My Grandmother Loaned Me $230,000 From My Trust Fund...

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Жыл бұрын

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Пікірлер: 293

@getinthespace7715 Жыл бұрын

Grandma has a good lawyer. They are protecting the granddaughters inheritance in the event of a divorce with the loan.

@ruthirwin8222 Ай бұрын

I think when its in the home if he divorces he gets half

@getinthespace7715 Ай бұрын

@ruthirwin8222 , half of a mortgage? That's the point. If they have no equity there is nothing to get.

@davidpaul9961 Жыл бұрын

They’re both like “how do I ask is she gonna die soon without sounding mean.” 😂

@alinatamashevich3354 Жыл бұрын

Some people never die, just ask them. They don't buy life insurance, make a will........

@reese85 Жыл бұрын

@@alinatamashevich3354 “some ppl never die”

@alinatamashevich3354 Жыл бұрын

@@reese85 And the funeral homes hate them.

@johngalleo1970 Жыл бұрын

@@alinatamashevich3354 you he

@johngalleo1970 Жыл бұрын

@@alinatamashevich3354 you he o

@jukes243 Жыл бұрын

I'd rather owe grandma than a bank!

@nickg2561 Жыл бұрын

Just pay it off like you would a mortgage. It isnt your money till she passes. Its a blessing she loaned it to you rent free in the first place.

@Polo22546 Жыл бұрын

When Dave asked, “how’s her health?” I literally laughed out loud, but I really didn’t want to.

@elainepatterson5587 Жыл бұрын

People with "lots of money" problems. I can't relate. 😑

@ralfbo685 Жыл бұрын

Do not be envious. Be content!

@hotrodramrod1080 Жыл бұрын

I can, or at least I want to relate.

@reese85 Жыл бұрын

Only person with some money is grandma! The granddaughter and her husband both are working two jobs!

@elainepatterson5587 Жыл бұрын

@@ralfbo685 oh, I am! Less worries. 😊

@ralfbo685 Жыл бұрын

@@elainepatterson5587 glad to hear! I misinterpreted your comment.

@rhonda8231 Жыл бұрын

She is one lucky girl to have that trust fund!

@jengable4888 Жыл бұрын

Right !!

@claireem8197 Жыл бұрын

for real i’m jealous

@amydoran9987 Жыл бұрын

Yes it must be nice.

@expertonnothing6624 Жыл бұрын

Grandma is awesome. Teaching responsibility and being generous. Pay yourself back like your paying interest. So grandma can see what a good steward you are

@fauxbro1983 8 ай бұрын

Lol the caller ain't paying it back

@Veezy727 Жыл бұрын

So if she pays back $2000 a month in 10 years that’s $240k but it’s you just saving your own money 💪🏾

@khill704 Жыл бұрын

Exactly!!

@CJ2023Incognito Жыл бұрын

Seriously! A great deal

@richman117 Жыл бұрын

I’m saying like I wish I had this problem lol like boo hoo

@mph5896 16 күн бұрын

It's a dumb loan. That $240k in the trust fund could be making money via interest or stocks. That $240k could have been a mortgage with an interest rate you pay on.

@lesg5270 Жыл бұрын

This is perfect. Aint no way I would take a mortgage when she is offering me cash from my own trust fund. Pay it back at baby step 6 speed.

@Theextremepessimist Жыл бұрын

There is nothing really wrong with what she did. She got an interest free loan and as long as she pays it back no harm done. I think grandma saw this.

@sheila3936 Жыл бұрын

Grandma structured it as a loan so that if they divorce or the caller wants to keep the trust separate, it is, it’s her inheritance. Once it’s in the matrimonial house he gets half.

@duellonaboudica400 Жыл бұрын

Ding!Ding!Ding!. Your answer is correct and Bonus Points awarded. (c'mon ramsey, wake up)

@LittleMarySunshine4 Жыл бұрын

ye-up

@guyrose2350 Жыл бұрын

Yep!! It’s a bit of a red flag as well that he doesn’t want to treat it like a loan, he’s already ready to consider that money his.

