Does anyone know how to aquire money?

[Motorhead350]

This is the situation and I need all the help I can get: My grandma died about 2 years ago and left me money in her will. The deal is that I cannot touch any of it until my dad dies. Currently my dad is having problems opening his new businesses and I want to take out some of the money that was given to me to help my dad out. I do not want to use all of it, but it's still a pretty good amount... let's say six figures.

Now what do I tell the bank? Do I say this is a loan to my dad (I don't want him to pay me back, I owe him) do I say I am an invester to his business, do I say this is just because?

Bottom line is what do I have to say to help my dad out here? I know a bank will not give it up just like that. I want to ask my dad's big friends what to do, but he doesn't want them knowing. I know it seems weird asking on here, but you guys have always given me great advice and just about every subject.

Anyone know the code to get this volt open and help out the family?

[dreydin]

mods.. can we get Dom a dedicated help-line sub-forum? :D

[Motorhead350]

mods.. can we get Dom a dedicated help-line sub-forum? :D

Come on dude now I'm serious.

[sd8683]

Your hands are pretty much tied behind your back, and a will is basically a contract and I think your gonna have a hard getting that money out. Good luck to ya though

[Stranger in the Black Sedan]

I am speechless. I really don't know what to say.

[Motorhead350]

We'll see, but it's for the good. Again less than half would be used and it's not like I am using it to buy stupid stuff, I'm trying to help a business here.

[ckadiddle]

I know it's probably hard to hear, but it sounds like grandma did not want your dad's fingers in your money. She must have had reasons for setting it up that way.

I have no interest other than wishing to see a good kid (you) do well someday. I don't really give a flip about your dad's new business. Many new businesses flop. Leave the money alone. Your dad is a big boy and can take out his own loans and mortgage the house/cars/real estate to finance his business.

Dom, you are truly a good-hearted kid. I am glad that you ask questions here, we have so many people from so many backgrounds to advise us on any subject.

Grandma is trying to provide for your future prosperity. Let her.

Just my wacky opinions. YMMV.

[J D]

I know it's probably hard to hear, but it sounds like grandma did not want your dad's fingers in your money. She must have had reasons for setting it up that way.

I have no interest other than wishing to see a good kid (you) do well someday. I don't really give a flip about your dad's new business. Many new businesses flop. Leave the money alone. Your dad is a big boy and can take out his own loans and mortgage the house/cars/real estate to finance his business.

Dom, you are truly a good-hearted kid. I am glad that you ask questions here, we have so many people from so many backgrounds to advise us on any subject.

Grandma is trying to provide for your future prosperity. Let her.

Just my wacky opinions. YMMV.

BIG +1 by me

AND if you are able to get the cash out, there will more likely than not be VERY heavy penalties and fees involved.

[Motorhead350]

BIG +1 by me

AND if you are able to get the cash out, there will more likely than not be VERY heavy penalties and fees involved.

See this is what I am looking for, because I have no idea what I am getting myself into. I need to know more on the process. I wonder if we have any bankers on here.

[Blk Mamba]

I know it's probably hard to hear, but it sounds like grandma did not want your dad's fingers in your money. She must have had reasons for setting it up that way.

I have no interest other than wishing to see a good kid (you) do well someday. I don't really give a flip about your dad's new business. Many new businesses flop. Leave the money alone. Your dad is a big boy and can take out his own loans and mortgage the house/cars/real estate to finance his business.

Dom, you are truly a good-hearted kid. I am glad that you ask questions here, we have so many people from so many backgrounds to advise us on any subject.

Grandma is trying to provide for your future prosperity. Let her.
Just my wacky opinions. YMMV.




Listen to him Dom.

[Local Boy]

Hey Dom...

Is there other "beneficiaries" to this will???

This is a very important question, you need to consider...

Who is the "Executor" of the will...There should be only one person, who is authorized to move the money around...It should not be accessable by anyone else...

If, by chance you are able to widthdraw money, from this account; because it would be in violation of the will...You open your self to liability (getting sued) by the otrher beneficiaries...and you WILL lose...

