hi, looking for some advice from seasoned folks... BACKGROUND: my youngest brother was killed in traffic crash in Oregon last year. Estate filed wrongful-death lawsuit. We will be receiving settlement soon. POSSIBLE SCENARIOS - My dad is listed as "sole heir" in probate proceedings and will receive all funds. 1. he receives funds tax-free in CA. However if he distributes to his 2 remaining sons, they will have to pay taxes on it. 2. he receives funds tax-free in CA. Can he establish trust to send money to and it will be tax-free transfer? 3. set up trust first, then have it receive settlement? Will probably need additional work and some court-appearances. Would to pick brains of people who've done this kind of work. I have meeting with fee-only CFP in S.F. next week, but would like to be educated as much as possible so I don't have to pay him for lecture & lesson on trusts and settlements. Thank you.
What? There is a huge debate in the entire country that is over thinking civil liabilities. By the way in almost the entire rest of the world there are no civil liabilities for cases like this. Nobody in Japan or most European countries gets sued for wrongdoing in civil suits ABOVE AND BEYOND the suit that is brought by federal or state prosecutors. Since when should someone be punished and be liable twice or more for one and the same transgressions. The prosecutor is the state for wrongdoing and decides on charges. And yes, I challenge bullshit no matter for how long it has been going practice. Civil suits have become a money business in the US and nothing else, certainly not a place to right the wrong.
Dude, you're extrapolating tangents from the OP's question. You bringing up your beliefs about how bad the US is in no way applicable to his question! Oi vey! @DannoXYZ , the advice of a CFP may be fine, but since there is legality involved, you need a financial attorney who specializes in wills and trusts. I bet the CFP, if he's honest, would tell you the same thing.
Yes you can, every fucking day. OJ Simpson, criminal suit and civil suit for the same accusation. Same with uncountable other cases.
Oh, that. Well yeah, that is just how it works here. Anyways, you're all off on tangents here. Got a beef, take it to the chit chat section or something, lol! Yer ranting!
I am on no tangent. I disagree with a practice that at least another 50-100 million American disagree with. This civil law suit money grab is a huge potential risk and cause for bankruptcy that affects almost every citizen, the only ones who benefit are lawyers. It's hugely unfair given one is punished for the exact same crime twice and it motivates all sorts of scumbags to sue for any fucking reason.
You ARE on a tangent. This is all the OP wrote that set you off into the wild. That was it. Now you're like posters-gone-wild crazy with your hair on fire! LOL, calm down man! By the way, it is the OP's estate that filed the lawsuit. So you are attacking the OP in his own thread.
Tangent? Attack? In his own thread? Perhaps you need to retreat to your little safe space and file a civil suit because you feel someone got offended and because you sense micro aggression. If you can't take it that people sometimes vehemently disagree and you take everything as an attack then perhaps it's better you stay in your peaceful technical analysis threads and debate how to best trade your 1 contract micro positions. Seriously dude, this world is to a large degree a shit place because of people like you, people who always can only tolerate sweet talk, each time the temperature rises they freak out and prefer calm over change. Change requires sweat, sometimes fight, almost always disagreement. Get used to it. Stay out if you can't take it, but don't fucking slow everyone else down, just because they don't agree with your rosy image of this world.