@deborahblackvideoediting8697 Жыл бұрын

Very smart!!

@js5787 Ай бұрын

Is it put "in Sturpes?" That is a way to protect the money.

@rhondavigil795 Жыл бұрын

Causing problems where there doesn't need to be problems. Keep paying it back. Once you paid it back you are debt free and mortgage free.

@kalikeleka Жыл бұрын

If everybody involved keeps their mouth shut, how will the cousins and siblings ever know?

@mikewright2858 Жыл бұрын

You owe yourself for the purchase of your house? Sounds like a nice spot to be in, frankly. BTW, really nice grandma!

@alinatamashevich3354 Жыл бұрын

Tax and interest free too!

@tracygaluszynski1868 Жыл бұрын

She gave herself a interest free mortgage. Nice.

@seosam652 Жыл бұрын

Yep, sounds pretty good. Interest free mortgage

@WeBeatMedicare6969 Жыл бұрын

Grandma, is it really you??..I’ve been looking all over for you and I finally found you!!!

@jackjumper4231 Жыл бұрын

I agree with Dave when it comes to grandma, however I am going to say she is an example that everybody should follow. She’s left A inheritance to her children’s children, and she is making sure that those who receive the inheritance are people of integrity. So it comes to grandma she is a shining example of what we should all be

@Winnie-Kay Жыл бұрын

Possibly grandma is testing granddaughter's character. If grandaughter pays back what is essentially hers anyway, then grandma can feel confident she did the right thing leaving all this money to her granddaughter.

@imveryhungry112 Жыл бұрын

thats what ide do

@Mkay999 Жыл бұрын

It’s not hers, it’s out of a trust fund that the grandmother doesn’t have to give. If grandma wanted you to treat it like a loan you do it. Grandma can leave money to someone else if she doesn’t feel like granddaughter is trust worthy.

@mathieuveillette4806 Жыл бұрын

But if it’s in a trust fund can grandma get it back? Sorry not sure how they work

@b.neallee7042 Жыл бұрын

You are very smart. Grandmother is testing her. Maybe that's how she is going to help other kids. Yep.

@dyates6380 Жыл бұрын

The problem is though, what's the recourse if she doesn't pay it back? Not give her the rest? Not making sense from that standpoint.

@jimmyjolly4184 Жыл бұрын

By requiring she pays it back , she's teaching her responsibility which it appears she is responsible

@sharonhunter337 Жыл бұрын

We hope Grandma lives to 100 years old. We need her wisdom and love.

@ryder4508 Жыл бұрын

Me too. That way it will take forever for that girl to get the rest of her trust fund. 😃

@sharonhunter337 Жыл бұрын

@@ryder4508 No why I said that. I was thinking if I had a Grandma like that I'd want to keep her as long as possible.

@freebird7284 Жыл бұрын

the hubby has to love this deal!

@amyzinger4693 Жыл бұрын

Sounds like grandma may have been concerned about what would happen to the trust in a divorce situation. My mom has her assets in a trust and mentioned in passing that she consulted a lawyer about making sure it stays in the direct family line. When I looked puzzled, she said “keeping spouses out.” So maybe that’s what this is about? But regardless of grandma’s reasons, this caller made a promise. Kinda shady of the husband to interfere in my opinion.

@kj7653 Жыл бұрын

I don't understand why Dave has a problem with this. I think the Grandma did a wonderful thing. The granddaughter sounds like she is extremely responsible. I think it sounds like a win/ win for everyone. I must have missed something. The granddaughter is basically paying herself back. Once she spends the money on the house it is gone. This way she has replaced her principal and only loss the interest. Otherwise she would have had lost a good chunk of change. She would have had a house, but this way she will end up with both.

@jengable4888 Жыл бұрын

Perhaps he is not too supportive because she did not really earn the money, and it was given to her. However, she agreed to pay it back. However, perhaps, if she is working two jobs, then maybe she should have waited like her husband initially wanted to, or purchased a smaller home/foreclosure.