They will assert, and rightly so, that when you took out the money...the total sum was reduced, therefore, it (money left) will not earn the same amount of interest/dividends over the period the will is effect...This is what the other beneficiaries will lose, when the will expires, because of your inappropriate actions...

Your GOOD intentions...will not be considered in a court of law...and you will be required to pay it back!...

This action is not recommended, and may serve to be your worst nightmare should you contiue in this endeavor...

Moreover, you will have tax issues...when the money is taken out...You will need to report it as "income" to the IRS...which means you will end up paying (owing) a higher amount when tax time comes around...also when you give it to your father...He will have to report it also on his tax returns...and the cycle continues...

Lets not forget, that your Grandmothers estate is taxed as well, and must file yearly taxes...This means that any and all money that is taken from this account need to reported on the estates taxes...

Are you begining to see the complexity of this matter???

Good Luck, Brutha...

ALOHA

[Bobmiddle]

All of the above advise is great take it all in to consideration. Another option would be a line or credit against the money. But this might not be possible because the money might not be in your name. Even if it is there might be restrictions because of the will or trust ect. Then you have to think of the interest on the line of credit and payments which will all have to be in your name with your dad making the payments. Then if the business fails it is all on you. Then you will have to kill you dad to get your money (sorry just kidding on that part) to pay of the bank ect.

I would take the advice of some of the above members. I too would like to help my parents out. hopefuly one day we both will be able too.

PS please don't take the dad thing personaly it was a joke.

[ParkRanger]

If Possible, How About Getting A Loan And Using Your Trust As Security?

[KillJoy]

Am I the only one with the answer?

Kill your Dad!

VOILA! MONEY!

:rolleyes:

KillJoy

[MADRODER]

I'm no lawyer but it depends on who has control over the money after your Grandma passed away, do you know who the lawyer is?

[Aren Jay]

There is a way.

You take out a mortgage.

You dad sells you the house, for an amount with condition of repayment and selling the house back to him.

If you have a job that pays enough to cover the mortgage payments, then you have the house as colateral.

Just don't lose it.

Also you have the will money, as a further collateral, should you need money to pay off the mortgage later on. But that might be locked away.

Win win for you.

Now if your house is not paid off, then you might have to take on enough of a mortgage to pay off the previous mortgage and the amount your wish to lend your dad.

Or you could sell your trucks, or maybe Zack will buy another Marauder.

[MM2004]

Am I the only one with the answer?

Kill your Dad!

VOILA! MONEY!

:rolleyes:

KillJoy

No.

You're the only one I know that completely enjoys making an ass of himself in a public forum. While laughing at himself; others laugh at you.

:( :alone: :flamer: :censor: :stupid:

Mike.

ps. PM sent.

[KillJoy]

No.

You're the only one I know that completely enjoys making an ass of himself in a public forum. While laughing at himself; others laugh at you.

:( :alone: :flamer: :censor: :stupid:

Mike.

ps. PM sent.


Look in the mirror.

THEN laugh at me.

I am happy with MY life.

KillJoy

[Zack]

Whatever......Ma'am :rofl:

[Zack]

Look in the mirror.

THEN laugh at me.

I am happy with MY life.

KillJoy

This is the post that got Steve a 5 day Vacation.

..I bet he's dusting off his MCM password right about now :lol: :stupid: :shake:

[BAD MERC]

You could walk in and say you no speaka engrish, you have 14 kids and came here illegally. From what I have seen - that can get you a lot of money and free stuff too.

[Motorhead350]

Hey Dom...

Is there other "beneficiaries" to this will???

This is a very important question, you need to consider...

Who is the "Executor" of the will...There should be only one person, who is authorized to move the money around...It should not be accessable by anyone else...

If, by chance you are able to widthdraw money, from this account; because it would be in violation of the will...You open your self to liability (getting sued) by the otrher beneficiaries...and you WILL lose...

They will assert, and rightly so, that when you took out the money...the total sum was reduced, therefore, it (money left) will not earn the same amount of interest/dividends over the period the will is effect...This is what the other beneficiaries will lose, when the will expires, because of your inappropriate actions...

