Gyroscopic Investing

It seems like in this day and age, there should be a much better solution.

In addition to a few people I care about, I'm still somewhat supporting my mother and I would like to leave most of my assets to my adult son.

Ideally, I would like for one of my very trusted business partners to just receive my account numbers/passwords and safe deposit keys upon my death and hand everything out according to my wishes.  By the time anybody cared, all of my accounts would be empty.

Of course, it would always be great to go out with a bit of style.  I've looked at some deadman switch style of websites where if you don't respond to a ping within a certain amount of time a canned email goes out to whomever you want.    Also, I thought it would be cool to have a treasure map of sorts tattooed onto my scalp and when my son recovers the body he could track down the wealth.  Unfortunately, I'm starting to bald, so I may have to use UV ink...

Any other creative and useful ideas?

LegalZoom.com

I'm well read on all of the standard methods and am very comfortable using attorneys and accountants.  It just seems so old school.  Isn't there a better way that doesn't require anyone but the interested parties?  And of course, if one is leaving this mortal coil, there should be a bit panache.

Unfortunately, the interested parties include the government, so I don't think you can really do without a will if you want to decide where you want your assets to go.

Also, if you leave any seriously appreciated assets, the ability to reset the basis at death is very valuable to your heirs, so doing it in an "undocumented" way may be suboptimal.

Most financial accounts pass according to beneficiary designations or survivorship rights, so even if you have a will it often doesn't cover that many things of value.

I like the treasure map idea, but not as a tattoo. More importantly, why not make that an extra thing, something fun for your son, and do the rest of it the traditional & formal way?

I take it you are single. I've never thought that I really needed a will since I'm married and I'm assuming all my assets are automatically going to my wife - and vice versa.  I have thought about what happens if we both get killed in a car or plane crash but I think I have all of that covered with beneficiaries on all of my accounts. The only reason I can see for having a will is to actually spell out where all the money is so they know where to get it, but do you really need a will for that? I have a Word document on my computer that says "I died" that spells all of this out (and my stepson knows where to find the gold).

I am (legally) single.  And since it seems that my son is not on any path to marriage, it might make most legal sense for me to marry my son.  Then I think I might not have any tax issues at all.

Mark Leavy wrote: I am (legally) single.  And since it seems that my son is not on any path to marriage, it might make most legal sense for me to marry my son.  Then I think I might not have any tax issues at all.

That is a great idea, but unfortunately it is probably illegal to marry your child.

Actually I have suggested a similar tactic to a single friend of mine who is in a very high tax bracket, but it was to an unrelated person.

He would definitely need a good prenup but at least he wouldn't have to worry about child support!

Desert wrote:

Mark Leavy wrote: I am (legally) single.  And since it seems that my son is not on any path to marriage, it might make most legal sense for me to marry my son.  Then I think I might not have any tax issues at all.

I'd keep the invitations to a minimum.  The ceremony could turn out to be a bit creepy.

There is a joke in there somewhere involving a wedding and a redneck family reunion.

Libertarian666 wrote:

Mark Leavy wrote: I am (legally) single.  And since it seems that my son is not on any path to marriage, it might make most legal sense for me to marry my son.  Then I think I might not have any tax issues at all.

That is a great idea, but unfortunately it is probably illegal to marry your child.

Actually I have suggested a similar tactic to a single friend of mine who is in a very high tax bracket, but it was to an unrelated person.

He would definitely need a good prenup but at least he wouldn't have to worry about child support!

Just wait a couple of years.  It's coming (based on trends from past several decades).  In the interim, perhaps you could marry a sheep, or even better a higher primate, and your son could assume ownership of the animal, assuming owning an animal is still legal and not on PETA's active protest list. 

... M

Simonjester wrote: isn't here a man marrying his son case out there already? i could have sworn i read about some gay couple, where some man who adopted his boyfriend, (way back before gay marriage seemed possible) in order to give him legal status (inheritance etc.) and they now are fighting to marry..