Billionaire divorce uncovers secretive world of trusts in South Dakota

[fact]

You got a trust in South Dakota(STD)?

It just doesn't work, breh, good job, good effort

 

[Geek Nasty]

Advise yes...but a lot of these athletes gives these advisers free reign of their money and don’t bother to learn the basics.

Your adviser should not be signing things off your behalf, Trey should not have more say about your money than you who is earning the income.

all those who get royally screwed have one thing in common they leave large bulk of responsibility to someone else and then want to cry about it later. It doesn’t matter if you pay someone else to look after your money, it’s not their money.

That’s not what happening listen to the stories. Tim Duncan’s[?] advisor literally forged checks to steal money. People want to find a way to blame the athletes but they’re doing what most of us do with advisors. I can’t stop a guy at Charles Schwab from spending all my investment money on his buddies’ penny stocks scheme if he really wants to. But some of these advisors feel entitled to steal.

me personally for that reason I’d never use an advisor if I was rich. Too many people angling to steal.

 

[GrindtooFilthy]

I work in finance and around high net worth individuals so I already know the game.


The key is you have to put your assets into the trust before you enter into the marriage for this to effectively work. Let's say you're planning to buy a new house for you and your fiance once you tie the not. Try to close on that house before your marriage date and have it under the ownership of your trust not under your name.

I drew up my own trust. All my assets are owned by the trust, including my condo, my rental property, and my investment portfolios. There is nothing in my name, however, I'm the beneficiary of the trust.

It's the only way to stay safe.

Cold ass fukkin game, I told my self i would do this in the future but now this post just CEMENTED it for me. definitely putting my shyt in an impenetrable trust

 

[Ya?]

That’s not what happening listen to the stories. Tim Duncan’s[?] advisor literally forged checks to steal money. People want to find a way to blame the athletes but they’re doing what most of us do with advisors. I can’t stop a guy at Charles Schwab from spending all my investment money on his buddies’ penny stocks scheme if he really wants to. But some of these advisors feel entitled to steal.

me personally for that reason I’d never use an advisor if I was rich. Too many people angling to steal.

of course people will steal if they can. I am not denying that.

but say you have $50Million cash are you going to let an advisor “manage” all your money. Are you going to allow them to authorize investments on your behalf without approving it yourself.

Are you not going to invest in getting financial education to manage and oversee your estate. Are you not gong to monitor periodically where your money is going and if you are on track to maintain or meet your financial objectives.

some of these advisors have free reign for months some even years. Some athletes don’t even know what is going with their finances. I cant go 1 day without checking my accounts, and I don’t have nearly the money that these athletes have.

People need to stop treating these athletes like grown children a good chunk of their financial woes is ignorance and lack of financial discipline.

 

[Rekkapryde]

now this is game

Over state lines huh... Feds about to get involved.

 

[Lady.Libra.]

Instead of buying Marilyn Monroe's drawers & other mess she should have been planning, consulting, & investing. Good grief.

 

[Ya?]

Instead of buying Marilyn Monroe's drawers & other mess she should have been planning, consulting, & investing. Good grief.

Ya how do you go years without knowing your husband income and assets and where it is being stashed.

 

[Devil Plisken…CMS]

Chances are if this news has been made public then measures are already being taken by the wealthy to seek out the next thing that has yet to be discovered

 

[King Frost]

prodigy said he had to call his accountant to ask for $500 transfer from the mobb deep business account.

managing your own funds isn't hard, it's just extra commas

 

[Lady.Libra.]

Ya how do you go years without knowing your husband income and assets and where it is being stashed.

Doing stupid stuff like she did - buying crap. Not thinking, observing, and strategizing.
I bet even his Russian jumpoff had a better plan & strategy in place to come away with more than a wet half-pleased tail & empty designer purse.

There's a niche for financial counseling for black athletes & female spouses of wealthy men...

 

[HarlemHottie]

Never be a kept woman brehettes
Life always comes at you fast

Ah, but he wants to put me in the trust. (It's not set up yet, we're looking into it now.)

Plan for the future, ladies.

 

[JQ Legend]

Ehh 30 years of marriage and probably some kids, she deserve half or close toTheres plenty of intangibles she brought to the marriage you cant put a monetary value on esp the kids. She was there for the come up and lived those richer for poorer vows so Coli can speculate that he could've reached such summits without her all they want but fact remains she was there, so cant take that away from her. He needs to drop atleast 500ms.


drop the caper

I don’t think she should walk away with absolutely nothing either

But it’s sad there’s men who really think a woman simply being around doing regular woman shyt entitles her to half

She could take a cool 20 million and still be better off than 99.99% of the planet yet people who don’t even make 1/4 million out here over her

 

[LiveFromLondon]

I don’t think she should walk away with absolutely nothing either

But it’s sad there’s men who really think a woman simply being around doing regular woman shyt entitles her to half

She could take a cool 20 million and still be better off than 99.99% of the planet yet people who don’t even make 1/4 million out here over her

If they'd been married less than 10 years I'D agree but 30 she deserve major bread and she stuck with him when they lost everything then helped him build again. Also he's the one filling for divorce feeling brand new.

 

[NaijaProdigy Redux]

Lol my dad taught me this game in case I get married.

He always said a man should always have on a speed dial: 1) criminal lawyer, 2) tax lawyer 3) financial advisor, and 4) accountant

The key is to not commingle assets (pre / post marriage)

 

[8WON6]

Now, instead of living the high life, Marie Bosarge fears going under. When Ed filed for divorce in 2017, Marie discovered that almost all of the couple’s property — from the homes and island to her jewelry and even some of their tableware — had been put into a special trust that shielded the assets from any claims. Rather than getting half of a fortune she estimated to be worth more than $2 billion, she may wind up with little or nothing after paying her legal bills.