Pelican Parts Forums - Lawyers, setting up a trust

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Quote:

Originally Posted by tcar (Post 5805452)

Can you set up a trust after the guy has died?

Only if you backdate it ;)

Quote:

Originally Posted by stomachmonkey (Post 5805629)

Maybe I can get this back on topic.

So obviously more complicated than I thought.

What would you do and how would you do it if you wanted to put together a group of donors whose goal was to provide some level of financial support for the kids?

a not for profit corp. might be something to explore - they can be 501c3 org.s under the IRS code; you first set it up under state law, establish Articles of Incorp. & Bylaws, have 3 or more Directors (in Or.), then apply to IRS for an exemption as a 501c3

this is why we are telling you to see a lawyer in YOUR state; see a trust lawyer, if you need to do a trust

call and ask first as to what sorts of things they do - beware the guy who says everything...

you DO DO! need to see a good one

a large law firm will be set up to handle nearly anything but they charge a lot

see if there is an Elder Law specialist - call the Bar and ask for some names if you cannot find a reliable way to solve the conundrum re evaluation that MRM noted

Quote:

You inherit land that anyone else would have to pay $10 million dollars to own and you pay $1.75 million for it. No wonder the wealth in this country is being concentrated at the top.

Well, they earned it and if the family doesn't have the $$$ to pay the death tax, then they are forced to sell it.. You don't see that as wrong?? There was just such an area locally, a lake with picnic areas dock & slide, good clean family fun, was in the family for a very long time(they settled the area in 1859). Cost a whopping .50 to get in, very low dollar, family fun. The owner could have cashed it out at any time and set his family for life, but he was just a simple country gent, paid his bills, kids worked there, learned the value of hard work and honest wages, no drugs or alcohol permitted, or even cussing. He died, and even though he paid all his bills, used the money they earned to maintain the property, there wasn't any large amounts of cash, and thanks to the Death Tax, they had to sell just to pay the taxes. Now, private homes are there, no more low dollar, family friendly lake access, all because of the death tax.. And no, the closest option is over 60 miles away. Keep saying it only affects certain people, but it does affect more, lots more and since when does that make it right.. Sad thing is, it was low income people who have been hurt the most by this....

Stomachmonkey, invest the time & money on a LOCAL lawyer, as others have pointed out, law can very state to state & case to case..

Sorry for your loss good luck with this...