The Official No Need To Start a New Thread, Thread

[Gucci Mane]

Originally Posted by underscore

You would think rich old people would remember that Donald Trump only has money because his daddy did, and even then he lost all of it multiple times.

i dont think he's ever personally gone bankrupt. i know a few of his businesses have though..

[fliptuner]

I wish it rained a lot harder today and tomorrow.

[MG1]

Originally Posted by StylinRed

(he's a Hillary supporter btw)

Trump told media Hillary is the worst Secretary of State in the history of the United States.

Trump: 'Hillary Clinton was the worst Secretary of State' in history | MSNBC

[underscore]

Originally Posted by Pidish

i dont think he's ever personally gone bankrupt. i know a few of his businesses have though..

From 1989 to 1991 he lost hundreds of millions of dollars, hit business bankruptcy and nearly hit personal bankruptcy, the only thing that saved him was using his fathers name. He's also an arrogant fuck.

In 2015, Forbes estimated his net worth at $4.1 billion. In June 2015, Business Insider published a June 30, 2014, financial statement supplied by Trump. The statement reflects his net worth as $8.7 billion. Of that amount, $3.3 billion is represented by "Real Estate Licensing Deals, Brand and Branded Developments", described by Business Insider as "basically [implying] that Trump values his character at $3.3 billion".

[underscore]

This might be a dumb question, but if two people have only each other listed as their beneficiaries what happens in the event they're both killed in the same accident?

[LP700-4]

Had a guy bitch me out for washing my car today. Since in vancouver were only in stage 2 restrictions, so that means im allowed to wash my car as long as i use a spring loaded shutoff. I used the pressure washer aswell which means i use even less water than a regular hose.
I told him all that and he didnt want to believe me and told me he works for the city and has seen them giving out 300 dollar tickets "just down the street"
He drove off so i continued my business he backs up takes down my plate and says hes gonna report me for "wasting water" and not listening.

Nothing is gonna happen to me.....right?

[Energy]

Originally Posted by underscore

This might be a dumb question, but if two people have only each other listed as their beneficiaries what happens in the event they're both killed in the same accident?

Are they beneficiaries in each others' will? Neither would get anything if they were not related.

[underscore]

Wills or life insurance policies or what have you.

[6o4__boi]

Originally Posted by LP700-4

Had a guy bitch me out for washing my car today. Since in vancouver were only in stage 2 restrictions, so that means im allowed to wash my car as long as i use a spring loaded shutoff. I used the pressure washer aswell which means i use even less water than a regular hose.
I told him all that and he didnt want to believe me and told me he works for the city and has seen them giving out 300 dollar tickets "just down the street"
He drove off so i continued my business he backs up takes down my plate and says hes gonna report me for "wasting water" and not listening.

Nothing is gonna happen to me.....right?

fucking hate people like this.
what a fucking rat, seriously mind your own fucking business.
people have gotten killed for way less.

i'd have told him to fuck off and then taken a picture of him just to piss him off.
then if city comes i'll tell them he takes a fucking bath on his fucking front lawn and spends four hours watering his lawn every day.

[melloman]

Originally Posted by LP700-4

Had a guy bitch me out for washing my car today. Since in vancouver were only in stage 2 restrictions, so that means im allowed to wash my car as long as i use a spring loaded shutoff. I used the pressure washer aswell which means i use even less water than a regular hose.
I told him all that and he didnt want to believe me and told me he works for the city and has seen them giving out 300 dollar tickets "just down the street"
He drove off so i continued my business he backs up takes down my plate and says hes gonna report me for "wasting water" and not listening.

Nothing is gonna happen to me.....right?

City won't issue a ticket on hear-say. They'll probably drive by afew times to see if you're "wasting water" and if they see nothing, they'll just shake their heads and move on.

[Hondaracer]

Wheres the cheapest place to book whistler hotels through?

[Energy]

Originally Posted by underscore

Wills or life insurance policies or what have you.

I don't know about life insurance but for wills, if the order of death is unknown then it is presumed that they both predeceased each other. If a beneficiary dies before the willmaker, their gift lapses.

There is also a 5-day rule where a beneficiary under a will has to survive the willmaker by 5 days in order to receive a gift under the will. So if the willmaker dies and a beneficiary dies 2 days later, the beneficiary does not get anything.

edit: the will goes into intestacy if there are no more beneficiaries... so then it will pass to kids, etc after taxes and debts are paid out.

[MG1]

Originally Posted by underscore

This might be a dumb question, but if two people have only each other listed as their beneficiaries what happens in the event they're both killed in the same accident?

Any children involved?

What happened to our resident lawyer dude? Brown guy.......... can't remember his name, ATM.

[GLOW]

so did 50 hide his $ elsewhere and declare bankruptcy to limit the $ he has to pay out?

50 Cent -- I'm Busted ... Declares Bankruptcy | TMZ.com

[subordinate]

Originally Posted by GLOW

so did 50 hide his $ elsewhere and declare bankruptcy to limit the $ he has to pay out?

50 Cent -- I'm Busted ... Declares Bankruptcy | TMZ.com

Fiddy is a smart guy, there's no doubt he has a ton of money elsewhere.

[underscore]

Originally Posted by Energy

I don't know about life insurance but for wills, if the order of death is unknown then it is presumed that they both predeceased each other. If a beneficiary dies before the willmaker, their gift lapses.

