Re: For the love of $ ( inheritance)
[Re: gryhkl]
#6629170
09/30/19 10:47 AM
09/30/19 10:47 AM
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Joined: Dec 2013
Posts: 9,311 Northern MN
Osky
trapper
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trapper
Joined: Dec 2013
Posts: 9,311
Northern MN
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I there a way one can ensure that the future payments that are supposed to come from a trust fund cannot be sold by the kid?......"It's my money and I want it NOW!" We've all seen the commercials. Trusts can be pretty bulletproof. Osky
"A womans heart is the hardest rock the Almighty has put on this earth, and I can find no sign on it" Jabless in Minnesota www.SureDockusa.com
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Re: For the love of $ ( inheritance)
[Re: bucksnbears]
#6629178
09/30/19 10:55 AM
09/30/19 10:55 AM
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Joined: Nov 2017
Posts: 5,508 West Central MN
20scout
trapper
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trapper
Joined: Nov 2017
Posts: 5,508
West Central MN
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A good friend just went though something similar. His friend passed and left millions to his loser son. Within 6 months his son drank himself to death and didn't have a will so the state got it all.
Common sense is a not a vegetable that does well in everyone's garden.
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Re: For the love of $ ( inheritance)
[Re: Canvasback2]
#6629182
09/30/19 11:00 AM
09/30/19 11:00 AM
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Joined: Jan 2007
Posts: 25,592 Georgia
warrior
trapper
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trapper
Joined: Jan 2007
Posts: 25,592
Georgia
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There is an old saying "MONEY, IS THE ROOT OF ALL EVIL !!" .
1 Timothy 6:10 King James Version (KJV) 10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows. Full quote, it's the love of money that is evil not money itself.
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Re: For the love of $ ( inheritance)
[Re: 20scout]
#6629205
09/30/19 11:31 AM
09/30/19 11:31 AM
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Joined: Dec 2013
Posts: 9,311 Northern MN
Osky
trapper
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trapper
Joined: Dec 2013
Posts: 9,311
Northern MN
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A good friend just went though something similar. His friend passed and left millions to his loser son. Within 6 months his son drank himself to death and didn't have a will so the state got it all. Wouldn't it be interesting to know the amount the state and federal tax systems steal from the people who pass each year? If battling to protect what you have worked for all your life isn't enough while living, the vultures are there to pounce particularly on those who's estates were caught unaware. Osky
"A womans heart is the hardest rock the Almighty has put on this earth, and I can find no sign on it" Jabless in Minnesota www.SureDockusa.com
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Re: For the love of $ ( inheritance)
[Re: bucksnbears]
#6629208
09/30/19 11:38 AM
09/30/19 11:38 AM
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Joined: Jan 2007
Posts: 5,201 Northern Minnesota
BernieB.
trapper
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trapper
Joined: Jan 2007
Posts: 5,201
Northern Minnesota
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There are a lot of good charities out there. I do some work for one which really helps people get free from the chains of addiciton. Surely he has some compassion for some of them that he could leave some money to. I would sit down with him and see what kinds of things pull at his heart strings and help him put some of them in his will. He could also put some stipulations on how his son gets the money, to help make sure it doesn't further ruin his son's life. Tough situation but I applaud you for being concerned about him and his son. FYI, here's a little video about the organization I work for. https://www.facebook.com/mnfishingchallenge/videos/1105429696300481/
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Re: For the love of $ ( inheritance)
[Re: bucksnbears]
#6629209
09/30/19 11:38 AM
09/30/19 11:38 AM
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Joined: Jan 2007
Posts: 3,960 Northern Nevada
Bob
trapper
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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Money is neither good or evil. Large sums of money just make people more of what they already are. If you’re selfish it makes you more selfish. If you’re generous it’ll make you more generous.
"I have two guns, one for each of ya."
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Re: For the love of $ ( inheritance)
[Re: bucksnbears]
#6629294
09/30/19 01:32 PM
09/30/19 01:32 PM
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Joined: Mar 2009
Posts: 1,432 Akron, Ohio
bass10
trapper
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trapper
Joined: Mar 2009
Posts: 1,432
Akron, Ohio
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Its real hard and touchy. My dad passed (divorced) and wanted to leave the paid off house to us 3 kids but as you know never got around to it. So his worthless new wife and her more worthless daughter got everything. Now his wife is passed and her daughter is living in dads newer, mortgage free house. Now that moms widowed we are trying to get her to get her will the way she wants it and leave her ex's kids out if she so chooses. But you can't keep pushing its got to be their choice but you hate for them to pass and not have it how they want it.
If he wants his kid to have it all you can do (and do it) is state your mind?
"The more people I meet the more I love my dog!"
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Re: For the love of $ ( inheritance)
[Re: James]
#6629324
09/30/19 02:11 PM
09/30/19 02:11 PM
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Joined: Dec 2006
Posts: 15,694 MN, Land of 10,000 Lakes
Trapper7
trapper
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trapper
Joined: Dec 2006
Posts: 15,694
MN, Land of 10,000 Lakes
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The lowest cost option would probably be to set up a trust for the son. I'm assuming the soon-to-be-deceased wants to benefit his own blood.
A trust would pay the son a certain amount of dollars per month, and won't allow the son to (This word is unacceptable on Trapperman) it all away on drugs, fast cars, and faster women.
Jim I think if he wants to give it to his kid, that his choice. Your option is the best solution.
We are told not to judge all Muslims by the actions of a few lunatics, but are told to judge all gunowners by the actions of a few.
