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Author
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Topic: I’m confused on this high finance issue?
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Leonard
HMFIC
Member # 2
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posted July 14, 2025 09:47 PM
What is the difference between a trust, like if I bought a siliencer. Or, if the title of my house at the county courthouse was held in trust? And what exactly is the nature of an irrevocable trust?
And no fair googling it; I want normal worthless pulled out of your ass opinion.
Thanks,
El Bee 🐝
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EL BEE Knows It All and Done It All.
Don't piss me off!
Posts: 32567 | From: Upland, CA | Registered: Jan 2003
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Kokopelli
SENIOR DISCOUNT & Dispenser of Sage Advice
Member # 633
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posted July 15, 2025 05:22 AM
My ass is kinda tight on this one.
Need more info. ![[Confused]](confused.gif)
Are you thinking on setting up some kind of Trust for your heirs ????
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And lo, the Light of the Trump shown upon the Darkness and the Darkness could not comprehend it.
Posts: 8350 | From: Under a wandering star | Registered: Apr 2005
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Leonard
HMFIC
Member # 2
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posted July 15, 2025 07:48 AM
Yes, except it has been done. I’m just wondering what it all means? I mean; “Trust” is a hell of a BUZZWORD! I assume it has benefits normal people don’t have.
My daughter thought I should have a Trust, to the tune of $1500 for the lawyer to set it up. Now I got it.
I’m negotiating a mortgage and this lending institution wants to know the particulars. I suggested they go to my courthouse and look it up. I’m guessing they want to know if they can own the property if I’m a day late on the payment.
So, what makes a Trust so great? As far as I know, it’s a legal device protecting the schmuck, in some way. Right? My Business law class, many years ago, either did not cover trusts, or I missed that day.
Good hunting. El Bee
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EL BEE Knows It All and Done It All.
Don't piss me off!
Posts: 32567 | From: Upland, CA | Registered: Jan 2003
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Kokopelli
SENIOR DISCOUNT & Dispenser of Sage Advice
Member # 633
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posted July 15, 2025 08:16 AM
A good friend of mine is involved with a Trust.
Total nightmare.
The only ones benefitting from it are the Lawyers.
Good luck.
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And lo, the Light of the Trump shown upon the Darkness and the Darkness could not comprehend it.
Posts: 8350 | From: Under a wandering star | Registered: Apr 2005
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Dan
Knows what it's all about
Member # 4563
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posted July 15, 2025 08:53 AM
On suppressors a trust will allow anyone listed on the trust to have possession of the suppressor at any time. Other wise only the listed owner can possess it.
Posts: 60 | From: AZ | Registered: Nov 2014
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Leonard
HMFIC
Member # 2
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posted July 15, 2025 06:35 PM
Yeah, thanks Dan. I did casually know that part, basically because I read a bunch of gun magazines, but I don’t own a legal supressor. I actually made one myself, probably at least 45 years ago, before Suppressers were very common, at all. My only motivation was as an application in hunting coyotes, I had just bought an AR15 and was hunting very target rich areas and I wanted to get all the advantage on multiples, you know, 3 and 4 and to be able not to spook late arrivals.
As far as legalities, I figured, if it’s not against the law to build your own firearm, maybe I don’t need a permit or license to build my own siliencer? Anyway, I did. Took my new rig to the reservation for a weekend, and came away not very impressed with either, and basically that project was kind of still born. Just never pursued it any further. I was ahead of the curve, at the time, this was about mid 70’s.
Anyway, I’m way off on a tangent, I’m looking at a second mortgage, and I assume lenders need ironclad authority or something so they asked what kind of “trust” I had with my primary residence, and that’s what I am unclear about. I normally don’t worry very much about the legal system.
Good hunting/ El Bee
[ July 15, 2025, 06:36 PM: Message edited by: Leonard ]
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EL BEE Knows It All and Done It All.
Don't piss me off!
Posts: 32567 | From: Upland, CA | Registered: Jan 2003
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TA17Rem
Hello, I'm the legendary Tim Anderson, Southern Minneesota Know it all
Member # 794
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posted July 15, 2025 06:38 PM
My father in-laws farm is in a trust. I have his only grandson. I'm either the trustee or beneficiary or both for the estate. I also have two brother in-laws, but both have money, and they don't help around the farm or visit much so they out of the loop.
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What if I told you, the left wing and right wing both belong to same bird!
Posts: 5695 | From: S.D. | Registered: Jan 2006
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Leonard
HMFIC
Member # 2
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posted July 16, 2025 04:52 PM
I looked at this binder that I paid $1,500 for and the exact wording is “Living Trust”. It is about 50 pages and included jewelry and guns and my Zuni Fetish collection and any pornography they can find on the property. just kidding, I do not have a collection, but if I did, I’d know it if I saw it.
I talked to another lender today and she sniffed that they wouldn’t write a loan for less than $100,000. That’s a little more serious than I was thinking about.
I‘m still looking.
Good hunting. El Bee
[ July 16, 2025, 04:53 PM: Message edited by: Leonard ]
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EL BEE Knows It All and Done It All.
