Do you have a will and advanced directives?

[FLA]

you don't need an attorney for advanced directives. In my 23 yrs as a nurse, docs listened to the proxy and respected a DNR order before ever looking at a living will. I felt bad because it was obvious these patients had paid a lot of money to have a living will drawn up and it was never even consulted. Perhaps it's necessary if you don't have a clear conversation with your proxy about what you do and don't want.

your doctor should have blank proxies and MOLSTs

[scfr]

DH & I have Wills, Legal & Medical Powers of Attorney, Advanced Directives, and Letters of Instruction (The last one is not a legally binding document). We also have a third relative as an authorized signer on the safe deposit box. No children, but we've made arrangements for the care of any pets that survive us (our Will provides for the creation of a Pet Trust).

No Living Trust. Where we live (Texas) the only clear advantage of having a trust would be to keep estate information private by keeping it out of probate court. That would be a plus, but I'm not convinced that the effort & expense are worth it.

[scfr]

From what ive heard trusts are far superior to wills...something to do with the amount of fees attached to wills. Not sure if thats true.

I know when my grandmother died my mother and her brother were crushed with inheritance fees? Not sure if thats what its called. I guess with a trust somehow those are avoided? I could be totally wrong here but thats my understanding.

Perhaps it was probate costs? Those can vary a lot depending on where you live.

[scfr]

Not yet. But we are supposed to do everything this year with Trust & Directives.

Awww, tripods68 - I hope you'll take care of this really soon! I say this solely out of concern for you and your family.

[FLA]

my parents put their house, well, our house in a trust so that if both end up in a nursing home, my brother and I will still have the house. After 23 yrs as a nurse, I always questioned the ethics of this because it puts a strain on the Medicaid system. Then when it was staring us down, I agreed to do it. I still feel iffy on it but I'm complicit, especially since getting sick and losing so much income.

[creditcardfree]

... because it puts a strain on the Medicaid system. Then when it was staring us down, I agreed to do it.

Can you explain what you mean by this? Having assets in a trust puts a strain on the Medicaid system? Just trying to understand.

And what did you agree to do? Sell the house?

[Nutria]

Can you explain what you mean by this? Having assets in a trust puts a strain on the Medicaid system? Just trying to understand.

Probably because the money that went into the trust would have gone into Medicare.

[Thrif-t]

^No it's because in order for the person in a nursing home to be able to qualify for Medicaid they can only have $2k in assets (at least in OH), so putting everything in the trust takes the assets out of the persons name and they can get Medicaid (to pay their nursing home bill)and save their assets in the trust.

[sblatner]

Wills, trust and healthcare directives.

We live in California. If you don't have a trust, your estate goes through probate and you pay major state-mandated fees on the value of the estate.

4% on the first 100k
3% on the next 100k
and so on

My MIL died in 1998 with about $600k. We paid less than $1000 to an attorney to distribute her estate. If there was no trust, we would have paid about $15k. Also, with a trust, you don't have to have court approval to sell a house.

If you don't have a trust, you should look into it. If you have all your decisions made before you see the attorney, the cost shouldn't be more than $1500 or so. That's a California price.

[sblatner]

Also, any kids over 18 should have a health care directive. They are no longer minors. If they get sent to a hospital, you cannot call and find out how they are.

Also, insurance companies require a form for kids over 18 so you can call and question a bill. Our son was denied for coverage on something and I called on May 9, 2016. I was told I couldn't talk to anyone because he was 18. I corrected them that he turned 18 the next day so they could still talk to me.

[Nutria]

Also, insurance companies require a form for kids over 18 so you can call and question a bill. Our son was denied for coverage on something and I called on May 9, 2016. I was told I couldn't talk to anyone because he was 18.

What if the insurance coverage is in your name? (With all the college students on their parents' medical plans, I'd think that problem would be more publicized.)

[QuarterMillionMan]

Legal Zoom offers trusts as low as $249. Their best value trust with attorney advice is $299. Link here;

https://www.legalzoom.com/personal/estate-planning/living-trust-pricing.html

Or in Los Angeles this organization was advertising this $699 trust seminar:

[feh]

Trust and will. Funds would be doled out over a number of years to our heir.

[corn18]

2 Revocable trusts (one for me, one for DW), will, advance directives. It's all in the "book".

I started with legal zoom, then some other online option and then decided that if I screwed this up, there was way too much money at risk so I spent a year finding someone who could do it for me that knew what they were doing.

If you're going to skimp, protecting your estate is not the place to do it.

[rennigade]

Wills, trust and healthcare directives.

We live in California. If you don't have a trust, your estate goes through probate and you pay major state-mandated fees on the value of the estate.

4% on the first 100k
3% on the next 100k
and so on

My MIL died in 1998 with about $600k. We paid less than $1000 to an attorney to distribute her estate. If there was no trust, we would have paid about $15k. Also, with a trust, you don't have to have court approval to sell a house.

If you don't have a trust, you should look into it. If you have all your decisions made before you see the attorney, the cost shouldn't be more than $1500 or so. That's a California price.

Yeah my grandparents had a will and my mom and her brother had to pay a lot. I guess you pay more upfront with a trust...but on the back end you save bigly. From what ive read with a trust things move more quickly...whether that matters or not...better to get whats yours as soon as possible regardless.