Jon and Kate Plus 8 official Thread, Part 2!!

[newtodis]

I don't think anyone knows for sure.

I thought I'd read somewhere that it was in their attorney's name or a trust or something like that. I do believe it's public record and I think people were having a hard time finding it at first because it wasn't in an obvious name. Now I've never seen this for myself so I'm not 100% sure.


I was thinking about J&K today (it was a really busy day today too...) and I was wondering how much it costs for their "lifestyle" these days. They have to be making a lot of money from TLC just to "cover" the basics (or TLC's not paying as well and "providing" other things instead). Beyond the house and "basic" bills, unless J or K are doing their own shopping (food, clothing, anything else), someone's doing that for them so there's a cost of someone. I thought I'd read somewhere that Kate has an assistant - again not 100% sure on that. If so, that would be another pay check J&K or TLC would provide. Also the infamous "helper" - someone's paying her I would think. Then the publicist, PR people, lawyer, security. That stuff alone, aside from the "basics" (cost of food, electricty, gas, house, vehicles, car insurance, house insurance, health insuracne, things like that) has got to cost a lot to carry each month. I would think they would have to pay all of the assisants/helpers/staff/whatever a decent amount each month as they've all kept pretty darned quiet to this point so there must be a confidentiality agreement or something in place. Again, just something I was thinking about.

 

[Promomx2]

does anyone have the street address of their house?

 

[Grumpy's Gal]

what exactly is a "trust"?

can someone explain that to me? in simple terms?

if it's in a trust, who does it belong to exactly?

 

[Grumpy's Gal]

http://wiki.answers.com/Q/What_are_opinions_about_Jon_and_Kate_moving

says: (I have no idea if this is true)

They are back in Berks County where they lived before moving to Elizabethtown. Wernersville is west of Reading. The new home consists of a 26 acre property, main house, guest house, three-car garage, pool, and barn. They have recently installed a white security fence along the perimeter of the property. The home is in a revocable trust in their attorney's name which is a matter of public record on the Berks County Assessor's Office website.


This part is true -- it's public record.

http://marketing.remaxdesigncenter.com/45262/348034/index.ipv
Located at 298 Heffner Rd, Wernersville PA, and bought on October 23 2008

And here, also public record, is the site for the Berk's County Assessor's office -- http://www.co.berks.pa.us/berks/cwp/view.asp?a=1144&q=470872
you fill in the address you want to know about, (here)
http://ema.countyofberks.com/Parcel_Search/presentation/chameleon/search.asp

and it tells you who owns it.

 

[madge]

what exactly is a "trust"?

can someone explain that to me? in simple terms?

if it's in a trust, who does it belong to exactly?

What Does Trust Mean?
A fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.

not sure if that helps or not. LOL.

 

[Grumpy's Gal]

What Does Trust Mean?
A fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.

not sure if that helps or not. LOL.

I don't really think I know what that means. and why would someone do this? what's the benefits?

 

[madge]

I don't really think I know what that means. and why would someone do this? what's the benefits?

I have no idea. LOL

 

[Promomx2]

we must have an attorney or someone who can explain to us about a "trust".

 

[DreaGirl]

What Does Trust Mean?
A fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.

not sure if that helps or not. LOL.

Okay, now I'm really confused!

 

[Grumpy's Gal]

we must have an attorney or someone who can explain to us about a "trust".

I really would love to know. I'm just curious to what the benefits are -- it sounds like you own something but you put it in someone elses name. I'm just wondering why you would do this?

 

[mefordis]

I really would love to know. I'm just curious to what the benefits are -- it sounds like you own something but you put it in someone elses name. I'm just wondering why you would do this?

http://www.dummies.com/how-to/content/benefits-of-setting-up-a-trust.html

You would have to really trust the person you set up the trust for -- usually it is for a child or close relative. Unless everything is in the name of the kids and the attny is the trustee. I'm wondering if they put it in the names of their children since they are the reason they were able to buy it in the first place? I've never heard of putting your main property where you are living in a trust.

 

[kritter]

They put it in this type of trust so that if they die it can go to who ever they want without it being public record. If you leave it in a will it is public record and must go through probate. In a revocable trust it does not have to go through probate.

My husband works with this type of stuff and I asked him. Hope this helps!!!!!!!!!!!!!!!!

 

[kritter]

http://www.dummies.com/how-to/content/benefits-of-setting-up-a-trust.html

You would have to really trust the person you set up the trust for -- usually it is for a child or close relative. Unless everything is in the name of the kids and the attny is the trustee. I'm wondering if they put it in the names of their children since they are the reason they were able to buy it in the first place? I've never heard of putting your main property where you are living in a trust.