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Re: For the love of $ ( inheritance)
[Re: KeithC]
#6629345
09/30/19 03:01 PM
09/30/19 03:01 PM
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Joined: Jan 2008
Posts: 9,194 Alaska and Washington State
waggler
trapper
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trapper
Joined: Jan 2008
Posts: 9,194
Alaska and Washington State
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What your friend should do is appoint an executor of his estate, who pays out a small amount of money at a time, over a long period of time to the son, on the condition that he competes a drug and alcohol program and tests clean before receiving the payments. It will keep the son from splurging and immediately overdosing.
He could appoint the other young man as executor. Executors typically receive pay from the estate for their work.
Keith Great suggestion.
"My life is better than your vacation"
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Re: For the love of $ ( inheritance)
[Re: warrior]
#6629366
09/30/19 03:20 PM
09/30/19 03:20 PM
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Joined: Jan 2008
Posts: 9,194 Alaska and Washington State
waggler
trapper
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trapper
Joined: Jan 2008
Posts: 9,194
Alaska and Washington State
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There is an old saying "MONEY, IS THE ROOT OF ALL EVIL !!" .
1 Timothy 6:10 King James Version (KJV) 10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows. Full quote, it's the love of money that is evil not money itself. Original Greek is: A root of all kinds of evil is the love of money. Not all evil is caused by rhe love of money as the KJV might imply. I know that may sound a little nitpicky, but it is a significant difference.
"My life is better than your vacation"
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Re: For the love of $ ( inheritance)
[Re: bucksnbears]
#6629448
09/30/19 05:00 PM
09/30/19 05:00 PM
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Joined: Mar 2019
Posts: 1,497 Southern NJ
maintenanceguy
trapper
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trapper
Joined: Mar 2019
Posts: 1,497
Southern NJ
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You love your kids, even when they are screwed up.
I too would do a trust. Kid will blow the money in the first couple of years otherwise. It's pretty safe to pull 4% out of a trust and not lose any principal if it's invested properly. If your buddy has $2M, the kid can get $80K per year for the rest of his life. That's a lot of meth.
But, it's really not your business. As a friend, you can always offer advise if you think it will help but, as a friend, let him decide what to do with his money.
-Ryan
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Re: For the love of $ ( inheritance)
[Re: bucksnbears]
#6629467
09/30/19 05:43 PM
09/30/19 05:43 PM
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Joined: Oct 2009
Posts: 7,349 western mn
bucksnbears
OP
trapper
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OP
trapper
Joined: Oct 2009
Posts: 7,349
western mn
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I don't like too meddle in other people's financial stuff. He sounds set on giving it to his son so I believe I'll just keep my mouth shut. Just kinda irritates me when it could go to somebody in need ( or several)
swampgas chili and schmidt beer makes for a deadly combo
You have to remember that 1 out of 3 Democratic Voters is just as dumb as the other two.
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Re: For the love of $ ( inheritance)
[Re: bucksnbears]
#6629481
09/30/19 06:13 PM
09/30/19 06:13 PM
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Joined: Nov 2007
Posts: 9,833 St. Cloud, MN
trapperkeck
trapper
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trapper
Joined: Nov 2007
Posts: 9,833
St. Cloud, MN
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I don't like too meddle in other people's financial stuff. He sounds set on giving it to his son so I believe I'll just keep my mouth shut. Just kinda irritates me when it could go to somebody in need ( or several) Good plan. In the end, money is nothing. Heck, money is nothing before the end. Family is all anyone, really, has. I have seen way to many folks try to do "what's right" and the reality is, there are no winners. Let your friend make the decision and support him. As if it isn't tough enough to die with some amount of dignity.
"The voice of reason!"
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Re: For the love of $ ( inheritance)
[Re: bucksnbears]
#6629490
09/30/19 06:23 PM
09/30/19 06:23 PM
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Joined: Dec 2006
Posts: 3,473 Northern Ohio ...
Sullivan K
"Keith"
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"Keith"
Joined: Dec 2006
Posts: 3,473
Northern Ohio ...
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What are your views? Am I outta bounds if I bring this up too him?
Stay out of it. Stay Out of it.. Stay Out Of it... Stay Out Of It.... STAY OUT OF IT!!!!!!! IT IS NONE OF YOUR BUSINESS
My name ain't Keith
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Re: For the love of $ ( inheritance)
[Re: bucksnbears]
#6629592
09/30/19 08:19 PM
09/30/19 08:19 PM
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Joined: Dec 2006
Posts: 21,028 St. Louis Co, Mo
BigBob
trapper
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trapper
Joined: Dec 2006
Posts: 21,028
St. Louis Co, Mo
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He can set it up as an "allowance", so much a month and NO MORE. Of course the lawyer/accountant will take a bite,l bu that seems reasonable under those circumstances.
Every kid needs a Dog and a Curmudgeon.
Remember Bowe Bergdahl, the traitor.
Beware! Jill Pudlewski, Ron Oates and Keven Begesse are liars and thiefs!
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Re: For the love of $ ( inheritance)
[Re: bucksnbears]
#6629599
09/30/19 08:25 PM
09/30/19 08:25 PM
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Joined: Nov 2017
Posts: 5,508 West Central MN
20scout
trapper
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trapper
Joined: Nov 2017
Posts: 5,508
West Central MN
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I would look deep and hard into a trust. From my understanding, Minnesota's trust's have changed somewhat in the last few years and not for the best.
Common sense is a not a vegetable that does well in everyone's garden.
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