RU-vid's best communicator! It's most difficult to find someone who's a great communicator AND is an expert on the subject too! ANOTHER great video Paul!
Did anyone ask about any potential Generation Skipping Transfer Tax in these scenarios? I’m curious when that applies. If it’s individuals as well as Estates and Trusts where the grandchildren are the beneficiaries of them? Any tips would be appreciated.
Cool video-we should give according to our conscience and our financial situation! I deeded my kids 25% of the house (my ex gets 50%) and once I pass they both get a monthly amount from my state pension! So they can learn about upkeep of a house etc. and my state pension cannot be changed by a future wife!
They probably disqualify you. I’m newly separated & had to go on it and can’t have anything but my car & they penalized me for having 1200 in my savings. It’s ridiculous
I just set up savings for all 3 of my grandchildren. I don’t have $ anymore. Can think my ex for ruining my financial future, but I put $ in for them for holiday gifts! It will be something from me…
If you have a million in a trust for a grandchild, where exactly is that money? A bank, investment brokerage, etc? Can you stipulate a certain dollar amount at say age 18, age 21, age 25, etc?
Yes for example if you want to leave 1.25 mill to grandkids be equal through kids: 1-Daughters three kids each get $83k each 2-Sons two kids each get $125k 3- Daughter 2's only daughter gets $250k but zero daughter's to the five stepkida 4-Daughter 3's five kids each get $50k 5-Son's 11 kids each get $22k Fair to each child who decided to have as many kids if they did.
Kid 2's each kid is adopted and is treated the same as if biological child ... son wanted those kids. Kid 3 only her daughter gets the money ... she only adopted her 5 step kids by default because she married that guy and he happened to have kids.
also before son adopted 2 kids it said if no kids by 45 then he just got the $250k ... don't penalize kids if they don't choose or can't have kids or are single
College has got to be one of the worst investments these days. Definitely going to stipulate that any money left is for down payment on a house or piece of land.