The trust is totally revocable at any time......People put their homes in this type of trust all of the time!!!!!!!!

 

[madge]

http://www.dummies.com/how-to/content/benefits-of-setting-up-a-trust.html

You would have to really trust the person you set up the trust for -- usually it is for a child or close relative. Unless everything is in the name of the kids and the attny is the trustee. I'm wondering if they put it in the names of their children since they are the reason they were able to buy it in the first place? I've never heard of putting your main property where you are living in a trust.

I think I remember reading that what the Gosselins did, with regards to the purchase of the property wasn't necessarily unusual, given their circumstances.

 

[Grumpy's Gal]

They put it in this type of trust so that if they die it can go to who ever they want without it being public record. If you leave it in a will it is public record and must go through probate. In a revocable trust it does not have to go through probate.

My husband works with this type of stuff and I asked him. Hope this helps!!!!!!!!!!!!!!!!

could they leave their home to their kids if the kids are minors? is there a tax advantage to having a trust?

 

[kritter]

could they leave their home to their kids if the kids are minors? is there a tax advantage to having a trust?

No you can't leave it do a minor directly but in a trust they could. No there is probate advantage but no tax advantage!!

 

[Maggimus]

If you accumulate a lot of money, most people put the money in a "trust". The "trust" then pays you each month and makes money for you at the same time. Some feel it keeps you more responsible and stretches the money out over a length of time. You set it up for certain people (i.e. if an older parent couple so decides, they not only can be included in the trust draw each month, but of the age children). Once someone dies... the trust can then step go to whomever that person has previously decided. All of that money that was once in the trust then becomes someone elses. Thats the best lamens terms I can give... we have family that belong to trust funds and thats how it works as far as I can see.

 

[KristiKelly]

If you accumulate a lot of money, most people put the money in a "trust". The "trust" then pays you each month and makes money for you at the same time. Some feel it keeps you more responsible and stretches the money out over a length of time. You set it up for certain people (i.e. if an older parent couple so decides, they not only can be included in the trust draw each month, but of the age children). Once someone dies... the trust can then step go to whomever that person has previously decided. All of that money that was once in the trust then becomes someone elses. Thats the best lamens terms I can give... we have family that belong to trust funds and thats how it works as far as I can see.

Also, I could be wrong, but if someone tries to sue you - you basically have nothing or something to that effect - am I right about that or dream it up??

 

[Maggimus]

Also, I could be wrong, but if someone tries to sue you - you basically have nothing or something to that effect - am I right about that or dream it up??

I don't know. The trust money is technically yours-- but I'm sure the trust company and the people within the trust are under contract and the money cannot be pulled out at any time, at least without penalty. Its your money- but its under someone else's supervision if that makes sense. Most people draw a month what they feel like is adequate for their lifestyle... i.e... some gets enough to pay them as if they worked a job that money, and some with higher costs of living often pay themselves more. I'm not sure about this, but I imagine the more you leave in the trust (i.e. don't draw each month) the more your money is making money for you (kind of like a savings account). Many people who set up trusts have enough money within (and make enough money on it) to set themselves up for life on a draw, as well as many loved ones for quite a few generations. Thats a general statement... Im not certain that EVERYONES trusts can go on for generations-- but I have seen them do that and I know they can be set up to span over great-great grandchildrens generations (and maybe longer-- depending on the amount put it and the amount drawn).

I would imagine that if the house is in a trust... that it would be being paid for by the trust company. I guess the trust company would write the mortgage company a check or something? I don't know. I have no direct dealings with a trust but have been around them a lot. I certainly don't know all of the technicality of it-- so I could very well be wrong.

I think a trust is a good thing especially if one comes into a large amount of money at once. You often hear about lottery winners who go out and buy, buy, buy, and are then broke, broke, broke. I don't know how much J&K have earned over time though. It's a good way to limit yourself.

 

[Tinker74]

Has anyone here read Multiple Blessings, the gosselins book?..I just started it today and its a very interesting read...It even mentions Kates mother a few times so far..(iam only a couple of chapters in)..It appears they were close..she mentions calling her mother every day througout her pregnancy with the twins.

Of course they may still be close..it could be that they only see kates parents off camera...Do we actually have any hard evidence of an estrangment there...or is all just hearsay and speculation?

Also something that jumped out to me...it could be that Kate is a Diser....She mentions planning her family Disney trip back in 2003 or 2004..with the twins before the tups were born...she says like everything she does she threw herself into the planning and learnt all she could about what time of day to ride dumbo and how to book cindys breakfast in the castle!

Could it be Kate was busy dising with the rest of us back then..or even now!

Iam enjoying the book and its making me like Kate and understand her even more!