I Called In Sick Today

[Theraflu 1,035]

On the whole I'd call Ye's tweets loathsome, but like Hank said, what started it is just that he's got 4 albums he's either producing or rapping on coming out in the next two months.

 

I will say I think Chance actually hit it super clean:

Chance The Rapper‏Verified account @chancetherapper

 

 

Black people don’t have to be democrats.

 

8,994 replies38,698 retweets138,203 likes

[SuitedAces21 2,723]

Well he does have an album (or two) about to drop but I'm sure you're right. He doesn't care if they sell. If there is anything rich people hate it's getting richer.

 

such a cynic.

[SuitedAces21 2,723]

My favorite asinine trust provision is the stipulation that all "income" go to one party, and remainder to another. Literally the portfolio manager can just build a bond portfolio with 8%+ yield and deplete the corpus pretty rapidly.

 

any trustee allowing this would be in breach of trust.

[InternetExplorer 2,609]

any trustee allowing this would be in breach of trust.

What’s allowable? 6? 4? It’s ambiguous.

[Essay21 2,387]

 

What’s allowable? 6? 4? It’s ambiguous.

 

It’s a question of total return weighed against acceptable risk. A fiduciary has a duty of impartiality and so must invest with both current and remainder interests considered. The Bank subscribes to modern portfolio theory for all trusts and so proper asset allocation will change as market conditions change. I must approve all asset allocations for my trusts, and I have had to tell a portfolio manager a trust cannot be 80/20 fixed.

 

A trust with only income for some life and then what remains outright to others should never be invested to clearly favor the life interest ( assuming the document is silent on asset allocation. The document could demand 100% fixed income in theory.) Many times I have explained to an angry life interest holder of only income why we must invest in equities, even if bonds are paying more.

[InternetExplorer 2,609]

That doesn’t sound like a very fun job.

[Essay21 2,387]

It’s not too bad. I just make sure I tell them it’s not me doing it, it’s the law. Even if it isn’t true, I still say it.

[InternetExplorer 2,609]

You didn’t specify whose law it is.

[Essay21 2,387]

It’s the law and the law is the law. The interpretation of the law is another question.

[brvheart 1,757]

My understanding is that trusts that rely on any sort of discretion from the trustee are nowadays strongly discouraged. First, the bank just doesn't want the legal liability and compliance workload, and second, it encourages this unhealthy parent/child dynamic (with a stranger acting as parent).

 

At least, I'm assuming he's referring to some kind of HEMS trust. I have heard of people burning down their existing house to get the trustee to sign off on the 'emergency' portion of HEMS to get the down payment for the new place. I'm sure that's the outlier situation, but an example of the bad incentives created with trustee discretion.

 

I would assume the trustee bank also takes a fee out of the trust for managing it, so it's in their best interest to just decline everything, have the money last as long as possible, and keep pulling out those sweet fees. Although I've never established a trust and know almost nothing about them, so I'm sure there are a million different ways to prevent that. (I feel like that would cause widespread corruption in the trust industry if that was allowed.)

 

 

Essay, hit us up with some knowledge. Do you have a link for a brother? How about some laws to read through that cover this stuff? Follow-up: are you sold on trusts as a whole? Will you use them extensively for your personal assets throughout your life? I have a friend that buys all of his properties in trusts only, even his primary residence. Thoughts?

[SuitedAces21 2,723]

I would assume the trustee bank also takes a fee out of the trust for managing it, so it's in their best interest to just decline everything, have the money last as long as possible, and keep pulling out those sweet fees. Although I've never established a trust and know almost nothing about them, so I'm sure there are a million different ways to prevent that. (I feel like that would cause widespread corruption in the trust industry if that was allowed.)

 

 

Essay, hit us up with some knowledge. Do you have a link for a brother? How about some laws to read through that cover this stuff? Follow-up: are you sold on trusts as a whole? Will you use them extensively for your personal assets throughout your life? I have a friend that buys all of his properties in trusts only, even his primary residence. Thoughts?

 

of course the bank takes a fee. how do you think they can afford to pay my salary? our fee is quite reasonable, though, and our fee is all inclusive and based on the market value of the trust.

 

obviously we do not reject distribution requests to increase the value of the trust and thereby increase our fee. that would be a breach of trust and leave any trustee subject to litigation and damages. laws governing a trust are codified in every state, and supported/enhanced/clarified by hundreds of years of case law. google iowa trust code if you want some idea. we employ hundreds of attorneys to make sure we are following the trust document and the law every state (as we administer trusts in every state in the union).

 

i advise every client to visit an estate planning attorney and every good estate planning attorney (that i know) advocates for personal trusts, as well as a last will and testament designed only to catch any property not already in the trust and "pour" it over into the trust. every good estate planning attorney, were you to visit them to do your estate plan will get you a LW&T, a personal trust, powers of attorney, and healthcare directives. and possibly other things depending on the state. it's a full service stop to plan for incapacity and death.

[brvheart 1,757]

obviously we do not reject distribution requests to increase the value of the trust and thereby increase our fee. that would be a breach of trust and leave any trustee subject to litigation and damages.

 

That's cool to say, but I'm sure that the poor people that have a bunch of cash serviced by you, don't believe that everyone declining their requests are all as moral and upstanding as yourself.

 

 

Also, you forgot to tell me why you thought that a house wasn't in your clients best interests. By the way, Suited, I'm on your side on this stuff. I'm just interested.

[SuitedAces21 2,723]

Also, you forgot to tell me why you thought that a house wasn't in your clients best interests.

 

it was a pattern of irresponsible behavior, i would just leave it at that.

[brvheart 1,757]

I don't at all like this stand-offish Suited. You just have to get more creative in how you tell your stories. These one-liners are not acceptable. That's a demerit.

[Napa Lite 3,279]

The house is mine (provided they get a house under contract by July 1 and if they don’t theres some small monetary penalties to me).

[SuitedAces21 2,723]

I don't at all like this stand-offish Suited. You just have to get more creative in how you tell your stories. These one-liners are not acceptable. That's a demerit.

 

you either trust my judgment or you don't. i think the demerit, dear brvus, is yours.

[SuitedAces21 2,723]

The house is mine (provided they get a house under contract by July 1 and if they don't theres some small monetary penalties to me).

 

way to go buddy.

[InternetExplorer 2,609]

Congrats

[InternetExplorer 2,609]

Brv, are all your kids looking to be financially smart? Some personalities, that’s never going to happen, not really the fault of the parent IMO.

[Napa Lite 3,279]

Yeah, hopefully this isn’t the biggest mistake I’ve ever made.

[SuitedAces21 2,723]

Yeah, hopefully this isn't the biggest mistake I've ever made.

 

well, even if it is, you'll be dead in 40 or 50 years anyways, so who cares.

[InternetExplorer 2,609]

Closing on my condo was a weird experience. It was a room of like eight people sitting around a table, staring at me, waiting for me to sign. Felt like a mark.

[hank213 1,823]

kegger at napa's

[Essay21 2,387]

Damn I’m busy that night.

[Napa Lite 3,279]

Closing on my condo was a weird experience. It was a room of like eight people sitting around a table, staring at me, waiting for me to sign. Felt like a mark.

 

I told my agent my only requirement was my dog gets to be at closing to pose for pictures and she laughed but I wasn’t joking but then I found out closing is usually like your experience and not in the movies where they sit around a table at the house and then hand you the key.