Your GOOD intentions...will not be considered in a court of law...and you will be required to pay it back!...

This action is not recommended, and may serve to be your worst nightmare should you contiue in this endeavor...

Moreover, you will have tax issues...when the money is taken out...You will need to report it as "income" to the IRS...which means you will end up paying (owing) a higher amount when tax time comes around...also when you give it to your father...He will have to report it also on his tax returns...and the cycle continues...

Lets not forget, that your Grandmothers estate is taxed as well, and must file yearly taxes...This means that any and all money that is taken from this account need to reported on the estates taxes...

Are you begining to see the complexity of this matter???

Good Luck, Brutha...

ALOHA

Wow that's a lotta weight on me. This is the info I was looking for reguarding such a thing. I am still going to look into this, but even my dad is telling me his other plans to help himself out. It seems like he doesn't even want me to attempt at this, but I'm only doing what I think is best. Now when Local Boy mentioned all of this I see how heavy this can get. Maybe Martyo will have something to say.

[Joe Walsh]

Leave the money alone and tell your Dad to sell his BMW M6.

[larryo340]

Leave the money alone and tell your Dad to sell his BMW M6.
Now that makes sense :D

[FordNut]

Leave the money alone and tell your Dad to sell his BMW M6.


Now that makes sense :D

I agree!
..........

[Local Boy]

If you were awakened by that...consider, the other side (devil's advocate)...

The money you speak of is technically NOT YOURS at this point...It belongs to the Estate...

If you take out this money, it will be looked at as THEFT (stealing), and you may be prosecuted...Considering the amount you are talking about is "six figures"...That would constitue as a Felony!!!...and may include jail time!!!...

Now, if you try to hide the money, and get caught...You can add to that Felony Charge (theft) ...Tax Evasion charges which will come at you from two sides (State Charges & Federal Charges)

Now if your Dad tried to hide the money also...He too would be subject to ALL these charges...and may face jail time as well...

Moreover, now if you had to pay back the money...and could not do it in the time required...your credit will go to hell...making it difficult for you, as an adult, when buying things that require good credit...

If these things transpire...You will now be labeled a convicted criminal (FOR STEALING FROM YOUR OWN FAMILY), with an outstanding lean (owe money to the beneficiaries) on your record, + you will have terrible credit report...

This is not a good way to come into adulthood...Certain jobs will be out of reach to you, because of your criminal record...

Can you see how you would be moving backwards...making it much more difficult for you to establish yourself in the business world...

REMEMBER..."The road to hell is paved with good intentions"

Think about it, Brutha...is the risks worth it???

Particularly, when you have assets you (Dad) can sell to finance Dad's business venture...

Bottom line, my friend...use your (Dad's) own money (ie: sell the cars, and other assets) not someone else's...Now, THIS IS THE RIGHT THING TO DO!!!

Good Luck...

ALOHA

[Mike]

This is the situation and I need all the help I can get: My grandma died about 2 years ago and left me money in her will. The deal is that I cannot touch any of it until my dad dies. Currently my dad is having problems opening his new businesses and I want to take out some of the money that was given to me to help my dad out. I do not want to use all of it, but it's still a pretty good amount... let's say six figures.

Now what do I tell the bank? Do I say this is a loan to my dad (I don't want him to pay me back, I owe him) do I say I am an invester to his business, do I say this is just because?

Bottom line is what do I have to say to help my dad out here? I know a bank will not give it up just like that. I want to ask my dad's big friends what to do, but he doesn't want them knowing. I know it seems weird asking on here, but you guys have always given me great advice and just about every subject.

Anyone know the code to get this volt open and help out the family?

How about talking to an estate lawyer. I'd bet that the consultation would be free.

[Bobmiddle]

^^^

Consultation will be free, but if he gets any money. ESQ gets 25%

[TAKEDOWN]

Maybe you could pull out a loan by whoever is your lender, showing proof that you have money from a WILL, but unfortunately cannot pay full amt til he passes to that better place. For now...pay minimum amt, the lender gets his money either way, just might have to wait for that lump sum on a later date. Grandma just wants you to be financially taken cared of when daddy goes. Can't think of anything else. Good Luck!!!

