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04-05-2021, 05:22 AM | #1 |
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Camp trusts - recommendations or advice?
Anyone have good (or bad) experience with a lawyer or fiduciary company who does trusts? Or comments on what types of trust work better for a lake house?
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04-05-2021, 06:03 AM | #2 |
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Joe McDonald out of Concord is excellent. https://www.mckan.com/
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04-05-2021, 06:03 AM | #3 |
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There's a law firm in Laconia that runs ads in the LaDaSun with a very attractive lady lawyer who is a trust attorney. Just based on her looks, I would go with her. She looks like a knowing and honest lawyer ..... hut-hut-hut! Yes dear ..... that's correct .....we want to save the old family cottage and keep it as it is ...... except my no good, drunk brother is broke and just wants it sold off and split up!
To keep ye olde lake cottage from getting sold off and demolished .....
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... down and out, liv'n that Walmart side of the lake! |
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04-05-2021, 07:27 AM | #4 | |
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Quote:
Far as your question of what will work better that will vary based on your wishes. Both a lawyer and accountant\financial advisor (if you have one) should be consulted here since there are implications to the decisions you make. These things should be tailored for your specific situation. A good lawyer that specializes in ONLY estate planning is what you need. Stay away from the ones that do a laundry list of services from ambulance chasing to divorce to trusts and estate planning. General practitioners are just that know a little bit about a lot but are not experts on anything. Good Luck. |
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04-05-2021, 08:22 AM | #5 |
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Trust services
Hi, Berrycat--check your PM.
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04-05-2021, 08:26 AM | #6 | |
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A real trust attorney
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You need a real trust attorney. Contact Donald Sienkewicz, Trust Attorney & Professional, Estate Preservation and Planning, Amherst, NH 603-554-8464 dhs@estateplannh.com Attorney Sienkewicz main objective for his clients is not to have anything you own go through probate. He is excellent. Good luck... |
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welch100 (04-05-2021) |
04-05-2021, 10:08 AM | #7 | |
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check out web site
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https://estateplannh.com/ |
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welch100 (04-05-2021) |
04-05-2021, 10:59 AM | #8 |
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Second opinion
I agree with MAXUM (#4). We established a Realty Trust in 1986. The original donors were the trustees, but 5 children and grandchildren were the shareholders. My great niece is now one of the shareholders/beneficiaries, so we are into the 4th generation.
The original intent was to keep the property in the hands of direct descendants, so an unknown third cousin in Alaska didn't intrude into ownership. Over a thirty year period, (1986-2016) we created an endowment fund so there is no quibbling about who has to pay what percent of overhead. This is a NH trust, so it is exempt from NH Interest and Dividends tax. However the tax on capital gains in trusts can be heavy. This is where you need a CPA as much as an attorney. In 2019, we tightened up the language so there would be no personal benefit to one beneficiary trying to force a sale, and the assets of the trust cannot be used as collateral by shareholders for personal commitments. As a realty trust we can also conduct other business, such as buying a condo boat slip to protect island access. Summary: this is aimed at very long term goals, not just avoiding probate for one generation. One financial advisor seminar recommended having a second attorney review the trust documents before you sign them. An hour or two fees, probably a good idea. I'd expect to pay for several hours fees to get original documents truly in line with your family needs. Emphasis on "family". The next generation should participate in the discussions. JM2CW. |
04-05-2021, 04:42 PM | #9 |
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I am not an attorney or tax expert, and I agree with the others who advise that you should get both. But with that caveat--there should be no capital gains taxes in a trust unless the trust sells the house.
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04-05-2021, 05:29 PM | #10 | |
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Sent from my iPhone using Winnipesaukee Forum mobile app |
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04-06-2021, 10:02 AM | #11 | |
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Gains
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04-06-2021, 10:37 AM | #12 | |
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04-06-2021, 10:46 AM | #13 |
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04-06-2021, 12:14 PM | #14 |
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Trusts
Hi, Berrycat, check your PM, again (another post).
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04-06-2021, 12:17 PM | #15 |
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04-06-2021, 12:49 PM | #16 |
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Camp Trusts
Heidi Barrett-Kitchen, Attorney (specializes in Trusts)
Donahue, Tucker & Ciandella, PLLC 164 NH Route 25, Unit 2 Meredith, NH 766-6208 www.dtclawyers.com
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04-06-2021, 05:10 PM | #17 |
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I would also be bummed if cap gains went up sharply, at least on a personal basis, and I agree increasing taxes in a vacuum slows the economy. But if we increase taxes in order to pay for roads, water, EVs, broadband, etc; those other things will drive up economic growth.
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04-06-2021, 05:21 PM | #18 | |
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04-06-2021, 06:24 PM | #19 |
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There's a bunch of great stuff in there that I would be glad to pay for, and some I'd probably skip, but as you said, that's always the way it is. But just on the "kill the economy" issue--if government spends the money on reasonably good stuff--like the things I mentioned or helping hungry children--it is likely to increase economic growth rather than decrease it.
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04-07-2021, 02:49 AM | #20 | |
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Like Affordable Housing? Affordable Healthcare?
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https://nypost.com/2021/04/06/irs-se...yers-property/ |
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04-07-2021, 03:26 AM | #21 | |
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04-07-2021, 07:13 AM | #22 | |
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Oh but the latest is Biden wants us to pay a global tax to support other countries. Nothing new but being brought up again. We seem to pay for the rest of the world but not ourselves. |
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04-07-2021, 09:28 AM | #23 | |
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Bristol Myers is a great example of the types abuses Biden is trying to stop: https://www.nytimes.com/2021/04/01/b...taxes-irs.html |
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04-07-2021, 10:13 AM | #24 |
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adrift
1. This has nothing to do with OP topic
2. Getting right on the edge of political here--one foot already off the curb. |
04-13-2021, 02:38 AM | #25 | ||
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"Topic" Wore Out...
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