Archive for the ‘Investing’ Category
stephanie evans asked:
Sister is saying there isno profit it only pay thier wages. They bought building for 3 million. I know there’s a big profit. What do I do? When I talked her she gets real upset I live in a different state. Never thought this would happen to us the papers I do have are ones she did still havnt havnt received money on last house sold in may. Help!
Marty Silton
Sister is saying there isno profit it only pay thier wages. They bought building for 3 million. I know there’s a big profit. What do I do? When I talked her she gets real upset I live in a different state. Never thought this would happen to us the papers I do have are ones she did still havnt havnt received money on last house sold in may. Help!
Marty Silton
ksewell1183 asked:
my grandpa commited ******* and left me a trust fund that is irrevocable. he was not happy with me at all before he died because I was young stupid and irresponsible. I am now married, have a child and am no longer the same person. I think the way he set it up is harsh. but it was smart in some ways. I want to keep everything the same except take out a little to get my family into a house. is this possible?
Junko Celli
my grandpa commited ******* and left me a trust fund that is irrevocable. he was not happy with me at all before he died because I was young stupid and irresponsible. I am now married, have a child and am no longer the same person. I think the way he set it up is harsh. but it was smart in some ways. I want to keep everything the same except take out a little to get my family into a house. is this possible?
Junko Celli
what asked:
my husband and are having a problem we do not know how to give our 2yr old a trust fund.We want her to have money to make sure her future is set for either college or what ever. We do not even know what bank if any will hold the trust fund or how it works to get one.We need to know today , heck we needed to know yesterday.He got some money from selling his house and it is not all that , but his family is now asking for huge loans as if he is a bank.So now we are in a huge rush to put some money away for our daughter befor my softy husband gives it all away.Keep in mind we do not want a college fund becauase it obligates her to go to college and we want her to want it not to be forced.Thank you so much in advance.
We also want noone to be able to get ti out other than her.
We also want noone to be able to get it out other than her.
We also want no one to be able to get it out other than her.
Katelyn Posik
my husband and are having a problem we do not know how to give our 2yr old a trust fund.We want her to have money to make sure her future is set for either college or what ever. We do not even know what bank if any will hold the trust fund or how it works to get one.We need to know today , heck we needed to know yesterday.He got some money from selling his house and it is not all that , but his family is now asking for huge loans as if he is a bank.So now we are in a huge rush to put some money away for our daughter befor my softy husband gives it all away.Keep in mind we do not want a college fund becauase it obligates her to go to college and we want her to want it not to be forced.Thank you so much in advance.
We also want noone to be able to get ti out other than her.
We also want noone to be able to get it out other than her.
We also want no one to be able to get it out other than her.
Katelyn Posik
J asked:
This is NOT a living trust! My family Trust is trying to leverage a small condo but it is hard to find a lender who would lend to a trust. I am certain that it is possible though! The problem is that it is a small loan and the trust already owns some other parcels. This would be part of a 1031 exchange as well.
Every property in the trust is free and clear (two properties and one in escrow)this is the first time we are atttempting to get a loan for the trust. It would be approx 60K on about 200K (30% LTV)
Salley Salvant
This is NOT a living trust! My family Trust is trying to leverage a small condo but it is hard to find a lender who would lend to a trust. I am certain that it is possible though! The problem is that it is a small loan and the trust already owns some other parcels. This would be part of a 1031 exchange as well.
Every property in the trust is free and clear (two properties and one in escrow)this is the first time we are atttempting to get a loan for the trust. It would be approx 60K on about 200K (30% LTV)
Salley Salvant
Dovey asked:
Does it matter? I feel patronized. Actually, I feel mistrust.
Carla Companion
Does it matter? I feel patronized. Actually, I feel mistrust.
Carla Companion
Mercedes16_90!! asked:
i just turned 18 in dec, 08 and I haver opened me up a savings account and I have a family trust ATM CARD AND I want to know what are all the things you can do with it? Also HOW do I began using it? Also how do I apply for family trust debet and credit cards?
52 minutes ago – 4 days left to answer.
