That seems like an effective way to paint targets on particular properties for the state to pursue. We now know what Trump thinks is important to try to hide.
When the forfeiture is formally and officially completed, (I know it’s going to take a while), Trump’s reaction is going to be epic. I can’t wait.
Do you think he’s confused, incomprehensible, and erratic now? Whatever he has passing for that shriveled and cancerous thing he calls a brain in his head is going to break. Worse than it already has.
Am I mean for not caring if this happens?
What, exactly, is a revocable trust? Any non-evil trust babies out there?
Well, my sister and I are beneficiaries of one. We are trustees of our late mother and stepfather’s house. Too bad I A) Suck at business; and B) Therefore failed to keep up with increasing the rent (partially because I hated my rent going up when I was renting an apartment).
A trust is funded by a grantor (or settlor) and then managed by a trustee for the benefit of beneficiaries.
In a revocable trust, the grantor still retains the ability to revoke the transfer of assets placed into the trust during their lifetime. Therefore, they retain legal ownership.
So why do it?
Because it bypasses probate.
A revocable trust becomes irrevocable upon the death of the grantor. The grantor can also be the trustee throughout their life (along with being one of the beneficiaries) - so they get to manage and get profits from the estate - and then they can designate a successor trustee after they die, who will continue to operate the trust for the benefit of the beneficiaries.
In this way, the grantor’s death doesn’t trigger a transfer of assets. It simply triggers a change in the trust, which is now irrevocable, according to however the grantor set it up.
But the assets are now held for the benefit of (and presumably will be managed as trustee by) the heirs to the original grantor.
This is a financial benefit to avoid taxes.
No, absolutely not. Matter of fact I would say personally I care a great deal and I’m hoping for his quick degeneration. Anything that hastens his fall and the destruction of the Republican party as it exists today.
trump can’t make the bond.
“Defendants’ ongoing diligent efforts have proven that a bond in the judgment’s full amount is ‘a practical impossibility,’” the filing said. “These diligent efforts have included approaching about 30 surety companies through 4 separate brokers.”
"The other bond companies will not “accept hard assets such as real estate as collateral,” but “will only accept cash or cash equivalents (such as marketable securities),” the filing said. He also noted those companies typically “require collateral of approximately 120% of the amount of the judgment” — which would total about $557 million.
“In addition, sureties would likely charge bond premiums of approximately 2 percent per year with two years in advance—an upfront cost over $18 million,” the filing said. That $18 million would not be recoverable even if Trump wins his appeal.
Trump has been unable to get bond for $464 million judgment, his lawyers say (nbcnews.com)
This is where the judge says “That sounds like a you problem…anyway”, right?
That is awesome!
That seems really cheap. But I guess if it’s secured by cash it’s free money to the insurer.
That’s only, like $6 from every person who voted for him in 2020. Surely they love Donald at least as much as a Big Mac.
I had a friend who was a bankruptcy attorney. He wouldn’t take checks from his clients.
Gee. Go figure.
I’m not sure that “Trust me” is going to be Trump’s best approach on the heels of being found liable for Civil Fraud
But … y’know … “A” for unmitigated sack, I guess.
What? The bond companies won’t accept the stated value of real estate from the man who was just convicted of inflating his real estate values to defraud banks and the government?
I’m shocked, shocked!
James can start collecting in one week
So what happens if Trump (or anyone really) wins on appeal after some amount of assets have been seized and liquidated? Does he get a check and a “sorry you don’t own this building anymore” Hallmark card, or is there a process for recovering property?
Can they post bond at any time while the appeal process is happening? I know James can start collecting if they don’t post bond, but if they find some entity that will post bond in, say, a month, would that put a hold on the collection efforts?
I ask because it seems to me that at this point the speed at which Team Trump moves on the appeal is a test for how likely they think it is they will win on appeal. If they think a win is probable, then getting a decision as soon as possible benefits Trump – less time for James to seize assets, fewer assets already seized to have the hassle of reclaiming. If they think they’ll lose the appeal, they’ll drag it out as long as they can, since if Trump wins the election they will likely be able to find someone to post the bond.
Since Trump already has significant liens on these properties his lienholders are the most likely buyers. Part of what they would buy them for would also include selling off what he owes them. I’d say he is screwed if this happens and he knows it.
But of course he is only playing the I’m not able to get bond game once again, like he did in the Carrol case. He probably already has a bond set up and is just crying again so the rubes can have a chance to send him more cash.
It’s my understanding that the appeal process won’t start until the bond is posted. No bond, no appeal.