@Lon1001 Жыл бұрын

Probably only because the caller is already a responsible adult in her 30s and being fiscally responsible is a lesson she has probably already learned. But very little harm here (it's almost like the grandma is just treating this trust fund as her own estate).

@gaildevaney6074 2 ай бұрын

If she just gave her granddaughter the money, her husband would be immediately entitled to half of it, no? Very smart lady.

@heterosapien8426 Жыл бұрын

This is essentially an advancement, with like a lesson attached.

@Cookedbyjulie Жыл бұрын

I think I need a hearing aid cause I definitely heard "early 30's" when he asked for her grandma's age.

@Kojow7 2 ай бұрын

I heard "early 30's" also.

@youngtimer964 Ай бұрын

Same

@stevenpalmer7793 22 күн бұрын

Me too!

@RanjitSouri 6 күн бұрын

Haha same!

@lesg5270 Жыл бұрын

There is NOTHING wrong with paying yourself back

@desimo147 Жыл бұрын

I can tell you this much, Grandma has got her stuff wired tight and it seems like her granddaughter does to. Knowing this, she probably would have preferred to just give her granddaughter the money to buy the house outright, but that would have upset the other grandkids (most of whom I suspect would just blow the money if she gave it to them). Hence, this unusual mortgage arrangement.

@DoctorSmartyPants Жыл бұрын

3/4 of the way thru the call, we finally have the story. It's like pulling teeth from the caller on this one.

@caroldonohoe2092 Жыл бұрын

I was thinking the same, just give all the information lady!!

@fire12731 3 ай бұрын

I know I hate that

@robindouglas1144 Жыл бұрын

It’s like she putting the money in a Saving Account.

@b.neallee7042 Жыл бұрын

I think this young person and grandmother are very smart. I hope she pays this off before her grandma sees she is responsible. Congratulations young lady. Neal

@HarmonyInspired Жыл бұрын

Frankly, I think Grandma did a great thing....she is helping out by not charging interest, but not handing out a 'free ride'. I think the granddaughter is feeling guilty about the transition from paying extra to just the agreed amount. She should just have a chat with Grandma and explain what's going on. She's not being irresponsible, she's just shifting priorities.

@lot2196 Жыл бұрын

I won't be able to sleep tonight worrying about her situation.

@xthebluenitex Жыл бұрын

I truly hope you're joking 🤣

@droid2D2C3P0 Жыл бұрын

Um what

@front331 Жыл бұрын

@@xthebluenitex No joke. Dead serious!

@xthebluenitex Жыл бұрын

@@front331 yikes 🤣

@triplebbb291 Жыл бұрын

What a massive problem! So glad she got advice from Dave 🤦🏻‍♂️

@Hallowsaw Жыл бұрын

Right a 0% interest loan. Thats pretty sweet

@kagnewcobra5228 Жыл бұрын

LOL

@ryder4508 Жыл бұрын

@@Hallowsaw Hopefully it was a sarcastic comment. 😂

@tubenachos Жыл бұрын

You can tell the caller is completely embarrassed by the situation

@joechang8696 Жыл бұрын

Grandma, I love you!

@mpb5180 Жыл бұрын

This is actually awesome! If you have a trust, why not use it as a secondary way of avoiding debt

@Lon1001 Жыл бұрын

Because it is a primary way of avoiding debt.

@qdllc Жыл бұрын

A trust fund should provide a constant income source via interest while protecting the corpus of the trust assets. Cashing it out is how wealthy people become poor within a generation.

@diceportz7107 Жыл бұрын

"The Fair only comes once a year and today isn't the day."

@kellyhou9594 Жыл бұрын

Very nice grandma +1

@rachelharrison7961 Жыл бұрын

She didn’t borrow FROM the trust fund. She borrowed against the future trust fund.

@janise01 10 күн бұрын

I got a little chuckle at "it's just a document between me, my grandma, and a lawyer." Uh honey, that's a contract.