Evan Straight
i just turned 18 in dec, 08 and I haver opened me up a savings account and I have a family trust ATM CARD AND I want to know what are all the things you can do with it? Also HOW do I began using it? Also how do I apply for family trust debet and credit cards?
52 minutes ago – 4 days left to answer.
Evan Straight
Rick23509 asked:
I’m researching setting up a college trust fund for my niece and have a few questions.
I’m researching setting up a college trust fund for my niece and have a few questions.
I’ve looked at a handful of websites, MetLife.com being one of them, and everything seems to relate to “estate planning”. I’m not interested in transferring anything from my personal estate to my niece, only setting up a college fund whereby I and the rest of my family can contribute monthly to the fund.
How are taxes handled since I would be the trustee?
What type of account is / can a trust fund be setup under?
Who would I talk to in order to receive more information face-to-face or over the phone on this topic matter?
Thank you,
Rick
http://www.metlife.com/individual/life-advice/retirement-planning/establishing-a-trust-fund/
Shanell Ville
Robert D. Cavanaugh, CLU asked:
As Father Time marches on, the question of what to do with the home becomes a greater concern. In some cases, ruminating on the alternatives can dominate one’s thinking. If a person is aware of the various options and chooses a path that makes the most sense, peace of mind can often be the result.
Studies have shown that 90% of married couples and 62% of single persons reach retirement owning their own homes. Coupled with non-monetary considerations of whether to stay or sell, one major objective is how to convert the equity in the home to an income.
In some cases, selling the home is the most attractive option. However, remaining in the home could be simpler and less stressful. Many people are too quick to jump to the “sell” option because they are not aware of all the options that would allow staying in the home and extracting the equity as well.
Weigh each of the following options against selling before throwing in the mental towel and listing the home.
An AARP study done in 2000 showed that more than 90% of seniors wanted to stay in their homes for as long as possible. Almost 82% still wanted to stay even if they needed care.
That is a very loud vote. Therefore, I would recommend looking at long term care insurance that either only provides home care or a more comprehensive plan that includes home care. Many seniors balk at the topic of long term care because they figure they will never go to the “home.” Statistically, 50% of them are right. What many fail to realize is that at some point almost everyone will need some kind of help. Home care benefits may provide the needed assistance while allowing the person to remain in their home.
As seniors age, the upkeep of the home may become overbearing. The lawn still needs cutting, the bushes trimmed and the flower beds kept free of weeds. The inside needs dusting; the carpet needs vacuuming and the windows need washing. Eventually, in many people’s minds, these become reasons to sell.
I would invite you to put a pencil to this. Look at hiring someone to come in and clean. Hire a lawn maintenance company or the teen-ager down the street trying to pay for his car. Having these things taken care of in this manner is a lot less expensive than moving to a retirement home.
If the home is too big, close some rooms off. If it cost too much to heat or cool, seal the vents in un-used rooms.
Sometimes it may make sense (both for the senior and the child) for one of the children to move in and serve as a caretaker, cook, lawn-cutter and/or pool boy/girl.
There are several ways to get the equity out of the home, while continuing to live in the home.
First, the home could be re-financed. Mortgage interest rates today are low. Properly invested, the funds released could cover the new mortgage payments. If not, the difference could be less expensive than rent. Depending on the person’s age, putting a part of the proceeds into an immediate annuity may even cover the mortgage payment and then some.
If the person has a retirement plan that mandates required minimum distributions starting at age 70 1/2, the interest deduction on the new mortgage could be a welcome offset to the RMDs, which must be included in taxable income.
For large estates subject to estate taxes, placing the home in a Qualified Personal Residence Trust (QPRT) can potentially remove the home, and any appreciation from the date of the transfer into the trust, from the taxable estate. Proper trust drafting can also provide for the housing needs of the survivor of a married couple and, ultimately, leave the home to the children.
Selling the home to the children is another option. By structuring the sale and lease back according to the rules, the $250,000 single person or $500,000 married couple capital gains tax exclusion could apply. Here, again, the parents would continue to live in the home and pay rent to the children. This removes the home from the taxable estate as well.
