Tying up loose ends

[EVENKEEL]

2 minutes ago, TallGuyJohninBKK said:

Ya, there are all kinds of potential issues. In the U.S., I believe, a trust can have co-trustees... For a time, my father and mother were co-trustees of their trust while she was alive, and then he became the sole trustee onward until his death.

 

But I'm not clear, in a co-trustees situation (assuming you had someone else you could trust like an attorney or non-beneficiary entity like a brokerage house), whether the co-trustee can act unilaterally (say in a situation where you had become indisposed), or whether that kind of situation requires the consent of both.

 

In the trust I set up naming a person for power of attorney to handle affairs if I am unable.

[Hummin]

The more common Thai way, is to leave behind land and gold. 

[TallGuyJohninBKK]

Another little wrinkle for us TH expats that I came across in dealing with my father's U.S. trust:

 

"Can a trustee live out of country?

It is common to name family members and friends as Successor Trustees. However, if a trust names a non-U.S. Citizen or a U.S. Citizen who resides in another country as a Successor Trustee, the trust could be considered a “foreign trust” by the IRS, resulting in adverse tax consequences."

 

https://estateandprobatelegalgroup.com/lombard-estate-planning-lawyer/citizenship-of-beneficiaries-and-trustees/

 

"Does a trustee of a US trust need to be a US citizen?

 

Additionally, the trust must be managed and administered by a person who is a resident of the United States. It does not matter if the successor trustee is an American citizen or not. As long as the trustee is a resident of this country and administers the trust here, it should not be classified as a foreign trust."

 

https://blog.calprobate.com/2018/11/naming-non-citizens-as-beneficiaries-trustees-and-executors.html

 

So, a U.S. citizen living in Thailand who wants to create a personal trust under U.S. law needs to be cautious in how they handle/structure it.  In case, I had always kept an official U.S. address that I used for tax filing, financial accounts and everything else. I never put anything U.S. related showing residence outside the U.S.  So when it came to my documentation for the trust, it was just using the same U.S. address I had always used for everything in my life.

 

 

[ChaiyaTH]

3 hours ago, Hummin said:

The more common Thai way, is to leave behind land and gold. 

The problem is, in most cases, if you leave Thais a lot at once, they waste it all. I assume this is also the reason the OP wants monthly sums.

 

Perhaps there are domestic options to setup such fund while still being alive, that already pays out a certain amount per month, in name of the wife or kids or else it actually is quite a niche business opportunity.

 

The only thing I would know of is taking a private banker if holding like 200K USD cash or more, then they usually can do a lot of things for you. Downside is almost negative interest, no returns etc.

 

I personally think this will eventually be available within blockchain too, it is possible with the tech. Similar to previous ideas to make saving accounts with a time lock (so people can't use their money til a set date and help them saving on their own).

Edited January 8, 2022 by ChaiyaTH

[BritManToo]

16 hours ago, Airalee said:

I too have thought about the whole issue and have to comment that although what you have written is something that I too have thought of, what really worries me is that when I’m at the age where I can’t take care of myself, will they let me rot in my own feces (I’ve read some horrible stories about elder abuse of Farangs here in thailand) barely feeding me so that they can “save money” in the end?

 

Not only would I want some sort of trust set up so they can’t burn through the money in a “Weekend at Vegas” kind of way, but have it also be conditional on there not being any kind of abuse or neglect if I ended up with something like Alzheimer’s in the future.

Maybe you should have concentrated on surrounding yourself with a family that won't do that.

Although old folks get abused by families/nursing homes/carers all over the world.

[Airalee]

1 hour ago, BritManToo said:

Maybe you should have concentrated on surrounding yourself with a family that won't do that.

Although old folks get abused by families/nursing homes/carers all over the world.

I’m waiting for Tesco to have a sale on “trustworthy wives” 

[Adumbration]

17 hours ago, TallGuyJohninBKK said:

Another little wrinkle for us TH expats that I came across in dealing with my father's U.S. trust:

 

"Can a trustee live out of country?

It is common to name family members and friends as Successor Trustees. However, if a trust names a non-U.S. Citizen or a U.S. Citizen who resides in another country as a Successor Trustee, the trust could be considered a “foreign trust” by the IRS, resulting in adverse tax consequences."

 

https://estateandprobatelegalgroup.com/lombard-estate-planning-lawyer/citizenship-of-beneficiaries-and-trustees/

 

"Does a trustee of a US trust need to be a US citizen?

 

Additionally, the trust must be managed and administered by a person who is a resident of the United States. It does not matter if the successor trustee is an American citizen or not. As long as the trustee is a resident of this country and administers the trust here, it should not be classified as a foreign trust."

 

https://blog.calprobate.com/2018/11/naming-non-citizens-as-beneficiaries-trustees-and-executors.html

 

So, a U.S. citizen living in Thailand who wants to create a personal trust under U.S. law needs to be cautious in how they handle/structure it.  In case, I had always kept an official U.S. address that I used for tax filing, financial accounts and everything else. I never put anything U.S. related showing residence outside the U.S.  So when it came to my documentation for the trust, it was just using the same U.S. address I had always used for everything in my life.

 

 

I bumped into this problem years ago.  I was sole director of my company and it was the trustee also.  Had to wind up both the entities.  That was in Oz.