Black posters, make sure you/ur parents have a Trust or a Will. Please do this.

[RickyDiBiase]

Get a trust and go over it every two years. I forgot the term for it

 

[Ethnic Vagina Finder]

True, but I'm just saying, ppl get emboldened and depending on your state, if it's a red state they may feel like they can do whatever now that Trump is in and have no repurcussions.

White people are always emboldened it's been that way for hundreds of years.
That was the original purpose of saying "woke". But they even took that word and flipped it

 

[Neuromancer]

My mom's got one.

 

[ItsPeople]

If your parents only has one child do they need a will to pass their belongings to that child ?

 

[Adeptus Astartes]

If your parents only has one child do they need a will to pass their belongings to that child ?

Yes. Otherwise shyt can end up getting fought over by other relatives in probate court.

 

[Jayou Ayen]

If your parents only has one child do they need a will to pass their belongings to that child ?

You really need to look up the laws in your area, I can only speak for California.

If the deceased had over $180k in assets, the state will make you go through probate, even if you’re an only child. That will cost you time & money, and someone else will make the final decision.

It could ultimately cost you up to 7% of the estate’s total value. Just get a lawyer, create a trust, and save yourself a huge headache.



39

 

[shopthatwrecks]

What about us white posters?

 

[Da Jungles]

Irrevocable trust y’all!

My life insurance through my company is already set up. And also I have my assets set up for my parents/siblings.

Do you have a policy that you own as well? Outside the job? I’d get one if you don’t already.

 

[InfinateOpulance]

...

 

[trapnerd]

My dad just passed in September.

He had about 600k in the bank, plus properties, and some other things.

He was sick for a real long time, but him and my step mom were in denial. So they didn’t have a will or anything.

Now… everything is routed through my step mom. Which is what it is. But I’m pretty sure she is going to try to peace meal whatever she decides to give me.

 

[Tony D'Amato]

What if your name is on the deed? Do u still need a trust?

 

[Still Benefited]

I plan to just give my family the passcodes to all of my accounts. I dont want the state taking their cut.

 

[KGlock]

I'm my dad first son and look like him the most. He separated from moms 16 years ago and he ain't in talking terms with other sons (half brothers). Had a long discussion 2 months ago and long story short im getting majority of his assets, rest split with his siblings.

 

[Amo Husserl]

Yeah. Wills are good, but I think Trusts are more ironclad. A Will can be opened up, but a Trust is basically a handover process.

Wills can be contested in court, trusts cannot. Probate court fees for lawyers are calculated by the value of the estate iirc.
Black people need more Black lawyers as estate planners focused on wills and trusts, property transfers, tax specialists and real estate tax specialists.
Long been since had my paperwork taken care of and ready.

Oh, peep state legislation. In some ways inherited property can be reassessed and the property taxes can increase.
Certain ways certain trusts offer more protection than others.
Generational wealth ain't about keeping property in the family, but about keeping property in the family grand's fixed rate or as close to it while the value go up. Interest on mortgage payments and property taxes can be written off on taxes how I understand it. See line 2.
Some states allow a separate trust before marriage to count as separate property safe from wifey runnin' ya pockets in a divorce.

 

[Big Blue]

Irrevocable trust y’all!




Do you have a policy that you own as well? Outside the job? I’d get one if you don’t already.

I shopped and I'm sticking with my company plan since I don't have to pay a cent into it. I know I can make extra but I don't think it's worth it now.