A gift-leaseback is an alternative. The value of the home will use up part (or all) of the lifetime unified credit. Consult a tax attorney if the value of the home is large and this option is one of the ones on the table.
If the homeowner(s) are age 62 or older, a reverse mortgage may be a viable option. The National Council on Aging calculates there are 13.2 million seniors who could qualify for a reverse mortgage of $20,000 or more. The average would be $72,000.
Reverse mortgages can reduce or eliminate the children’s inheritance. Today, there are Federal Rules for reverse mortgages and about 90% are federally insured. Fees can be high and will differ among lenders. Shop around.
Prior to making the decision to stay in the home or sell, each of these options should be part of the discussion among the senior, their children and financial advisors.
Jamie Mullinix
As Father Time marches on, the question of what to do with the home becomes a greater concern. In some cases, ruminating on the alternatives can dominate one’s thinking. If a person is aware of the various options and chooses a path that makes the most sense, peace of mind can often be the result.
Studies have shown that 90% of married couples and 62% of single persons reach retirement owning their own homes. Coupled with non-monetary considerations of whether to stay or sell, one major objective is how to convert the equity in the home to an income.
In some cases, selling the home is the most attractive option. However, remaining in the home could be simpler and less stressful. Many people are too quick to jump to the “sell” option because they are not aware of all the options that would allow staying in the home and extracting the equity as well.
Weigh each of the following options against selling before throwing in the mental towel and listing the home.
An AARP study done in 2000 showed that more than 90% of seniors wanted to stay in their homes for as long as possible. Almost 82% still wanted to stay even if they needed care.
That is a very loud vote. Therefore, I would recommend looking at long term care insurance that either only provides home care or a more comprehensive plan that includes home care. Many seniors balk at the topic of long term care because they figure they will never go to the “home.” Statistically, 50% of them are right. What many fail to realize is that at some point almost everyone will need some kind of help. Home care benefits may provide the needed assistance while allowing the person to remain in their home.
As seniors age, the upkeep of the home may become overbearing. The lawn still needs cutting, the bushes trimmed and the flower beds kept free of weeds. The inside needs dusting; the carpet needs vacuuming and the windows need washing. Eventually, in many people’s minds, these become reasons to sell.
I would invite you to put a pencil to this. Look at hiring someone to come in and clean. Hire a lawn maintenance company or the teen-ager down the street trying to pay for his car. Having these things taken care of in this manner is a lot less expensive than moving to a retirement home.
If the home is too big, close some rooms off. If it cost too much to heat or cool, seal the vents in un-used rooms.
Sometimes it may make sense (both for the senior and the child) for one of the children to move in and serve as a caretaker, cook, lawn-cutter and/or pool boy/girl.
There are several ways to get the equity out of the home, while continuing to live in the home.
First, the home could be re-financed. Mortgage interest rates today are low. Properly invested, the funds released could cover the new mortgage payments. If not, the difference could be less expensive than rent. Depending on the person’s age, putting a part of the proceeds into an immediate annuity may even cover the mortgage payment and then some.
If the person has a retirement plan that mandates required minimum distributions starting at age 70 1/2, the interest deduction on the new mortgage could be a welcome offset to the RMDs, which must be included in taxable income.
For large estates subject to estate taxes, placing the home in a Qualified Personal Residence Trust (QPRT) can potentially remove the home, and any appreciation from the date of the transfer into the trust, from the taxable estate. Proper trust drafting can also provide for the housing needs of the survivor of a married couple and, ultimately, leave the home to the children.
Selling the home to the children is another option. By structuring the sale and lease back according to the rules, the $250,000 single person or $500,000 married couple capital gains tax exclusion could apply. Here, again, the parents would continue to live in the home and pay rent to the children. This removes the home from the taxable estate as well.
A gift-leaseback is an alternative. The value of the home will use up part (or all) of the lifetime unified credit. Consult a tax attorney if the value of the home is large and this option is one of the ones on the table.
If the homeowner(s) are age 62 or older, a reverse mortgage may be a viable option. The National Council on Aging calculates there are 13.2 million seniors who could qualify for a reverse mortgage of $20,000 or more. The average would be $72,000.
