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General Trust Question
Posted on 1/22/15 at 4:30 pm
Posted on 1/22/15 at 4:30 pm
This Benson saga has me curious about trusts. If i set up a trust with a beneficiary such as my kids or future grandkids and fund it with cash or other assets, can i direct the trustee to eliminate the trust or change the beneficiary?
I'm sure there are a multitude of answers to this question. Can anyone provide a simple explanation?
I'm sure there are a multitude of answers to this question. Can anyone provide a simple explanation?
7
Posted on 1/22/15 at 4:35 pm to DandyPimp
In my limited exposure to trusts, there is no such thing as "simple."
Posted on 1/22/15 at 4:39 pm to DandyPimp
As long as you're alive you can change it any way you want.
Posted on 1/22/15 at 4:39 pm to DandyPimp
Are you talking revocable or irrevocable?
Posted on 1/22/15 at 5:11 pm to DandyPimp
quote:I believe there is a generational limit on trusts. Rule against perpetuities, and so forth.
future grandkids
Posted on 1/22/15 at 6:04 pm to Laaz2750
quote:
As long as you're alive you can change it any way you want.
not always true. some trusts are irrevocable and set in stone. these often have the very best tax advantages.
Posted on 1/22/15 at 6:58 pm to Ice Cold
quote:
Rule against perpetuities, and so forth
Common law nonsense, but correct in that you can't form a trust for someone not in existence in LA.
Posted on 1/22/15 at 7:00 pm to DandyPimp
Revocable Trust
You can change it until you die
Irrevocable Trust
You can't
You can change it until you die
Irrevocable Trust
You can't
Posted on 1/22/15 at 7:04 pm to MoreOrLes
Thanks. This helps
Posted on 1/22/15 at 7:27 pm to MoreOrLes
quote:
Irrevocable Trust
You can't
You can decant an irrevocable trust to make certain changes.
Posted on 1/22/15 at 7:55 pm to NOFOX
Nope,that's incorrect Nofox- you can form a "Class Trust" that can include all existing and future members of a defined class- such as present and future grandchildren...
Posted on 1/22/15 at 7:56 pm to NOFOX
oops double post
This post was edited on 1/22/15 at 7:57 pm
Posted on 1/22/15 at 8:31 pm to LSU GrandDad
Benson established irrevocable trusts with his daughter and the grandchildren as beneficiaries.
The trust has terms for management of the assets by the trustee.
According to the lawsuit, an attempt was made to transfer the assets of the trusts for promissory notes valued at 10% of the asset values. The trust provisions allows exchange of "equal" assets by the trustee. The allegations are that the trustee rejected the transfers as inadequate consideration.
The trust owns the assets and it is managed by the trustee. Benson or Gayle having Tom sign his name cannot randomly violate the terms of an irrevocable trust.
"If" the allegations are correct, Gayle Benson and the entire Saints executive team may be thrown out the door for collusion. The lawsuit alleges some interesting history about Gayle Benson and makes her look beyond a low life gold digger.
Going to be interesting to see what happens.
The trust has terms for management of the assets by the trustee.
According to the lawsuit, an attempt was made to transfer the assets of the trusts for promissory notes valued at 10% of the asset values. The trust provisions allows exchange of "equal" assets by the trustee. The allegations are that the trustee rejected the transfers as inadequate consideration.
The trust owns the assets and it is managed by the trustee. Benson or Gayle having Tom sign his name cannot randomly violate the terms of an irrevocable trust.
"If" the allegations are correct, Gayle Benson and the entire Saints executive team may be thrown out the door for collusion. The lawsuit alleges some interesting history about Gayle Benson and makes her look beyond a low life gold digger.
Going to be interesting to see what happens.
Posted on 1/22/15 at 10:37 pm to PG
quote:
"If" the allegations are correct, Gayle Benson and the entire Saints executive team may be thrown out the door for collusion. The lawsuit alleges some interesting history about Gayle Benson and makes her look beyond a low life gold digger.
Posted on 1/22/15 at 10:40 pm to PG
quote:
"If" the allegations are correct, Gayle Benson and the entire Saints executive team may be thrown out the door for collusion. The lawsuit alleges some interesting history about Gayle Benson and makes her look beyond a low life gold digger.
Going to be interesting to see what happens.
If there was indeed collusion involved than the loss of jobs is the least of some of these guys concerns.
Posted on 1/23/15 at 1:52 am to Reboot
quote:
Nope,that's incorrect Nofox- you can form a "Class Trust" that can include all existing and future members of a defined class- such as present and future grandchildren...
Wasn't thinking about these, you are right, but that is assuming a member of the class is already in existence. OP referenced children and future grandchildren so if no current grandchild, no class trust for future grandchildren.
Posted on 1/23/15 at 5:18 am to MrLSU
3 sides to almost every story - Gayle, the Kids and the Truth.
Sad that Mr Benson is even going through all of this commotion at his age however, odds are that he may not really know what is going on right now.
Sad that Mr Benson is even going through all of this commotion at his age however, odds are that he may not really know what is going on right now.
Posted on 1/23/15 at 7:05 am to DandyPimp
quote:
This Benson saga has me curious about trusts. If i set up a trust with a beneficiary such as my kids or future grandkids and fund it with cash or other assets, can i direct the trustee to eliminate the trust or change the beneficiary?
I'm sure there are a multitude of answers to this question. Can anyone provide a simple explanation?
I am not a lawyer, but my dad's life insurance and inheritance from my grandfather (dad died first) was put into a trust. It can be eliminated but the taxes paid on it and other fees would take away most of the $$$. I have no idea about chinging the beneficiaries.
Posted on 1/23/15 at 7:53 am to MSTiger33
quote:
You can decant an irrevocable trust to make certain changes.
But the nature of the new trust has to be similar in terms of rights of grantors and beneficiaries. You can't take a nonrevocable trust and turn it into a grantor (or revocable) trust simply by decanting.
Posted on 1/23/15 at 10:26 am to DandyPimp
A trust can be written to accomplish a lot of different things. There are many different types of trusts out there.
As a general rule (always some exceptions), the more restrictive the trust is, the better the tax advantages of the trust.
I deal with intentionally defective grantor trusts all the time. They are a neat tool to use for estate planning, yet, the trust doesn't have to come up with the money to pay the income tax - the grantor (Tom Benson) does that. And the taxes paid aren't considered an additional gift.
In this type of trust, property can be substituted, but it has to be equal value. That may be what this lawsuit is really all about.
As a general rule (always some exceptions), the more restrictive the trust is, the better the tax advantages of the trust.
I deal with intentionally defective grantor trusts all the time. They are a neat tool to use for estate planning, yet, the trust doesn't have to come up with the money to pay the income tax - the grantor (Tom Benson) does that. And the taxes paid aren't considered an additional gift.
In this type of trust, property can be substituted, but it has to be equal value. That may be what this lawsuit is really all about.
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