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How to advise on the sale of a collection?
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<blockquote data-quote="Magnetoman" data-source="post: 52749" data-attributes="member: 2806"><p>In fact, that's what I have for my family. The advantage of the trust over the other two ways you mentioned is if my wife and I die together (e.g. in a plane crash) everything still avoids probate, whereas if it were in joint tenancy there would be a problem. The issues of cost of creating and maintaining the trust, at least in my State, aren't serious. But, since laws are not uniform, this really is where someone needs to seek the advice of an appropriate attorney in their own locality to figure out what's best for them. </p><p></p><p>My State's motor vehicle department has a form designating the beneficiary of each vehicle and in my case that beneficiary is the family trust. Without the trust, if my wife were the beneficiary it would avoid probate if I died first, but not if she died before me unless I remembered to change all those forms. And, still, even if they made it to her without probate they wouldn't make it to the kids the same way if she died before selling it all. Again, laws seem to vary greatly, but in my State a trust solves a lot of big problems while creating only a few smaller ones.</p><p>Are you insane?? If I gave it away, I wouldn't have it. No, I totally reject this. So, we still need more suggestions for Part B:</p><p></p><p><em>Again, the question is, what <u>reasonable</u> steps should we take now to maximize the inheritance for our families later?</em></p><p><em></em></p><p>Giving it away (or selling it) now is <u>not</u> a reasonable suggestion. The fact you even mentioned this is going to give me nightmares tonight...</p></blockquote><p></p>
[QUOTE="Magnetoman, post: 52749, member: 2806"] In fact, that's what I have for my family. The advantage of the trust over the other two ways you mentioned is if my wife and I die together (e.g. in a plane crash) everything still avoids probate, whereas if it were in joint tenancy there would be a problem. The issues of cost of creating and maintaining the trust, at least in my State, aren't serious. But, since laws are not uniform, this really is where someone needs to seek the advice of an appropriate attorney in their own locality to figure out what's best for them. My State's motor vehicle department has a form designating the beneficiary of each vehicle and in my case that beneficiary is the family trust. Without the trust, if my wife were the beneficiary it would avoid probate if I died first, but not if she died before me unless I remembered to change all those forms. And, still, even if they made it to her without probate they wouldn't make it to the kids the same way if she died before selling it all. Again, laws seem to vary greatly, but in my State a trust solves a lot of big problems while creating only a few smaller ones. Are you insane?? If I gave it away, I wouldn't have it. No, I totally reject this. So, we still need more suggestions for Part B: [I]Again, the question is, what [U]reasonable[/U] steps should we take now to maximize the inheritance for our families later? [/I] Giving it away (or selling it) now is [U]not[/U] a reasonable suggestion. The fact you even mentioned this is going to give me nightmares tonight... [/QUOTE]
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