@anthonya2349 Жыл бұрын

Dave never thinks of taxes. I would think distribution of this money would be considered for gift tax, which the grandmother would be responsible for, whereas upon her death it's tax free.

@donaldlyons17 Жыл бұрын

I though there was a certain amount that could be given tax free per person each year?

@hckycpa20 Жыл бұрын

@@donaldlyons17 $16K per year

@scottlaux6934 Ай бұрын

There is no inheritance tax in most states.

@braceyourselvesfortruth2492 Жыл бұрын

Dave sounds like he has a wonderful family.

@titosmiff1058 Жыл бұрын

The other thing that should have been said was just pay it off as fast as possible because basically it's taking money from your front pocket and putting it in your back pocket and it makes grandpa feel better

@1box4jm Жыл бұрын

Keep the loan, and pay it back with GAZELLE intensity and give grandma the satisfaccion to know that her grandaughter is a trustworthy person.

@stevenporter863 Жыл бұрын

Agreed. Except the 'Gazelle' intensity is not needed since her inheritance from the trust will just be reduced by the loan balance and it gives a show to grandma ( for lack of a better term ).

@sgare Жыл бұрын

Grandma may be happy already because they are ahead on it.

@mycupoverflows7811 Жыл бұрын

She said they both have 2nd jobs. And without those it would take an extra year. Imho they can just do what Dave says.

@tya325 Жыл бұрын

Grandma did right

@tblack6384 Жыл бұрын

She's basically paying back herself

@someoneelse6934 27 күн бұрын

Which is more than fine. She is getting early access to money that otherwise would not be yet available to her.

@RichTalk_nikRich Жыл бұрын

😂 i was getting ready to get on grandma 🤣 Dave funny asf when he want to be

@confessionsofahustler1773 Жыл бұрын

Best Dave answer ever 😂😂

@JohnJohn-wr1jo Жыл бұрын

Good advice...Not really, what happens if they split. He gets half. Taken as an inheritance and kept separate it's hers to keep. Dave never even considered this which is why you speak with an attorney when big money is changing hands. That should have been part of his advice. Makes for good podcast fodor for his fans but that's all it is. Very bad advice even if it's already a done deal. Others could learn from it. Dave gives excellent advice most of the time but sometimes he misses the obvious.

@Force5_Eye_Dev Жыл бұрын

This is all and all a great deal for her. She’s “paying off” her mortgage and then gets to get the money back in 20 years.

@jodiwalker5082 Ай бұрын

Pay aa agreed. Honor the agreement with Grandmom. She is generous.

@NicESpurling Жыл бұрын

Just pay the agreed upon amount. That's what grandma wants, and it's her money, for now, to set terms with, which is presumably why she hired a lawyer to draft a contract. No reason to pay it off more quickly, because it's 0% interest, so there's no penalty, and there's not obligation to the grandmother, because the contract dictates the terms. I think it's pretty awesome that her grandmother did that for her, because it will have saved them a significant amount in mortgage interest.

@danieljohnson4418 Жыл бұрын

If this is a "bad Baby Step 6," I want to be in such a position. There's no problem, here.

@budgetingdaddyuk6761 Жыл бұрын

We finally got to the vital information later on in the call.

@rainacherienne1010 Жыл бұрын

I do the same, I save money and then borrow from myself if I need a bigger amount and always pay it back to my account. It’s interest free this way.

@sebastien6530 Жыл бұрын

Until your kid decides not to talk to you

@anthonygallegos4708 Жыл бұрын

What an awesome strategy- interest free mortgage essentially. Plus she will have the house and all payments she made to it. 👍

@Imbrokeaswell Жыл бұрын

It pays to be born rich. More dollars than sense.

@elizabethblane201 Жыл бұрын

One thing that might go wrong (but probably won't, since the caller is almost done paying it off) would be if grandma didn't have long-term care insurance and then needed the money for her care, assuming that she doesn't have enough assets to pay for her care. That would be a reason for another grandma to not do this.