There is also a 5-day rule where a beneficiary under a will has to survive the willmaker by 5 days in order to receive a gift under the will. So if the willmaker dies and a beneficiary dies 2 days later, the beneficiary does not get anything.

edit: the will goes into intestacy if there are no more beneficiaries... so then it will pass to kids, etc after taxes and debts are paid out.

Originally Posted by MG1

Any children involved?

What happened to our resident lawyer dude? Brown guy.......... can't remember his name, ATM.

In my case no kids and no will yet, at the moment everything goes to the missus but if we're both in the same plane crash where does everything go? I'd assume my stuff would go to my parents and her stuff to hers?

[StylinRed]

its long and complicated underscore when it can't be figured out who died first and depends on your will, or lack thereof, on provincial laws (some consider the older person to have died first and all your stuff would go to the younger persons estate)

in BC your money (personal savings, insurance policy) would go to your family and hers to her own, your jointly owned property is another matter and depends on the province, in BC it would be split based on your wills and lack thereof your families would have to figure it out with a judge if there's contention

that's the short of it

lookup 'survivorship clause' or 'common disaster clause' and 'provincial succession act' to read up more

[Energy]

Originally Posted by underscore

In my case no kids and no will yet, at the moment everything goes to the missus but if we're both in the same plane crash where does everything go? I'd assume my stuff would go to my parents and her stuff to hers?

Yes, that's right. Both of you die intestate. Your property goes to each of your parents. Jointly owned family property is presumptively split 50:50 in BC.

Go make a will.

[MG1]

Make me your executor........... I'll make sure things go smoothly.

[Zedbra]

Originally Posted by StylinRed

its long and complicated underscore when it can't be figured out who died first and depends on your will, or lack thereof, on provincial laws (some consider the older person to have died first and all your stuff would go to the younger persons estate)

in BC your money (personal savings, insurance policy) would go to your family and hers to her own, your jointly owned property is another matter and depends on the province, in BC it would be split based on your wills and lack thereof your families would have to figure it out with a judge if there's contention

that's the short of it

lookup 'survivorship clause' or 'common disaster clause' and 'provincial succession act' to read up more

Don't forget that with no will in place, the province will temporarily "cease" assets through Probate, ensuring that they get their cut. As mentioned, if anyone in the family contests the assets, it can get messy and be held up for a very long time.

My grandfather hated paying the tax man, and when we found out he had terminal cancer, he did everything legal possible to allocate his assets so that the Province got very little. With cancerous blood sores and frail as can be, he said to me, "Son, let me tell you - the hardest thing in life is dying". He was referring to alluding the tax man and that memory still makes me smile.

Get a will.

[underscore]

Originally Posted by Zedbra

Don't forget that with no will in place, the province will temporarily "cease" assets through Probate, ensuring that they get their cut. As mentioned, if anyone in the family contests the assets, it can get messy and be held up for a very long time.

Does it only get held up if the family disagrees with the provinces assessment of things, or when they're trying to get it released from the province to them?

Either way I'll add a will to my to do list now that I actually own things worth something.

[godwin]

There is a backlog of the probate process right now, if all the paperwork gets there on time, and everyone is in agreement and the person has a will, it still take a year or 2 before things get sorted out.

The province doesn't seize anything, they just don't let transfer of title ownership until everything is settled.. not only tax but can be credit cards, liens etc.

[godwin]

If your grandfather hated tax that much, he could have had everything in a corporation.. as long as someone pays the corp taxes and registration, the corporation can still go on without him around. He would had paid a lot less taxes too, especially since our culture worships "job creation" of corporations. Not to mention none of this probate stuff because a corporation never dies. only unregistered.

Originally Posted by Zedbra

Don't forget that with no will in place, the province will temporarily "cease" assets through Probate, ensuring that they get their cut. As mentioned, if anyone in the family contests the assets, it can get messy and be held up for a very long time.

My grandfather hated paying the tax man, and when we found out he had terminal cancer, he did everything legal possible to allocate his assets so that the Province got very little. With cancerous blood sores and frail as can be, he said to me, "Son, let me tell you - the hardest thing in life is dying". He was referring to alluding the tax man and that memory still makes me smile.

Get a will.

[Zedbra]

Originally Posted by godwin

If your grandfather hated tax that much, he could have had everything in a corporation.. as long as someone pays the corp taxes and registration, the corporation can still go on without him around. He would had paid a lot less taxes too, especially since our culture worships "job creation" of corporations. Not to mention none of this probate stuff because a corporation never dies. only unregistered.

We did everything a little easier than that - we registered everything in both his and my father's name. Everything - car, house, bank accounts, changed all beneficiaries, you name it. That way, when my Papa passed, all we had to do was show the death certificate, remove his name from all the items and then legally nothing could be touched by the province. Prior, my Papa also gave out as many $25k one-time tax-free donations to family members as he could.

I haven't checked in a while, but last I remember is that anything listed in the will is subject to Probate tax - so the less items listed the better. Best leave everything without listing them to one Executor and then have a separate list with your wishes and hope your Executor follows through.

[Energy]

That's smart estate planning to place everything in joint tenancy if you considered the risks and it fits the circumstances.

You're correct about probate tax but you cannot get around it in the way you described. The executor has a duty to gather all the property and before distributing it the government takes their cut.