Reverse mortgages can reduce or eliminate the children’s inheritance. Today, there are Federal Rules for reverse mortgages and about 90% are federally insured. Fees can be high and will differ among lenders. Shop around.
Prior to making the decision to stay in the home or sell, each of these options should be part of the discussion among the senior, their children and financial advisors.
Jamie Mullinix
Antony Heywood asked:
What is a Child Trust Fund?
You have a new arrival in the family. A wonderful new addition, something that will enrich your life but there is so much to learn and you need to learn it quickly. One of the last things on your mind is the fund for university, or their first car, or their wedding but the Child Trust Fund
provides a start for all of these outcomes.
The Child Trust Fund is a long-term saving account that the child can withdraw the money from once they become an adult at the age of 18. The government in the UK provides you with a child trust fund voucher or CTF with the value of £250. If your household income is less that £15,575 you will also receive a top up of on top the initial £250. The top up is linked to the amount of Child Tax Credit that you receive. You need to make sure you make the claim your child tax credit within the first three months of the babies birth as the government will only back date the payments for three months. You don’t want to miss out.
To qualify for a Child Trust Fund your child must:
• Been born on or after 1st September 2002
• Not be subject to immigration control
• Lives in the UK
• You receive Child Benefit for the child
There are different types of child trust fund schemes and a large variety of Child Trust Fund
providers. The maximum that can be saved, tax free, for a child each year is £1,200. Anyone can add money to the account for the child, it is not just limited to the parents. Everyone from grandparents, aunt, uncles, family friends that can all add money directly into the child trust fund account.
When the child reaches the age of seven the government will provide another £250 top up for the account. Those children on lower incomes will receive a further £250 in additional funding.
When the child reaches the age of 16 they will be able to make some decisions about how their child trust fund is managed but they will not be able to access the money in the account until they reach the age of 18.
The government hopes that the Child Trust Fund will provide a helping hand to a new generation of adults when those who qualify reach the age of 18. The first batch of those will be in 2020.
Tony Heywood ©
Child Trust Fund
Child Trust Fund Voucher
Tomika Villot
What is a Child Trust Fund?
You have a new arrival in the family. A wonderful new addition, something that will enrich your life but there is so much to learn and you need to learn it quickly. One of the last things on your mind is the fund for university, or their first car, or their wedding but the Child Trust Fund
provides a start for all of these outcomes.
The Child Trust Fund is a long-term saving account that the child can withdraw the money from once they become an adult at the age of 18. The government in the UK provides you with a child trust fund voucher or CTF with the value of £250. If your household income is less that £15,575 you will also receive a top up of on top the initial £250. The top up is linked to the amount of Child Tax Credit that you receive. You need to make sure you make the claim your child tax credit within the first three months of the babies birth as the government will only back date the payments for three months. You don’t want to miss out.
To qualify for a Child Trust Fund your child must:
• Been born on or after 1st September 2002
• Not be subject to immigration control
• Lives in the UK
• You receive Child Benefit for the child
There are different types of child trust fund schemes and a large variety of Child Trust Fund
providers. The maximum that can be saved, tax free, for a child each year is £1,200. Anyone can add money to the account for the child, it is not just limited to the parents. Everyone from grandparents, aunt, uncles, family friends that can all add money directly into the child trust fund account.
When the child reaches the age of seven the government will provide another £250 top up for the account. Those children on lower incomes will receive a further £250 in additional funding.
When the child reaches the age of 16 they will be able to make some decisions about how their child trust fund is managed but they will not be able to access the money in the account until they reach the age of 18.
The government hopes that the Child Trust Fund will provide a helping hand to a new generation of adults when those who qualify reach the age of 18. The first batch of those will be in 2020.
Tony Heywood ©
Child Trust Fund
Child Trust Fund Voucher
Tomika Villot
Gini ` asked:
How can we change one of the payees on it to read the family trust and the still surviving person on the original without losing any of the value of the bond at this time?
John
How can we change one of the payees on it to read the family trust and the still surviving person on the original without losing any of the value of the bond at this time?
John