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I got a letter yesterday from my only sibling that I am named in a trust
that my late Grandfather set up before he passed away in 2011.
My Grandmother passed in July 2016,  and since my Mother passed in 2013, and she was their only child; my sibling and I are the beneficiaries.

It has a portfolio value of $400000.00. I have no idea what that means. I am better schooled in RE investing and am not familiar with bonds.

In the past, when my Grandmother was living, $1000.00 was sent to my Grandmother each month from this trust to her savings account.

I am supposed to fill out a form to send back to this Securities Investment Firm located in Pasadena Ca to get some monthly lump sum, I assume.

I used to take care of my Grandmother and I was her DPOA but my sibling was named as Co Trustee by my late Grandfather before I started helping my Grandma.

I have the Investment Portfolio statements so I know what the money is being invested in.

My spouse thinks I should cash my half out. He loves to spend money. He is also a head for the hills mentality beans and rice etc...drives me nuts, but...??

I guess I should contact this Western International Securities Inc and ask them if I have any options. I have a copy of the trust that has me as a beneficiary

TIA in advance for any advice or insight!

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rated:
chatterweb said:   My spouse thinks I should cash my half out. He loves to spend money. He is also a head for the hills mentality beans and rice etc...drives me nuts, but...??
 

  At least initially, keep the inheritance in your individual name and do not co-mingle the funds with your marital assets. This is regardless of whether you decide to cash out immediately or hold the bonds for a while (assuming this is legit to begin with). If you decide to cash it and invest in RE, keep the investment from your inheritance completely separate from the RE investments based on marital property.

rated:
My spouse/ex signed the house to me in 2015. He hates attorney fees and he also lives with me and pays rent. He loves me I guess.

I also have a commercial property with my sibling that is in a trust and there is a bank account also. I am in charge of that.

I have taken everything out of my ex's name because he loves to spend money.

I care about him and want to ensure he is financially taken care of but, I had to separate our finances because he like to spend the check before it even clears the bank!

He is also a beans and ammo guy, which is great if the SHTF

but it gets old to hear about him wanting to build a bunker out of the pool

I had to file a restraining order against him in 2015 for domestic violence. It worked.

He learned his lesson and has been bending over backwards financially and in man chore ways

rated:
If this is truly in a trust, then you only have the options spelled out in the trust and what the trustee is willing to do for you.

rated:
Chyvan said:   If this is truly in a trust, then you only have the options spelled out in the trust and what the trustee is willing to do for you.
  

I just found the email from my sibling who is the Trustee.

It is titled Trust Information and I am listed as co beneficiary

It is 7 pages long and the options should be in it.

I printed out all 7 pages

Haven't read it yet.

Letting the cheap ink dry!




 

rated:
People lead such more interesting and complicated lives compared to me.

rated:
Do you have a financial advisor or a trusted friend who is knowledgeable of such matters?  One misstep with this account could cause all sorts of problems for you.  If this was your grandfather's living revocable trust, you don't have to leave the money there (and you don't have to get a monthly allowance from it).  You should just take the money, put it in your name only, and invest it consistent with the rest of your investment strategy.  Other types of trusts will have different characteristics, and you will have different options available to you (or not).  You really need someone to look at the paperwork to determine your options.
 

rated:
dcwilbur said:   Do you have a financial advisor or a trusted friend who is knowledgeable of such matters?  One misstep with this account could cause all sorts of problems for you.  If this was your grandfather's living revocable trust, you don't have to leave the money there (and you don't have to get a monthly allowance from it).  You should just take the money, put it in your name only, and invest it consistent with the rest of your investment strategy.  Other types of trusts will have different characteristics, and you will have different options available to you (or not).  You really need someone to look at the paperwork to determine your options.
  
I have a CPA,  since I was 16...

but the more info he knows about my

financial  situation, he will charge more!



 

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Oh, the irony. It seems that you've inherited the only trust of any kind in your life.

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Other than via my company, the most money I have ever made was by listening to a good CPA and lawyer. Find one of each and listen to them.

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Not sure what the backstory with your "spouse/ex" is for--since this doesn't involve him at all, and you don't intend for it to. I'd consult your CPA and/or a lawyer. FWF can speculate and all that, but you need someone that knows what they're talking about. No offense, FWF. I don't know what I'm talking about here either. I just know that dcwilbur's advice about one misstep with this could cause bad stuff to happen.

rated:
chatterweb said:   
He learned his lesson and has been bending over backwards financially and in man chore ways
 

  With this news, I bet he really is good to you....

rated:
I opened up a biz bank account yesterday with Chase, for my new online quasi gubberment e-commerce biz.

Got a free $300.00 for opening the biz account. I love Chase!

They are looking into giving me 0% offers on my 2 Chase Ink cards that I already have. I have 45K in credit limits between my 2 ink cards, not going to go crazy but I need to borrow a few dead presidents at 0%!

I let an investment banker at Chase make a copy of the trust and the form I got from my sibling and the financial statements from Western Financial Securities.

I also found out today the Seller that I in escrow for to buy this eCommerce is going to make sure I get paid after escrow closes, he means if there are issues with my new merchant account, any sales will be forwarded to me regardless.

I am such a Lucky Girl!

It is a waiting game now...time to relax in a bubble bath with some vino

All work and no play makes Jill a dull girl rite? 

 

rated:
fwuser12 said:   
chatterweb said:   My spouse thinks I should cash my half out. He loves to spend money. He is also a head for the hills mentality beans and rice etc...drives me nuts, but...??
  At least initially, keep the inheritance in your individual name and do not co-mingle the funds with your marital assets. This is regardless of whether you decide to cash out immediately or hold the bonds for a while (assuming this is legit to begin with). If you decide to cash it and invest in RE, keep the investment from your inheritance completely separate from the RE investments based on marital property.
 

  Thank you for the advice.

I just submitted more documents to Western Financial Securities.








 

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