Don't piss me off!
Posts: 32567 | From: Upland, CA | Registered: Jan 2003
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TA17Rem
Hello, I'm the legendary Tim Anderson, Southern Minneesota Know it all
Member # 794
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posted July 16, 2025 06:38 PM
I did some simple looking as I remembered in one of my plat books for land some land was in trusts. My cousin farms most of the family land about 3000 plus and pays rent to other family that now owns land or should we say has name on a trust for it. I know purpose here to put farmland in a trust is to keep the banks and Gov. from grabbing it if owner dies and think there is some sort of tax break as well.
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What if I told you, the left wing and right wing both belong to same bird!
Posts: 5695 | From: S.D. | Registered: Jan 2006
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Semp
GOLD STAR MEMBER
Member # 3074
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posted July 19, 2025 11:55 AM
You mentioned it was an irrevocable trust. That just means it can't be changed easily. Kinda set in stone. A trust can allow by passing estate taxes and probate court. But the non tax limit on estate taxes is about $14 million and was made permanent by Trump's OBBB. So unless you've got more than $14 million to leave to someone, there's no estate tax to worry about.
Take what I just said with a large grain of salt. I know enough about this stuff to be dangerous to myself and others.
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Always remember: That court appointed psychiatrist is not your friend.
Posts: 427 | From: Kentucky | Registered: Aug 2008
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Leonard
HMFIC
Member # 2
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posted July 19, 2025 06:04 PM
Yeah, that’s OK, thanks. It’s just that the two words seem to rhyme, or something? People can’t say Trust without adding irrevocable.
But, I know what I have, it’s a Living Trust. I just don’t know the definition?
I’m just trying to solve some credit card debit I have recently acquired. A secured second mortgage is a lot cheaper than almost any credit card. The cheapest card I have is now at 10% for recent purchases. The rest of them trend towards 30%, which is unsustainable. I had some work done recently and the contractor wouldn't take a credit card, So I went to the bank and withdrew 2,500 @ 31% interest, on a VISA Card. That started my quest for cheaper money and this is 8 1/2%. it’s a no brainer. It’s a good thing that my work was almost half price.
Good hunting. El Bee
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EL BEE Knows It All and Done It All.
Don't piss me off!
Posts: 32567 | From: Upland, CA | Registered: Jan 2003
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Kokopelli
SENIOR DISCOUNT & Dispenser of Sage Advice
Member # 633
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posted July 19, 2025 08:39 PM
Soapbox lecture;
The time to understand ANY document is BEFORE you sign the papers regardless of who is speaking the honeyed words.
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And lo, the Light of the Trump shown upon the Darkness and the Darkness could not comprehend it.
Posts: 8350 | From: Under a wandering star | Registered: Apr 2005
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Leonard
HMFIC
Member # 2
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posted July 20, 2025 01:46 AM
Good advice, ko ko. this was not the case, there was no written proposal or estimate, or contract any kind. every thing was verbal, and involved a lot of haggling. This guy drove up, seeing me in the front yard and asked about concrete work. As it happened, I had a project in mind and was half interested, as soon as he started talking. I had some cracked driveway where the cememt truck drove over it and cracked it in a couple places. And I also was kicking around the idea of extending it for quite a while.
I was only 20% interested when he gave me an estimate, way more money than I wanted to spend. But as we kept talking and he could see that I just wasn’t motivated, and the price started to get reasonable. After a couple hours, this went from the farthest thought in my mind to something I was beginning to consider.
He was doing a job around the corner, so just happened to be passing by. When he said that he didn’t take credit cards, that was damned near the end of discussion, but I called VISA and asked how much cash I could get on this card, never having done so in the past, I came back and told him I was tapped out in my 3 checking accounts but I could get the cash, he said he could start in the morning and that was it, done deal, no handshake, just a fist bump.
Yes, I was pleased with the work. He had a 5 man crew and a cement mixer, no ready. mix, all hand labor, so this wasn’t a corporate job. They started Tuesday mornin and finished Friday. As a bonus they salvaged some decomposed granite and put it in another planter clear over on the other side of the property. I’m sure that saved me probably $500 in gravel that I was intending to do when I got around to it.
So It was a bolt from the blue, I knew I wanted to do this but it was not critical, and wasn’t in a hurry. However, it needed doing and I’m glad it’s over. So, that’s the long boring story, in a nut shell. You forced it out of me! lol
Good hunting. El Bee
[ July 20, 2025, 01:48 AM: Message edited by: Leonard ]
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EL BEE Knows It All and Done It All.
Don't piss me off!
Posts: 32567 | From: Upland, CA | Registered: Jan 2003
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Kokopelli
SENIOR DISCOUNT & Dispenser of Sage Advice
Member # 633
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posted July 20, 2025 05:15 AM
I'm confused; You needed an irrevocable trust to do some concrete work without permits ???? ![[Eek!]](eek.gif)
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And lo, the Light of the Trump shown upon the Darkness and the Darkness could not comprehend it.
Posts: 8350 | From: Under a wandering star | Registered: Apr 2005
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Leonard
HMFIC
Member # 2
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posted July 20, 2025 08:44 AM
I want you to consider something.
