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    Lawyer Visit & my Findings - not for tax benefits... will remove later.

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    Lawyer Visit & my Findings - not for tax benefits... will remove later.

    Post  Guest on Fri May 06, 2011 3:48 pm

    This is meant to remain until someone deems it needs to be removed or moved... just so it doesn't get lost in the Coop. I'm locking it for individuals personal reading & questioning.

    Please PM if you have question to me personally, I will post in Coop what might be of benefit to the Coop as a whole.

    As is it's personal to me and maybe only of benefit to me but it might help someone or get them to think or act in their best interest... hopefully it doesn't confuse.

    ------------------------------

    Standard disclosure: I'm not an attorney and please ask lots of people besides your attorney. I have found some times attorneys don't quite have the right answer. Borrowed this disclaimer from a peep I’d give him credit, but I stole it & modified it... I’ll give Bankerhours credit since he’s wise and his name pops into my head. LOL!!!

    Keep in mind, I live in Missouri and close to retirement age so your circumstances and location could mean a difference in your planning as compared to mine. That’s a BIG KEEP IT IN MIND.

    Meeting w/lawyer, my uncle - who has my best interest at heart, he must he does NOT bill me; but this time him & Aunt Mary are going to get some kind of gift for this consult AND once the R/V & cash-in confers I will be insisting on a bill, can you tip a lawyer?

    Meeting w/lawyer, for me my legal here in MO says I don’t need an LLC, after listening to what I’m trying to accomplish which is basically cover my a$$ and a$$ets. I have no idea of tax advantages I did not discuss b/c I’d want to talk to a tax attorney or CPA firm about that.

    According to him were I to establish a business w/my gains then yes, by all means LLC or maybe ever INC., for that entity it depends on the details.

    So according to a man, who is wealthy by his own admission (first time, he’s ever said that to me, though I was already aware of it... hell, they raised 6 kids (my cousins - all grown and upstanding peeps) and they have had the finer things in life w/o flaunting what they have... no, big targets on Jim or Mary’s backs. She’s was a nurse btw, during her working days before & after kids...

    Okay getting back on track (sorry, had to give them props - I admire his Columbo capabilities and her Mother-ness & great Person-ness) he told me protect myself with insurance (car, home, life) that’s what he does...

    Now about paying off debt... this is easy... If your investments are paying more interest than a debt, just keep paying the debt... otherwise pay it off. Simple huh???

    Asked about Wills for myself & wife... No... what we need is Irrevocable Trusts.

    Investopedia explains Irrevocable Trust
    The main reason for setting up an irrevocable trust is for estate and tax considerations. The benefit of this type of trust for estate assets is that it removes all incidents of ownership, effectively removing the trust's assets from the grantor's taxable estate. The grantor is also relieved of the tax liability on the income generated by the assets. While the tax rules will vary between jurisdictions, in most cases, the grantor can't receive these benefits if he or she is the trustee of the trust.

    So all in all, a very fruitful and productive meeting for me, btw... I explained that I plan to deposit the IQD in a Foreign Currency Account and gave him a description of what that would accomplish and he said he wasn’t aware of that type of account but it sounded like the way to go. So that was very encouraging hearing that from him though I planned on doing it regardless unless he had something better.

    Remember you reap what you sow!!! And that’s all I’ll say... beside don’t be in this for the “love of money”; realize money is a tool for you to accomplish what you want in life and to help others up. Amen.



      Current date/time is Wed Aug 23, 2017 6:48 am