[TAKEDOWN]

I really don't think they care how they get their money, as long as they "the loaner" gets their money, paperwork/document should give them confidence in lending you that amt. of money, kinda like a backup plan...don't know how your credit looks or job history. Don't think there's another way around this, it's not like a paid out settlement or annuity...it's grandma's wishes! I don't think I'm really helping out here!?!

[DOOM]

Am I the only one with the answer?

Kill your Dad!

VOILA! MONEY!

:rolleyes:

KillJoy

lol i knew somebody was gonna go there.

[Haggis]

Dominick my son, comea over herea. Sitta you down. {slaps him uppa sidea the heada twicea}. Whata youa thinkin? Youa stupida!!!




Admin: I need a; slap up side the head smillie. :D

[duhtroll]

Unless you're in IA, where they plan a raid and arrest you. :) Hopefully they continue the process and deport all of them.

Sorry - back to topic.


You could walk in and say you no speaka engrish, you have 14 kids and came here illegally. From what I have seen - that can get you a lot of money and free stuff too.

[vkirkend]

BIG +1 by me

AND if you are able to get the cash out, there will more likely than not be VERY heavy penalties and fees involved.

Dom, he makes sense. There must be some reason your grandmother set this up this way. Follow her wishes.

[ckadiddle]

If you were awakened by that...consider, the other side (devil's advocate)...

The money you speak of is technically NOT YOURS at this point...It belongs to the Estate...

If you take out this money, it will be looked at as THEFT (stealing), and you may be prosecuted...Considering the amount you are talking about is "six figures"...That would constitue as a Felony!!!...and may include jail time!!!...

Now, if you try to hide the money, and get caught...You can add to that Felony Charge (theft) ...Tax Evasion charges which will come at you from two sides (State Charges & Federal Charges)

Now if your Dad tried to hide the money also...He too would be subject to ALL these charges...and may face jail time as well...

Moreover, now if you had to pay back the money...and could not do it in the time required...your credit will go to hell...making it difficult for you, as an adult, when buying things that require good credit...

If these things transpire...You will now be labeled a convicted criminal (FOR STEALING FROM YOUR OWN FAMILY), with an outstanding lean (owe money to the beneficiaries) on your record, + you will have terrible credit report...

This is not a good way to come into adulthood...Certain jobs will be out of reach to you, because of your criminal record...

Can you see how you would be moving backwards...making it much more difficult for you to establish yourself in the business world...

REMEMBER..."The road to hell is paved with good intentions"

Think about it, Brutha...is the risks worth it???

Particularly, when you have assets you (Dad) can sell to finance Dad's business venture...

Bottom line, my friend...use your (Dad's) own money (ie: sell the cars, and other assets) not someone else's...Now, THIS IS THE RIGHT THING TO DO!!!

Good Luck...

ALOHA
Very true. I know someone that is dealing with this currently. Sucks to have something you did thirty years ago cause you trouble later in life. I am glad that I was a rather a dull Yewt.*








* If you don't know what a Yewt is, you need to watch the movie My Cousin Vinny.

[dreydin]

Dominick my son, comea over herea. Sitta you down. {slaps him uppa sidea the heada twicea}. Whata youa thinkin? Youa stupida!!!




Admin: I need a; slap up side the head smillie. :D
lol


good luck with all that Dom. my first comment was purely for kicks :D

[CRUZTAKER]

Look in the mirror.

THEN laugh at me.

I am happy with MY life.

KillJoy

Straight to the balls eh?:D:D:D

Ruthless. :P :baaa:

Jeez I hope her name wasn't Ruth. :hide:

[hot-rauder]

Straight to the balls eh?:D:D:D

Ruthless. :P :baaa:

Jeez I hope her name wasn't Ruth. :hide:

Anyone else miss Steve?

[Raudermaster]

He'll be back in 4 days, maybe...

[Motorhead350]

Anyone else miss Steve?

Me me me! I miss Steve!

[Mike]

Me me me! I miss Steve!

