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Old 02-14-2016, 10:23 PM
 
Location: Florida
5,287 posts, read 3,046,618 times
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Tax forms are available online from the Infernal Revenue Service. If you have too small an income to owe taxes, they tell you NOT to file. You are wasting their time if you do.
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Old 02-14-2016, 11:05 PM
 
Location: SoCal
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Trust costs money, my sister wants a trust and I told her it cost me $5000 a few years ago, maybe 5 years ago. Will is cheaper.
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Old 02-15-2016, 07:52 AM
 
Location: Jamestown, NY
7,841 posts, read 7,350,900 times
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Quote:
Originally Posted by jasperhobbs View Post
Set it up as a trust for tax advantages and avoid to probate.
What "tax advantages" are there when the estate is too small to be taxed? Moreover, what's the big deal with probate? There's nothing much in the OP's father's estate except a house and maybe some funds. All adult children who apparently get along well enough even though living some distance apart. No current wife or second family in the picture. No girl friend in the picture, either. I've been through 2 "probates", one as executrix, and they're no big deal. The OP's father is just an elderly man in poor health who needs a will to protect his children from unnecessary expense and legal trouble when he passes, not an expensive legal document to "protect" him from non-existent threats.
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Old 02-15-2016, 09:59 AM
 
2,447 posts, read 2,081,663 times
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Quote:
Originally Posted by Linda_d View Post
What "tax advantages" are there when the estate is too small to be taxed? Moreover, what's the big deal with probate? There's nothing much in the OP's father's estate except a house and maybe some funds. All adult children who apparently get along well enough even though living some distance apart. No current wife or second family in the picture. No girl friend in the picture, either. I've been through 2 "probates", one as executrix, and they're no big deal. The OP's father is just an elderly man in poor health who needs a will to protect his children from unnecessary expense and legal trouble when he passes, not an expensive legal document to "protect" him from non-existent threats.

Good points. Trusts are more suited if estate is rather large.
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Old 02-15-2016, 10:12 AM
 
72,007 posts, read 72,043,164 times
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Quote:
Originally Posted by Linda_d View Post
What "tax advantages" are there when the estate is too small to be taxed? Moreover, what's the big deal with probate? There's nothing much in the OP's father's estate except a house and maybe some funds. All adult children who apparently get along well enough even though living some distance apart. No current wife or second family in the picture. No girl friend in the picture, either. I've been through 2 "probates", one as executrix, and they're no big deal. The OP's father is just an elderly man in poor health who needs a will to protect his children from unnecessary expense and legal trouble when he passes, not an expensive legal document to "protect" him from non-existent threats.
Probate can be expensive in many states and take months. If it is a house the heirs want to sell they may have to support the house for months before having title to first sell.

The other thing is probate courts can be very picky. A staple removed and restapled can have all kinds of grief crop up.

Missing verbage or unclear statements can all come up in probate court.
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Old 02-15-2016, 01:11 PM
 
Location: Jamestown, NY
7,841 posts, read 7,350,900 times
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Quote:
Originally Posted by mathjak107 View Post
Probate can be expensive in many states and take months. If it is a house the heirs want to sell they may have to support the house for months before having title to first sell.

The other thing is probate courts can be very picky. A staple removed and restapled can have all kinds of grief crop up.

Missing verbage or unclear statements can all come up in probate court.
I think these issues would come up if the will is likely to be contested, but that doesn't seem to be the case here. Otherwise, it's just a formality. In New York, creditors have 9 months to file claims, so an estate can't be settled sooner than that. If the lawyer, executor(s), and heirs agree to sell property from the estate that can be done, although the proceeds usually can't be disbursed until the estate is settled. The monies can be used to pay estate bills, however.

Again, this is a small estate without complicating circumstances. