Okay, we have the living revocable trust, but I still nervous.

[stingray_on]

What is the name of your state? Ca
Our main goal to set up the trust was to make sure if both my wife and I passed that our 12 year old daughter would be taken care of. And I think we have accomplished that goal. If we died , our retirements, stocks, house and other assets will go to our trust. It will probably be close to 1 million dollars. My wife mom is the trustee and she has been given instructions on how to use the money.
Day to day expenses will be taken out and money for college is there for our daughter. ANd at 25 she will receive the rest of the trust.

We asked the lawyer if we could be specific on detailing on how the money should be spent, day to day , college, etc. and he said the trustee pretty much can do what they want once we passed. Our concern knowing my mother in law, who is very cheap, might not want to use a lot of money to send her to college.

Another concern we had is that we wanted to make sure that monies transfer to our trust, is not open to taxes. We said the house wont be, our retirements, etc.
How can I make sure this is true? IN reading these threads I am surprise on much bad advice lawyers give sometimes.

As President Reagan said, Trust but verify.

 

[CALIF-PRO36]

What is the name of your state? Ca
Our main goal to set up the trust was to make sure if both my wife and I passed that our 12 year old daughter would be taken care of. And I think we have accomplished that goal. If we died , our retirements, stocks, house and other assets will go to our trust. It will probably be close to 1 million dollars. My wife mom is the trustee and she has been given instructions on how to use the money.
Day to day expenses will be taken out and money for college is there for our daughter. ANd at 25 she will receive the rest of the trust.

We asked the lawyer if we could be specific on detailing on how the money should be spent, day to day , college, etc. and he said the trustee pretty much can do what they want once we passed. Our concern knowing my mother in law, who is very cheap, might not want to use a lot of money to send her to college.

Another concern we had is that we wanted to make sure that monies transfer to our trust, is not open to taxes. We said the house wont be, our retirements, etc.
How can I make sure this is true? IN reading these threads I am surprise on much bad advice lawyers give sometimes.

As President Reagan said, Trust but verify.

My response:

You said, " . . . to make sure if both my wife and I passed that our 12 year old daughter would be taken care of."

I'd sure be interested to find out how you accomplished that little trick, especially when the law in California dictates that you have no right to usurp the jurisdiction of the Family law court to decide who gains custody of your daughter should the both of you pass.

Let me know because I'd like to be able to pass that on to my clients who ask the same question.

IAAL

 

[StickyFingers]

My response:

You said, " . . . to make sure if both my wife and I passed that our 12 year old daughter would be taken care of."

I'd sure be interested to find out how you accomplished that little trick, especially when the law in California dictates that you have no right to usurp the jurisdiction of the Family law court to decide who gains custody of your daughter should the both of you pass.

Let me know because I'd like to be able to pass that on to my clients who ask the same question.

IAAL

Awe..IAAL..

Everyone knows already that kids are possessions and that they should be passed to who they see fit....

Just like that hutch.....You know, the one in the third dining room.

The one you want to get rid of. But for some reason can't!

 

[CALIF-PRO36]

My response:

I don't know. It just amazes me how some people think they can just "will away" their children to Auntie Martha, and they actually believe they can go to their graves believing that Auntie Martha will now have the children.

Fortunately, the courts may have other "plans", and wind up giving the children to brother Bob because the court finds out that Auntie Martha has a criminal record, or couldn't take care of a child if her life depended upon it.

That's why we have courts. Courts do the deciding - - not dead parents.

IAAL

 

[StickyFingers]

That's why we have courts. Courts do the deciding - - not dead parents.

IAAL

Agreed...Especially when Auntie Martha or Brother Bob have substance/physical/sexual abuse problems and are hard pressed to take care of their own kids...

Sometimes the lesser of all evils is state custody.....even though that is not so glamorous either.

Better than being forgotten or beaten half to death.

 

[CALIF-PRO36]

Agreed...Especially when Auntie Martha or Brother Bob have substance/physical/sexual abuse problems and are hard pressed to take care of their own kids...

Sometimes the lesser of all evils is state custody.....even though that is not so glamorous either.

Better than being forgotten or beaten half to death.

My response:

Also, what our writer forgets, as do most people, is that children need certain papers so that an "Auntie Martha" can have the legal right to, for example, take the child to the doctor, obtain medical and school records, give permission to go on school trips, sign them up for baseball, etc., etc., etc., just like a "real parent" would be able to do.

So, what happens is that an "Auntie Martha" is forced to file a Petition for Guardianship, and the entire ball gets rolling; e.g., a Guardian ad Litem is assigned, an attorney gets assigned to the child, home inspections occur, and Auntie Martha's background gets thoroughly checked, etc., etc., before a court would ever think of granting Guardianship of a child. In point of fact, Auntie Martha may NOT be in the child's "best interests" for one reason or another.

So, writer, you had better take heed. You may state that you would "like" Auntie Martha to have the child, but beware that Auntie Martha may not wind up with your child. Someone else, like Grandpa Charlie, might file a Petition for Guardianship, and may actually end up with your child.

IAAL

 

[StickyFingers]

My response:

Also, what our writer forgets, as do most people, is that children need certain papers so that an "Auntie Martha" can have the legal right to, for example, take the child to the doctor, obtain medical and school records, give permission to go on school trips, sign them up for baseball, etc., etc., etc., just like a "real parent" would be able to do.

So, what happens is that an "Auntie Martha" is forced to file a Petition for Guardianship, and the entire ball gets rolling; e.g., a Guardian ad Litem is assigned, an attorney gets assigned to the child, home inspections occur, and Auntie Martha's background gets thoroughly checked, etc., etc., before a court would ever think of granting Guardianship of a child. In point of fact, Auntie Martha may NOT be in the child's "best interests" for one reason or another.

So, writer, you had better take heed. You may state that you would "like" Auntie Martha to have the child, but beware that Auntie Martha may not wind up with your child. Someone else, like Grandpa Charlie, might file a Petition for Guardianship, and may actually end up with your child.

IAAL

Grandpa Charlie (heaven forbid) may get custody....but even worse...Brother Bob!

Heed IAAL's advice

He may seem crazy.....but we all are in our own little way.

The only difference is.... He knows his Sh!t.

 

[stingray_on]

I understand that the Family Court does decide what is the best interest for the child. But if the Trust ,say Grandmom is , and the child says Grandmom is, I really doubt it if the court would decide aganist it. As far as I know, Courts are overburden , overworked and understaff. Unless, the Grandmom is close to being senile, or has some serious problem, it should be a slamdunk.

We have the Trust, is there a way to make sure that the trust is valid and will give us what we asked. Its all legalese and hard to understand.

 

[CALIF-PRO36]

I understand that the Family Court does decide what is the best interest for the child. But if the Trust ,say Grandmom is , and the child says Grandmom is, I really doubt it if the court would decide aganist it. As far as I know, Courts are overburden , overworked and understaff. Unless, the Grandmom is close to being senile, or has some serious problem, it should be a slamdunk.

MY RESPONSE: Okay. You keep believing that. That was a very ignorant remark, especially where a child is involved. Certain court hearings have "priority" in the court system. This would be one type. So, if someone wanted to challenge your nomination for Guardianship, it wouldn't take long to get into court.



We have the Trust, is there a way to make sure that the trust is valid and will give us what we asked. Its all legalese and hard to understand.

MY RESPONSE: There's no such thing as a 100% foolproof Trust - - no matter how many "shields" you put into place. Courts can pierce those shields in a moment. Just have it reviewed by your attorney and start asking questions.

IAAL

 

[pojo2]

is there a way to make sure that the trust is valid and will give us what we asked. Its all legalese and hard to understand

Sure is, get an Atty you trust and can communicate with who can explain the legalese!

 

[wdlsguy]

Do you and your wife have wills also? Do your wills nominate personal and property guardians for your minor children? Your will can specify the creation of trusts for your children. You can learn a lot about wills and trusts if you spend a week or two with a copy of Quicken Willmaker.

I am not a lawyer.

 

[StickyFingers]

Do you and your wife have wills also? Do your wills nominate personal and property guardians for your minor children? Your will can specify the creation of trusts for your children. You can learn a lot about wills and trusts if you spend a week or two with a copy of Quicken Willmaker.

I am not a lawyer.

You are not suggesting that they can "will" their children away to who they see fit?

 

[wdlsguy]

You are not suggesting that they can "will" their children away to who they see fit?

Nope. I'm suggesting they can nominate personal and property guardians for their minor children. There is no guarantee a judge will concur with their nomination of course. How else is a parent supposed to make his/her wishes known?

I am not a lawyer.

 

[john123456]

Excellent thread.