Honorverse

Daryl wrote:Telling that those on here are using current US tax law as a guide for what applies thousands of years hence on another planet.
I'm not well informed on our (Australia's) relevant laws as my accountancy training was to do with running large organisations, not personal tax matters but - We don't have inheritance tax, death duties or gift tax, but we still have trusts. From my understanding they are designed to spread family business profits across many to minimise income tax liability, using each's tax free threshold. Annache may well know better, so apologies if I got it wrong.
Regardless the point remains that Honorverse Trusts are probably quite different to yours.

I think you're correct, as far as I know. I'm certainly no expert, which is why I don't manage my own business affairs. I think it's different regarding how they're usually drafted when dealing with private and business holdings. For instance, Bill Gate's personal fortune vs Microsoft's.

However, I think it's up to the grantor, his needs and wishes. A contract is a contract. It doesn't cease being a contract after it is signed.

I'm only familiar with a few cases, and they are as I said.

@tlb,

Irrevocable Trusts CAN end up in probate court if it can be proved that the grantor was a Looney when the contract was drafted. I know that for a fact from the personal experiences of a friend. When there are huge sums of money involved, the lawyers tend to inherit as well.

Take it as you may, my experiences stand.

cthia wrote:

Daryl wrote:Telling that those on here are using current US tax law as a guide for what applies thousands of years hence on another planet.
I'm not well informed on our (Australia's) relevant laws as my accountancy training was to do with running large organisations, not personal tax matters but - We don't have inheritance tax, death duties or gift tax, but we still have trusts. From my understanding they are designed to spread family business profits across many to minimise income tax liability, using each's tax free threshold. Annache may well know better, so apologies if I got it wrong.
Regardless the point remains that Honorverse Trusts are probably quite different to yours.

I think you're correct, as far as I know. I'm certainly no expert, which is why I don't manage my own business affairs. I think it's different regarding how they're usually drafted when dealing with private and business holdings. For instance, Bill Gate's personal fortune vs Microsoft's.

However, I think it's up to the grantor, his needs and wishes. A contract is a contract. It doesn't cease being a contract after it is signed.

I'm only familiar with a few cases, and they are as I said.

@tlb,

Irrevocable Trusts CAN end up in probate court if it can be proved that the grantor was a Looney when the contract was drafted. I know that for a fact from the personal experiences of a friend. When there are huge sums of money involved, the lawyers tend to inherit as well.

Take it as you may, my experiences stand.

When it comes to the Law the only people that benefit are Lawyers

cthia wrote:Irrevocable Trusts CAN end up in probate court if it can be proved that the grantor was a Looney when the contract was drafted. I know that for a fact from the personal experiences of a friend. When there are huge sums of money involved, the lawyers tend to inherit as well.

Take it as you may, my experiences stand.

I accept that any contract can be attacked based on the lack of mental competence of a party to that contract. Was this an irrevocable trust set up some years before the grantor died? So I wonder why the trust was not contested earlier, unless it was created in the grantor's final days.

PS. Note that revocable trusts become irrevocable upon the death of the grantor (after probate).