Thanks for all the input Bruce, Lee, Jim. I need all the help I can get - this is like anything else complex, the more you know the more you know you don't know!
Bruce, I met with one attorney who seemed like a good fit, seems like a good attorney and good person, I got a strong referral from non estate friend very sharp attorney and I was ready to sign up but then they stated they wanted to use BDIT strategy as well, so this gave me pause. In my search for other estate attorney candidates, looking at bios etc (as I was instructed to do) I have come across at least 1 prominent estate planning ACTEC firm that appears to push the BDIT as a great strategy.
The only reason I had some concern about BDIT is I had seen Lee post previously that it may be iffy and I looked it up and honestly the setup just doesn't seem at least on the surface above board to me - sales pitch - hey doc we can give you an irrevocable trust that you can totally control that will give you asset protection/estate tax sheltering - just have your dad take $5000 and make a trust for you and then this withdrawal power will lapse and then you sell it assets and bingo there you have it.
Then there are several podcasts on ACTEC site suggesting numerous ways that the BDIT could become a grantor trust and then poof it is in your estate.
Then I have read somewhere that the IRS doesn't comment on them so that may secretly mean they aren't so fond of them. But again I am not an attorney I just don't want my trust to get thrown out or become useless or worse (we don't like to lose our hat or our cattle or the chickens in Texas)
Jim, lol I got the 20k estimate from one of your posts - but I appreciate your real life honest sharing, just having some idea of what planet you should be on is nice.
Bruce, I met with one attorney who seemed like a good fit, seems like a good attorney and good person, I got a strong referral from non estate friend very sharp attorney and I was ready to sign up but then they stated they wanted to use BDIT strategy as well, so this gave me pause. In my search for other estate attorney candidates, looking at bios etc (as I was instructed to do) I have come across at least 1 prominent estate planning ACTEC firm that appears to push the BDIT as a great strategy.
The only reason I had some concern about BDIT is I had seen Lee post previously that it may be iffy and I looked it up and honestly the setup just doesn't seem at least on the surface above board to me - sales pitch - hey doc we can give you an irrevocable trust that you can totally control that will give you asset protection/estate tax sheltering - just have your dad take $5000 and make a trust for you and then this withdrawal power will lapse and then you sell it assets and bingo there you have it.
Then there are several podcasts on ACTEC site suggesting numerous ways that the BDIT could become a grantor trust and then poof it is in your estate.
Then I have read somewhere that the IRS doesn't comment on them so that may secretly mean they aren't so fond of them. But again I am not an attorney I just don't want my trust to get thrown out or become useless or worse (we don't like to lose our hat or our cattle or the chickens in Texas)
Jim, lol I got the 20k estimate from one of your posts - but I appreciate your real life honest sharing, just having some idea of what planet you should be on is nice.
Statistics: Posted by scopejockey — Wed May 01, 2024 11:42 pm