@ashleyjones5396 Жыл бұрын

Grandma probably has her own insurance or her own money set aside for this.

@jackbn9353 Жыл бұрын

Loan is a noun. Lend is a verb.

@roxcyn Жыл бұрын

I thought so, too. I looked it up to double check. Language is always changing and loan is now considered a noun and a verb. To each his own, though.

@Theguys1 Жыл бұрын

A trust fund is not a bank. The money remains in the trust.

@doompod Жыл бұрын

I actually wish I could do that. Way better than having interest.

@icantwiththis Жыл бұрын

That's why rich people just get richer and richer.

@reese85 Жыл бұрын

$750k I don’t think is rich and grandma prob invested and saved that money up her whole life and have nobody else to leave it to

@alinatamashevich3354 Жыл бұрын

@@icantwiththis They do smart things with money. Not lease Mercedes, I phones and get mani-pedi's every week.

@TheFlyingZulu Жыл бұрын

@@alinatamashevich3354 You're exactly right. So many people think that buying that 5-10$ starbucks coffee or scratch off ticket everyday isn't making them poor... but it is.

@seosam652 Жыл бұрын

@@reese85 it seems rich if the grandmother is putting it aside in a trust fund while the grandmother is still kinda young. And the caller mentioned cousins, insinuating that the grandmother set up a trust fund for all the grandkids, who knows how many.

@Tehui1974 Ай бұрын

What a bizarre situation. I've never heard of that scenario happening before.

@bbrcummins1984 Жыл бұрын

Its a trust fund people, the trust will be invested and keep growing, that's why the grandmother wants the money back, Been there done that

@andrewlayton9760 Жыл бұрын

There is no trust fund, just granny's stated intention.

@kenyon001 Жыл бұрын

I understand the reason for the loan besides not letting cousins/siblings find out; by loaning the money, there is no gift tax yet, right?

@Wachary1 Жыл бұрын

I think you’re right there but there could be some imputed interest. Meaning the grandma could be taxed for the interest she could have made on the loan.

@Wachary1 Жыл бұрын

I think you’re right there but there could be some imputed interest. Meaning the grandma could be taxed for the interest she could have made on the loan.

@zapzone8025 Жыл бұрын

but there was a stipulation between the grandma and daughter, she should still honor her grandma and stay gazel since it's a family thing. when it's family it's more important because the food tastes different between family members at thanksgiving.

@aldof.2966 Жыл бұрын

She hustle grandma. Wild!!!

@mrsmith1339 Жыл бұрын

I have seen it before, where the relative will not provide a legacy eary unless it is to buy a house. She may do the same for the other potential heirs. I'm no tax attorney, but is a gift tax involved? A lawyer prepared the agreement, so hopefully all is well. This is not a regualr loan from a relative. Grandma has already "assigned" this money to this relative. Go Grandma.

@sebastiaanvandoorn3223 Жыл бұрын

Grandma trying to cover her granddaughter for potential divorce issues! + Keeping the cousins of the pipe, for now... 🤣

@jillgott6567 Жыл бұрын

At first I was saying " NO " ! However. I realized it was the same as a bank loan. Pay it like a mortgage to the the trust fund. I agree you are force saving your own money. Pretty simple.

@bridgettetraveler658 Жыл бұрын

That lady is BLESSED to have such an amazing & awesome Granny! I wonder if she's looking to adopt more G-children! LoL!! Way to go Granny! I hope that young lady is as wise as her Granny!!!

@handheldgarage3297 Жыл бұрын

Good for them!!! They are off to a great start to their marriage debt free other than their mortgage.

@garycoachclinton Жыл бұрын

I am going to be that type of grandparent…

@bobdadruma Жыл бұрын

Granny is awesome!

@happyhippo1710 Жыл бұрын

I am thinking I would not taken the money in the first place..

@tracygaluszynski1868 Жыл бұрын

Good idea. No lien on the house. No mortgage. Lucky girl.

