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.
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,351 posts, read 8,576,900 times
Reputation: 16698
Advertisements
I only have my sister and maybe one or two friends to leave things to, no kids or anything.
I have a lot of real estate and some cash.
Right now my cash is in accounts that have pod to my sister.
Which is better, a living trust or a will?
Are those online do it yourself forms any good? I live in Georgia if that matters.
I only have my sister and maybe one or two friends to leave things to, no kids or anything.
I have a lot of real estate and some cash.
Right now my cash is in accounts that have pod to my sister.
Which is better, a living trust or a will?
Are those online do it yourself forms any good? I live in Georgia if that matters.
It depends on what probate is like in your state on real estate .there is good and bad to trusts ...
Trusts not only create complexity but they work against you if long term care Medicaid is needed ... a primary home is protected if Medicaid is needed ... if it is in a revocable trust you unprotected it now causing the dollars to be counted toward Medicaid.. you may have to sell it, spend the dollars for care just to qualify.. see an attorney , do yourself a favor
You should always have a will. You might not have any assets but your death was caused by a third party and your estate could sue.
The living trust for real estate will avoid probate so you may save a few dollars. However, not knowing the details I would go with a will and no trust. If you go with a trust you still need a will, power of attorney (ends when you die) and Health directive.
If you rent your real estate it probably should be in separate LLC for liability protection.
If you do the will yourself be sure it is valid and SELF PROVING in your state. Best to use an attorney for estate planning.
See an eldercare attorney in your state. You need concrete, specific advice that applies to you and your state. And, should you move to another state, you will need to see another attorney there.
Get a good attorney. Get references. Don't try to do this yourself, or to cheap out.
We live in a complex society that requires specific legalities to pass assets on, in the manner you desire.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,735 posts, read 58,090,525 times
Reputation: 46215
State dependent and your various properties could complicate the process.
See elder / probate attorney
consider the trouble / likely outcome, especially properties.
We use both (Will and trust + LLC's and DAF) Everything we have goes to charity. Kids can manage distributions to charity (if they want). Otherwise, we have specified how to distribute.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,735 posts, read 58,090,525 times
Reputation: 46215
Quote:
Originally Posted by ysr_racer
An LLC for rental property costs more in filling fees then an umbrella policy does.
....
State dependent ...
in TX I spent $75 to create each LLC, and ZERO annual fees
in WA $235 to create each individual LLC and $70/ yr filing fee.
Umbrellas (of which I have for business and personal exposure) run ~$300 - $600 / yr.
Umbrellas are MUCH higher for my trucking and excavation exposures. (side gigs)
For distribution of real props from a settled estate... be careful... states have a desire to collect fees and taxes.
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.
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.
