RoyalWe

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There was one by my house in Central.

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Jackson Park representin'.

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Mom and siblings were cut out of that estate.

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FYI, I’m fairly certain my lawyer could rewrite the retirement trust in a way that gives my wife lifetime benefit/control after my death, while still ensuring the remaining assets pass to my children after her death. In other words, the plan could probably be structured to close the loophole where the surviving spouse could later change beneficiaries and redirect the assets.

One downside is that if the IRA is made payable to a trust instead of directly to my spouse, the tax treatment can be much less favorable. A direct spouse beneficiary usually has special options, including the ability to treat the IRA as their own. A trust may not get that treatment. Depending on how the trust is drafted, the IRA could be subject to the 10-year distribution rule, and if distributions are retained inside the trust, they may be taxed at compressed trust tax rates. So the trust can provide more control, but it can also create a worse tax result.

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More misdirected Tate hate.

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Okay, let me spread the criticism. F. King advanced it, the interim president (Galligan) did nothing to affect it, and Tate supported it. Expansion of nonresident enrollment combined with "full-file admissions" equals decreased quality of students and student life.

So they can all kiss my arse. Thank goodness Rousse is putting standards back into play, but they won't come into play until 2027/2028. Meanwhile, the damage is done. I get that the "standards are racist" crowd are giddy about the current trajectory, but that doesn't make it right.

Good question. I didn’t go into the details initially, but I’m happy to explain how we handled it.

We have a family trust for our after-tax assets. For retirement assets, we each also have separate trust planning in place. For now, though, we chose to name each other as the primary beneficiary on our retirement accounts, with the trust as the secondary beneficiary.

So if one of us dies, the surviving spouse receives the retirement assets directly. Then, after the second spouse dies, the trust is intended to receive the remaining retirement assets for the benefit of our children.

The weak spot is that the surviving spouse still has control over the beneficiary designations after the first spouse dies. In theory, the survivor could later change the beneficiaries and bypass the trust entirely. For example, if the surviving spouse remarried and the new spouse influenced them to change beneficiaries, assets that were originally intended for our children could end up going somewhere else.

That’s the tradeoff we accepted: simplicity and full spousal control first, with the trust as the backstop — but not an ironclad guarantee if the surviving spouse later changes course.

We have discussed that if either of us ever wanted to remarry, we would involve our attorney before making any beneficiary or estate-planning changes, so the original intent is preserved as much as possible. My main concern is not my wife personally; it’s the general risk that assets intended for our children could eventually be redirected to someone else’s family through remarriage, pressure, or poor planning. My wife understands that concern, and we’ve talked through it.

YTD is 37.04%. I wish I was invested in growth instead of income. ;-)

But who is Iran?

TLDR: Yes.

Leading up to retirement, we sat monthly to review assets and the transitioning of most of them from growth to income. So she knows why we are invested the way we are invested. I also show her how I account for withdrawals, including the tax implications of those withdrawals. She also knows what philosophy/methodology we are using and who to contact if she has questions about any of it if I pass unexpectedly. She has access to all accounts. They are in trusts to avoid probate. Life will go on.

If we both die, our lawyers will advise my kids and their executor until they satisfy the trust's criteria for them to gain full control.

I've believed this for a while now.

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If you didn't, why did you feel the need to comment?

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This entire Thomas discussion is a waste of time. That's the point. Nobody gives a shite and wishes you would stop. Read the room.

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Duckhammer_77

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Dammit, you beat me to it...great pic.