@vanesslifeygo Жыл бұрын

I want to know what the nature of those cousins is that she didn't want to give them access to their trusts just yet.

@peterrose5373 Жыл бұрын

Seems like Grandma doesn't trust you to be sensible with the money unless she's acting as a brake. Which given how vague grandchild is about the details doesn't seem completely unjustfied. There's a good chance the money will grow better in the trust than in hubby's hands, anyway. (He doesn't sound totally on board with the whole fiscal responsibility thing) So best to pay it back as quickly as circumstances allow.

@Omikoshi78 Жыл бұрын

I suspect the gap between the have and have nots will only continue to get worse while there is an estate tax exemption of up to 24million for a married couple. 750k is literally a life time of retirement savings for some. Some people just get it as a gift from grandma and start on 3rd base. Much respect to everyone who is trying to make it all work without the help.

@bellmattwebb Жыл бұрын

That being said. By the time they get to be worth a million, grandma might still be alive and they would be part of the self made millionaires club anyway.

@lyndaslocs Жыл бұрын

Nice Grandma!

@Cleo-ix2kd Жыл бұрын

Lucky lucky lady.. interest free.. just pay her back as planned

@stephaniemanchester-chermo3840 Жыл бұрын

Lol 😅Hey grandma I could use some trust fund money!

@thehallsofvalhalla7212 Жыл бұрын

Curve ball for the baby steps.

@djpuplex Жыл бұрын

Must be nice.

@chenyitube Жыл бұрын

It's call forced savings...

@fhuber7507 Жыл бұрын

Pay the trust fund back as if it's a mortgage.

@leslieajg Жыл бұрын

I found it quite weird myself to have them pay back what is technically their money on a proper investment. Oh well, it is what it is.

@Videpedia101 Жыл бұрын

What a pointless exercise. Whats the point in paying back money that is yours anyway?

@alinatamashevich3354 Жыл бұрын

TAXES

@harisadu8998 Жыл бұрын

LOL Dave is so confused by this call.

@imveryhungry112 Жыл бұрын

People with trust funds make me sick honestly. Sorry, I said it. They usually so entitled and think theyre so much better than people around them.

@goldengalsclazy Жыл бұрын

Or it gets wasted.

@ryder4508 Жыл бұрын

Then they lecture you on how you need to be "more responsible".

@Originalman144 Жыл бұрын

Whats the point of loaning it? It makes no sense to tie yourself up in knots on this. Grandma should have just given her the money.

@liberalmadness7248 Жыл бұрын

This makes no sense!

@texasitalian84 Жыл бұрын

Just pay as u go, she will prolly pass b4 it’s paid off

@jacoblynch9862 Жыл бұрын

I still don't understand this if they are mature adults what's the point in making them wait on the money, especially if they can use it now, and if they are not mature adults simply don't leave them or give them any money

@charlessands6933 Жыл бұрын

She said that if she doesn't pay it back she just gets the balance and there's no legal action against her if she doesn't pay it back. I am confused as to why this is even an issue.

@ransom182 Жыл бұрын

WHY? This is WEIRD!

@JohnJohn-wr1jo Жыл бұрын

Dave your not looking at the big picture...Surprised Grandma's attorney didn't see a huge problem with Grandmas arrangement. If her hubbie divorces her after the house is paid off or she drops any amount towards the house it becomes community property. If she receives it as an inheritance it's not community property and he's not entitled to a dime. More than 50% of marriages end in divorce so not worth taking a chance in my opinion. May have come up already and she's fine with it but Dave's making the big bucks and should have caught it in my opinion.

@charlieq3054 Жыл бұрын

Since she is paying back into the trust like a mortgage in instalments, Once the house is paid off, the money taken out as a loan would have been returned to the trust fund. The benefit is a 0% mortgage. Grandma might have thought through your point. Maybe it's one of the reasons why the money wasn't gifted to her but treated like a loan with a written agreement to pay back in instalments.

@rainacherienne1010 Жыл бұрын

He will not divorce her, she comes with additional half milly on top of that, he won’t leave.