Me too :bigcry:

[knine]

Me me me! I miss Steve!
Am I the only one who gets this? Steve was joking, Dom was the target, and Dom isn't mad. Did somebody overreact? I changed my avatar and signature for Steve. This smells.

[Mike]

Am I the only one who gets this? Steve was joking, Dom was the target, and Dom isn't mad. Did somebody overreact? I changed my avatar and signature for Steve. This smells.

I agree :bs:

[TooManyFords]

What everyone else seems to have missed in your first post, is the fact that your father is having a problem with his business. I know this is going to sound cold, so forgive me in advance, but you need to have someone take a serious look at his business plan to see if it even warrants additional funds. Some ideas, while grounded in faith, are doomed to failure. It would be financially irresponsible to throw good money after bad.

In other words, sometimes it is better to cut the losses and move on.

That said, I sure hope he succeeds. I've been self-employed for most of my life and I enjoy it.

Good luck with your decision.

John

[cyclopsram]

90 percent of new businesses fail in the first year. And now back to MM

[Aren Jay]

Agree with sell BMW part, plus everyone will start being nice to him...

http://www.emotty.com/images/emoticons/903.png Slap headish

[CRUZTAKER]

What everyone else seems to have missed in your first post, is the fact that your father is having a problem with his business. I know this is going to sound cold, so forgive me in advance, but you need to have someone take a serious look at his business plan to see if it even warrants additional funds. Some ideas, while grounded in faith, are doomed to failure. It would be financially irresponsible to throw good money after bad.

In other words, sometimes it is better to cut the losses and move on.

That said, I sure hope he succeeds. I've been self-employed for most of my life and I enjoy it.

Good luck with your decision.

John

This is very true, and good advice.

[Motorhead350]

90 percent of new businesses fail in the first year.

It's not new, it's an expansion.

[Peace2Peep]

FYI

You are all right in telling our freiend here that there is NO way to get the money out...if G-ma's attourney has any skills when he drafted this will/trust it is IRON CLAD.

One area that you're wrong is in the Taxes portion. Any monies placed in will/trust is already taxed and therefore he will pay NO taxes when he receives it(tax guidelines currently in effect) but the estate will/has paid taxes on it...this information courtesy of my sister the corporate/trust IRS auditor.

[Mike Poore]

Dom, I assume we're talking a trust, here, and your case seems to be the usual method of making sure the grandchildren get the bequest as stipulated by the benefactor. Look up Issue Per stirpes http://rulelaw.blogspot.com/2006/04/what-does-phrase-per-stirpes-mean.html
It all depends upon who the trust officer is, and in some cases it can be the beneficery. Of course it depends upon the resident's state laws, which could be Florida or Illinois, or both.

In any case, whatever the stipulations your grandmother placed in the trust, they are literally cast in stone and you could end up using the funds in lawyer fees, trying to break the trust ....never mind it will take five or so years to do, making the point moot anyway.

My advice.. even though your intentions are noble, these are your father's issues and although you can hurt and pray for resolution to his problems, it's not your cross to bear.

[Aren Jay]

Did you ever consider getting a job?

[nomad]

Did you ever consider getting a job?

What's a job??:D

[Motorhead350]

Did you ever consider getting a job?

Heck no, I have a carrier though. ;)

[Hack Goby]

Did you ever consider getting a job?

My avatar is his job.:D

[Ken]

My avatar is his job.:DAnd a fine job, he does at it!

Ken

[captain]

Grand Mother is wise. She is protecting you from him.
Daddy should be well established by now.. and thinking of ways to help you. Not vice versa.
And if you are still hanging with thieves in the night... he would be wise to install another trust fund. Protecting you from yourself.
I enjoy your open "ness" But mannnnnn your killing me. Wake up already.

[Aren Jay]

Why don't you write a book, "How to lose your keys" or "Car stolen? Panic go looking for them but don't settle for nothing" then there is the classic "Following Gangbangers" oh oh and of course: "Thieves in the Night"

Must be worth a few bob to you and with a bit of money up front, assuming your identity isn't stolen and your bank account emptied, or your wallet lifted and an advance from the publishers and you have the money you want. Plus the books should be easy for you to do.