Re: How to be Setup for Life ?
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Has anyone ever heard someone say "Damn, I sure wish I didn't pay off that house", or "Man I wish I had a mortgage" ?
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nh sir.
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Actually, its quite common in the UK. There are plenty of older people who want to mortgage their house to invest the capital into a trust and get income from it, whilst moving the capital outside their estate for tax purposes when they die. When the tax man tallys the estate on death, the kids get more as the trust isnt taxed, and the settlor, while alive, gets income fronm the trust that he wouldnt have otherwise enjoyed. In some cases, the interest is rolled up and further reduces the estate value and the tax bill on death. Ironic that most people spend most of their lives with a mortgage they want to get rid off, and wish they had one on their death bed.
Bingo
PS - estate and trust law is prob different in the US.
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