U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-01-2015, 06:03 AM
 
Location: Living near our Nation's Capitol since 2010
2,177 posts, read 2,918,762 times
Reputation: 5851

Advertisements

I recently moved to a new state and my old will is about 10 years old. While my life situation has not really changed much (I have 2 grown kids, no spouse, own a home and no debt). I think I need to do some estate planning in 2015.

I am not retired and I do not expect to retire for about 5 more years. I am wondering if it would be best to put everything into trusts. My goal, of course, is to make everything seamless for my heirs once I am gone. Need less to say, I want to minimize taxation, etc.

I don't even know where to begin to get solid information on how to go about doing this. I do have an attorney who was recommended to me, but I would like to have at least some ideas before I see him the first time. Any books or website recommendations would be most welcomed.

Do any of you have any general advice on how to approach this? Thanks.
Reply With Quote Quick reply to this message

 
Old 01-01-2015, 06:08 AM
 
71,798 posts, read 71,896,917 times
Reputation: 49350
wills are only part of the story. how is your estate tax situation in regards to your home state?
Reply With Quote Quick reply to this message
 
Old 01-01-2015, 06:09 AM
 
Location: Living near our Nation's Capitol since 2010
2,177 posts, read 2,918,762 times
Reputation: 5851
I really don't know. How would I get info on that please?
Reply With Quote Quick reply to this message
 
Old 01-01-2015, 06:14 AM
 
71,798 posts, read 71,896,917 times
Reputation: 49350
google your state and see how much you can pass tax free to kids.
Reply With Quote Quick reply to this message
 
Old 01-01-2015, 06:23 AM
 
Location: Living near our Nation's Capitol since 2010
2,177 posts, read 2,918,762 times
Reputation: 5851
good place to start, thanks Maathjak
Reply With Quote Quick reply to this message
 
Old 01-01-2015, 06:55 AM
 
71,798 posts, read 71,896,917 times
Reputation: 49350
don't forget to include any life insurance where you are the policy owner and value of real este
Reply With Quote Quick reply to this message
 
Old 01-01-2015, 07:05 AM
 
71,798 posts, read 71,896,917 times
Reputation: 49350
i always recommend lettng an attorney experienced in it do it. an on line will may be missing key words your state requires or even simple protocals that a state likes done at the signing.

as an example we inherited a house and the will was done by a general practioner (first mistake ). we went to refinance and at the refinance the title company killed the closing when they read the will.

it had one word missing .

it said and to my child "xxxx" i leave my house and possesions.

it was missing the word only as in only child..

we had to pay all the attorneys involved for the day , lost our rate and had to get documents from relatives she was an only child.

we had a major snafu on another will from someone else because a sentance was missing .

with wills nothing is a problem until it is a problem only then it is to late.

as the judge in probate court told us he can clearly see the wills intention but he can't go back in time and add missing words or fix a poorly constructed will.

things can end up being probated because of questionable wording and it can be expensive both in money and time. having to pay real estate taxes and maintaince for a home waiting to be probated and sold can be costly.


i am a big believer in doing things right the first time by letting an estate attorney do it no matter how simple on the outside it seems.

even folks with little money need to get it right. their death can be the result of an accident ,wrongful death or malpractice suit and next thing you know the estate is big and complicated with kids fighting over things and contesting things. i am not saying in your case but 2nd marriages can be minefields or if the kids do not get along.


while you think your kids get along things can change on a dime .

we know of parents needing care so one kid steps up to the plate and puts in time and money in both expenses and or in taking time away from their career or job while sibblings do not. next thing you know big battle over the estate because the sibbling who did the stepping up feels they should be reimbursed for their expenses. and time.

that was one of the key reasons we got long term care insurance. in fact my ex wife used to fight with me because i was helping support my dad in a home and my sister wasn't.

even the words used before the signing in front of witnesses can be important.

at our signing the attorney asked if we were on medications , if we knew what we were signing , if influence was applied ,etc etc. none of this is done with a will kit but in the event of issues it is all important stuff.

for the sake of saving a few bucks you can destroy a family if you get things wrong so i never advise anyone to not use an estate attorney despite the expense.


good construction in a will may not prevent the kids from contesting things but it makes the odds better your wishes will be carried out.

Last edited by mathjak107; 01-01-2015 at 07:33 AM..
Reply With Quote Quick reply to this message
 
Old 01-01-2015, 07:39 AM
 
Location: Living near our Nation's Capitol since 2010
2,177 posts, read 2,918,762 times
Reputation: 5851
Wow, what a cautionary tale. Scary that such a simple omission could lead to such troubles.

Thanks for pointing out several things I need to consider. You are such a helpful poster, Mathjak
Reply With Quote Quick reply to this message
 
Old 01-01-2015, 07:49 AM
 
71,798 posts, read 71,896,917 times
Reputation: 49350
thanks ,just trying to spare others the grief we had. it all seems so simple on the surface..
Reply With Quote Quick reply to this message
 
Old 01-01-2015, 10:10 AM
 
1,831 posts, read 2,141,281 times
Reputation: 2602
Skip the trust. A major property such as a house should only be in your name. Cash accounts should be PODs. POD accounts are payable on death accounts. You can have multiple POD accounts. Retirement accounts should only list the beneficiary in the event of your death. You should have a will and you should have a living will. Totally avoid power of attorney. All of this will get you there at the least expense while giving you the most control and flexibility.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top