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I know it's a boring topic and probably one that nobody really wants to think about. You've spend all your life saving that money; don't waste it on government.
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Revocable living trust splitting assets 50/50 between the two kids. They are 20 / 17 now. The money stays in trust until they are 26 under the watchful eye of a trusted friend (trustee), then they get their share outright. As it sits rights now, the estate is right around $3M. Most of that is term life right now and transitions to mostly investments as I get older. -
When I go to part time employment next year and have more time on my hands, I'm going to get with an attorney and start working on this.Comment
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We have a trust set up, not too different from Tom's above.
Don't want to hand a big pile of money to somebody who's brain isn't done developing.seek knowledge, not answers
personal financeComment
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a treasure map that X marks the spotretired in 2009 at the age of 39 with less than 300K total net worthComment
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So far, I've not read any probate avoidance, am I reading it right?
Probate takes away 1-10% of the inheritance.
Wouldn't it be a good idea to have as little as possible there?Comment
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I have a will and a revocable living trust so nothing should go to probate unless I'm missing something. My trust is the designated beneficiary on everything except the 401k. Both my wife and I have a trust. After I retire I will probably start putting assets into the trusts themselves.Comment
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Anything held under your name will go to probate (wife is special in most cases, so if both of you die it will go into probate). Trusts that you retain control will also go there. So both your trust and will will go to probate.Originally posted by tomhole View Post
Not sure about 401ks, I think it will escape it without you needing to do anything, but not sure.Comment
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Good point. I have a pour over will. That will need to go to probate but only the things I didn't catch with the trust will be probated by the will. Cars are covered by transfer on death. So is the house. Everything else should just pour over into the trust. 401k's and IRA's are settled with the beneficiary and do not go to probate. At least not in Ohio. I am keeping them outside the trust to manage taxes and give my heirs options.Originally posted by sv2007 View PostComment
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That is a good point. (And, it reminds me of one of my "to do's"Originally posted by sv2007 View Post
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We have an only child. We have a will, but most of our assets are TOD, so they would not go through probate. One of the things we were supposed to do and haven't done is make our house TOD to our DS--We have to get help from a lawyer, so it kind of gets pushed to the back of my list.
DS is already 27, so if all goes well and we don't have to spend our assets on healthcare/LTC over a lengthy illness for one or the both of us, DS will get whatever is left over--hopefully it is a lot.Comment
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Estate planning allows people to prepare themselves for the likely consequences of aging and death:
Property transfers. Who will receive your property and how will you accomplish that transfer? There are options - wills, trusts, probate, and others - and each of these methods has its advantages and disadvantages.
Child care. Who will take care of the children and what resources will be available for their care?
Care for reduced capacity. How can you protect your finances if you lose the ability to manage your affairs?
Health care and end of life decisions. What sort of care do you want to have if you become incapacitated? Whom do you trust to make decisions regarding your care?
Tax Planning. If you are one of the few who may pay estate taxes, how might you lessen the impact. Although few people actually pay these taxes, those who do are wealthy, so a lot of the estate planning discussions you see involve tax issues.
For me, the practice is primarily about helping families by giving them the tools to deal with tough situations in the best way possible.Comment
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