Camp trusts - recommendations or advice?

[Berrycat]

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?

[Little Bear]

Joe McDonald out of Concord is excellent. https://www.mckan.com/

[fatlazyless]

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 .....

[MAXUM]

Originally Posted by Berrycat

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?

I'm no legal expert by any stretch but I think you really want to sit yourself down with a lawyer. A fiduciary is merely an independent entity that acts or manages assets on your behalf. In the case of a trust they often times are a named trustee.

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.

[camp guy]

Hi, Berrycat--check your PM.

[chasedawg]

Originally Posted by Berrycat

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?

Hello Berrycat,
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...

[chasedawg]

Originally Posted by chasedawg

Hello Berrycat,
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...

Berrycat... check out Attorney Sienkewicz web site. He has video's that walk you through the process and introduction to what and how he protects your estate. Very thorough.

https://estateplannh.com/

[Descant]

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.

[FlyingScot]

Originally Posted by Descant

However the tax on capital gains in trusts can be heavy. This is where you need a CPA as much as an attorney.

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.

[joey2665]

Originally Posted by FlyingScot

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.

Correct no cap gain tax unless the asset is sold or if a beneficiary sells there share of the trust, naturally the sale in interest of the trust has to follow the guidelines as set forth in that particular trust.

Sent from my iPhone using Winnipesaukee Forum mobile app

[Descant]

Originally Posted by joey2665

Correct no cap gain tax unless the asset is sold or if a beneficiary sells there share of the trust, naturally the sale in interest of the trust has to follow the guidelines as set forth in that particular trust.

Sent from my iPhone using Winnipesaukee Forum mobile app

The operating fund/endowment invests in equities, sells something with a capital gain, there may be federal tax due depending on the amount and other tax related deductions.

[tis]

Originally Posted by joey2665

Correct no cap gain tax unless the asset is sold or if a beneficiary sells there share of the trust, naturally the sale in interest of the trust has to follow the guidelines as set forth in that particular trust.

Sent from my iPhone using Winnipesaukee Forum mobile app

Joey, what is your gut feel? Will capital gains double this year as Biden wants?

[joey2665]

Originally Posted by tis

Joey, what is your gut feel? Will capital gains double this year as Biden wants?

Gut feeling is that it will not get through congress. It would stifle the real estate and stock market. However I do think the rate will increase probably up to a max of 25%

[camp guy]

Hi, Berrycat, check your PM, again (another post).

[tis]

Originally Posted by joey2665

Gut feeling is that it will not get through congress. It would stifle the real estate and stock market. However I do think the rate will increase probably up to a max of 25%

I hope you are right. It will KILL the economy! Thanks for your reply.

[IrishEyes]

Heidi Barrett-Kitchen, Attorney (specializes in Trusts)
Donahue, Tucker & Ciandella, PLLC
164 NH Route 25, Unit 2
Meredith, NH
766-6208
www.dtclawyers.com

[FlyingScot]

Originally Posted by tis

I hope you are right. It will KILL the economy! Thanks for your reply.

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.

[tis]

Originally Posted by FlyingScot

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.

If you've heard what the bill is about, it's not much about that but about a lot of other things. As usual.

[FlyingScot]

Originally Posted by tis

If you've heard what the bill is about, it's not much about that but about a lot of other things. As usual.

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.

[ApS]

Originally Posted by tis

If you've heard what the bill is about, it's not much about that but about a lot of other things. As usual.

Ignore IRS mailings that your property will be confiscated.
https://nypost.com/2021/04/06/irs-se...yers-property/

[Seaplane Pilot]

Originally Posted by FlyingScot

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.

Let’s start with cutting wasteful, nonsensical foreign aid, which will result in plenty of money to feed hungry children in the USA. Enough is enough.

[tis]

Originally Posted by Seaplane Pilot

Let’s start with cutting wasteful, nonsensical foreign aid, which will result in plenty of money to feed hungry children in the USA. Enough is enough.

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.

[FlyingScot]

Originally Posted by tis

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.

No--this is the exact opposite of what the global minimum tax would do. Today US multinationals use accounting tricks to shift profits to places such as Ireland where there is a lower tax rate. In these cases Ireland is pulling tax dollars from us. A minimum tax and other changes such as Biden is proposing would pull international tax dollars back into the US.

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

[Descant]

1. This has nothing to do with OP topic
2. Getting right on the edge of political here--one foot already off the curb.

[ApS]

Originally Posted by Descant

1. This has nothing to do with OP topic
2. Getting right on the edge of political here--one foot already off the curb.

To paraphrase my own favorite response:

"Sometimes, POLITICS finds you!"

https://www-dailymail-co-uk.cdn.ampp...ople-only.html