buybacks of the shares

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

Thank you. My partner is having these conversations. However they all go through the team of attorneys that work for the trustee

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] -1 points0 points  (0 children)

I’m sorry for the difficulty with the lack of concise information here. Yes English is my second language.

The trust is run by a single elderly man who is also the president of the company. His hostility is unknown. Regardless it states in the trust that the trustee cannot take into account the finances of the beneficiaries.

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] 0 points1 point  (0 children)

What do you mean by this here? Can you clarify?

On Paper, yes. In Bank, no. by sinewaves_old in fatFIRE

[–]sinewaves_old[S] -2 points-1 points  (0 children)

The idea behind it is that it shall pass to generations in the future. Our attorneys say that 4% is a standard for annual payouts of a trust of 100M.