Inheritance - $300,000 trust

[Joan.of.the.Arch]

Sorry that some participants here seem to have a low opinion of the original poster. That his/her income is low, that s/he wants to transfer as much of the money as possible into his/her own control, that s/he has student loan debt does not mean s/he is going to blow the money.

Do I need to run some scenarios by you to show that all who have low income are not scum?

[Nutria]

Sorry that some participants here seem to have a low opinion of the original poster. That his/her income is low, that s/he wants to transfer as much of the money as possible into his/her own control, that s/he has student loan debt does not mean s/he is going to blow the money.

The aggregate of available facts, plus our decades of experience with humans makes us... suspicious.

Do I need to run some scenarios by you to show that all who have low income are not scum?

You're the one who said "scum", not us.

[sv2007]

not in so many words

[bjl584]

Ok..... I am 48 years old with the only debt I have is about $5,000 left to pay in student loans. When I say I want to bleed the trust, it's so I can have some financial independence and also add to the 50,000 lump sum. My fear is that the trust will be very conservative in distributing the trust....which is why I to maximize the distributions.

Can you provide some more facts about yourself? Some things that seem to be causing a stir with the other members is that you are 48 with student loan debts and only earning 15K a year. Can you dive into some more details about your situation?

$350,000 just fell into your lap. What are your ultimate plans for the money?

[pfalvey]

Sorry that some participants here seem to have a low opinion of the original poster. That his/her income is low, that s/he wants to transfer as much of the money as possible into his/her own control, that s/he has student loan debt does not mean s/he is going to blow the money.

Do I need to run some scenarios by you to show that all who have low income are not scum?

Thank you very much, you hit the nail on the head. I am actually pretty conservative with my money and not about to blow through it. It's all about control and if I can avoid using my $50,000 and even add to it from the trust.... That is what I'm hoping to do. Of course, having earned income of only $16,000.... I would like to increase my spending money as well.

I believe the trust is a special needs trust.... It wasn't originally part of my Inheritance. My sister/brother in-law are the ones setting it up.. It will be administered by a trust company.

[pfalvey]

Can you provide some more facts about yourself? Some things that seem to be causing a stir with the other members is that you are 48 with student loan debts and only earning 15K a year. Can you dive into some more details about your situation?

$350,000 just fell into your lap. What are your ultimate plans for the money?

The student loan has been in an income based repayment plan for awhile now and my income has been low enough to not qualify for a payment. I have every intention of paying it off now, though. I'm single with no dependants and live in an apartment.

I expect to meet with a financial advisor at some point and invest the $50,000..... I would like to maximize my trust distributions so that I can have more spending money..... And, if possible, transfer some of my distributions to my $50,000 lump sum.

[Nutria]

The student loan has been in an income based repayment plan for awhile now and my income has been low enough to not qualify for a payment. I have every intention of paying it off now, though. I'm single with no dependants and live in an apartment.

I expect to meet with a financial advisor at some point and invest the $50,000..... I would like to maximize my trust distributions so that I can have more spending money..... And, if possible, transfer some of my distributions to my $50,000 lump sum.

We wonder why you only make $16K at age 48. Naturally, there are many "good" reasons (disabled in some form OR poor, minority and uneducated), but there are also many "bad" reasons. Because of that, and since we've seen more than our share of "smiling deceivers", we're loathe give too many specific pointers.

[pfalvey]

We wonder why you only make $16K at age 48. Naturally, there are many "good" reasons (disabled in some form OR poor, minority and uneducated), but there are also many "bad" reasons. Because of that, and since we've seen more than our share of "smiling deceivers", we're loathe give too many specific pointers.

I hold a steady part time job in a relatively low income profession (grocery store). While I struggle with anxiety/depression issues, I'm in good health otherwise. Not exactly sure what "bad" reasons you may be referring to, but I'm not involved in drugs or crime in any way.

[pfalvey]

We wonder why you only make $16K at age 48. Naturally, there are many "good" reasons (disabled in some form OR poor, minority and uneducated), but there are also many "bad" reasons. Because of that, and since we've seen more than our share of "smiling deceivers", we're loathe give too many specific pointers.

I hold a steady part time job in a relatively low income profession (grocery store). Task wise I'm a very good worker, but I am not very good managing personalities which limits my potential full time opportunities. While I struggle with anxiety/depression issues, I'm in good health otherwise. Not exactly sure what "bad" reasons you may be referring to, but I'm not involved in drugs or crime in any way.

PS. Sorry for the double post

[Nutria]

I hold a steady part time job in a relatively low income profession (grocery store). While I struggle with anxiety/depression issues, I'm in good health otherwise. Not exactly sure what "bad" reasons you may be referring to, but I'm not involved in drugs or crime in any way.

Naturally, we couldn't -- and can't -- know that. Because since on the Internet, nobody knows you're a dog, you might be, even though you say you're not.

[pfalvey]

I have no experience with this forum, so I don't know why anyone would be conditioned to assume I'm a shady character. I don't think I've written anything that would lead anyone to that conclusion, but whatever. I'm just a guy looking for advice, something I'd assume some of you have used this site for at some point.

[sv2007]

There's been some posts on how to find out the answers you seek (questions you asked in your first post). Have you looked them up yet? Plenty to research into.

The thing about Internet is not to focus on the trolls (unless you like to) and select out what's useful.

You mentioned that your sister's the Grantor? If so, have a talk with her.

[Nutria]

I have no experience with this forum, so I don't know why anyone would be conditioned to assume I'm a shady character. I don't think I've written anything that would lead anyone to that conclusion, but whatever. I'm just a guy looking for advice, something I'd assume some of you have used this site for at some point.

Don't assume that we are conditioned to assume that you are a shady character. In fact, we don't know you from Adam.

All we can do is go by our own experiences with others.

[parafly]

Wow, some of the responses in this thread are downright harsh! There are definitely some assumptions being made about the OP which may or may not be completely off base. I always thought of this forum as a very welcoming community, and in my opinion, we should try to keep it that way.

In any case, I don't have much background with trusts so I can't really help you in this area. One bit of advice I would give is to read a good personal finance book such as The Millionaire Next Door so when you do eventually get your windfall, you'll be well educated on how to the money work in your favor.

Good luck.

[sv2007]

I believe the trust is a special needs trust.... It wasn't originally part of my Inheritance. My sister/brother in-law are the ones setting it up.. It will be administered by a trust company.

pfalvey, somehow I missed the special needs trust part. It is important that (if you do bring money out of the trust) to make sure that you don't lose any government benefits that you want to receive.

I don't know the details on benefits, but I do know some people setting up special needs trusts and that one of the goals (the central goal) is to remove that asset from you so it does not eliminate any government benefits you want to have.

Talk to your sister.