Not once, have I mentioned anything about an “irrevocable Trust” but you just did; and the mortgage guy keep telling me that I said IRREVOCABLE TRUST! As I just said yesterday, for some reason people can’t help verbalizing TRUST without prefacing it with IRREVOCABLE!
I said I have a trust, and after reviewing the document itself, which I had not done since I paid the attorney 3 years ago. It’s actually a binder 2 inches thick and about 8 1/2 x 11, consisting of about 50 pages. While browsing through it (I think?) yesterday I happened to notice the actual qualifier is LIVING TRUST.
Again, I may have asked what the hell is an irrevocable trust, but I NEVER said I had paid for anything but a plain vanilla TRUST
Good hunting. El Bee
edit: the concrete work had nothing to do with applying for a loan 4 or 5 days ago. I had stopped up plumbing, (here we go, I should change the title of Huntmasters to The trials of Pauline/ scratch Lenny’s Trials! My sewage was plugged up and it was invasive weeds and while doing the work, I had them replace a commode while they were at it, and that was another so called “interest free” loan if I paid it off in 24 months. Well, just before that i broke a couple teeth, actually 4, (don’t ansk) and needed crowns. That was the same type of deal, I could put it on credit if I paid it off in 12 months. This is what caused the sudden interest in a second mortgage because between both of them, it put considerable dent in my meager pension. So, yes I could make the payments, as long as I skipped food and utilities for the next two years.
So. if you are paying attention, (AND IT WILL BE ON THE TEST!) that’s about 12 thousand bucks on plastic.
Besides that, My son has had a rough time and I have allowed him to use a different card for the past year and a half, just to help with repairs and lots of stuff, between jobs, etc. I actually have no hope that he will ever pay me back and so far that card is at $12,000 . So between those three items it’s about 25 thousand dollars in credit card debt.
So, there you go. I feel sure that this 2nd mortgage @ 8.4% will allow me to pay off those cards, with a lot left over. And, he’s working now so it seems like a smart thing to do. Besides, the concrete cash I got from another VISA card is at 31% and it needs to be addressed/taken care of. Besides, I’ve got a ton of equity in my house so it seems logical.
There you go, again…. which leads us to the loan guy who wanted to know if my title was clear and he desired to know what kind of trust I have on the property. It just ties my daughter in to the title because she is the executor of my estate. She is secure and has a lot more sense than older #1 son, the only one I have, who has never owned anything of value besides his collection of Skol cans, which must be worth a couple of dollars. <sigh>
There you have it, my whole financial life story. And it’s going to be turned around, mox snell!
Good hunting. El Bee
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[ July 20, 2025, 09:42 AM: Message edited by: Leonard ]
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EL BEE Knows It All and Done It All.
Don't piss me off!
Posts: 32567 | From: Upland, CA | Registered: Jan 2003
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Kokopelli
SENIOR DISCOUNT & Dispenser of Sage Advice
Member # 633
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posted July 20, 2025 08:53 AM
Ok ............. As long as it all works out. ![[Cool]](cool.gif)
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And lo, the Light of the Trump shown upon the Darkness and the Darkness could not comprehend it.
Posts: 8350 | From: Under a wandering star | Registered: Apr 2005
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Leonard
HMFIC
Member # 2
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posted July 20, 2025 08:10 PM
I’m confident. This will work out.
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EL BEE Knows It All and Done It All.
Don't piss me off!
Posts: 32567 | From: Upland, CA | Registered: Jan 2003
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Leonard
HMFIC
Member # 2
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posted July 29, 2025 10:35 AM
still in progress…
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EL BEE Knows It All and Done It All.
Don't piss me off!
Posts: 32567 | From: Upland, CA | Registered: Jan 2003
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Leonard
HMFIC
Member # 2
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posted July 30, 2025 11:56 AM
So, don’t forget, I’m NOT talking about an “irrevocable’ TRUST! I never said that!
Even the mortgage banker told me that I said that! I most definitely DID NOT! I never said anything to anybody except-TRUST. No qualifier.
People keep wanting to change it, but I have a Living Trust, and no, I don’t understand the conditions, other than what is specified in the folder. It says some things are to be given to certain relatives and my daughter is the executor. But, the title to my property, my domicile is recorded at the county courthouse. It basically allows my daughter to put the property up for sale. And, I can revoke it at any time. (and, yes, it WILL be on the test!)
So, we are waiting on a couple details. I’ve bought a few houses and I have refinanced several times, but this little transaction has had a bunch of problems. I was even told that my deposit was declined! $500 for an appraisal. So I called Discover and they said no, it was just a two part transaction and Rocket Mortgage failed to verify, so it was their fault, my account is in good standing.
But, it’s been like that. Lots of hiccups. But with interest rates going down, there seems to be a lot of action on the financial sector.
Good hunting. El Bee
PS, sorry to bore the peanut gallery with these details, it’s just important to me.
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EL BEE Knows It All and Done It All.
Don't piss me off!
Posts: 32567 | From: Upland, CA | Registered: Jan 2003
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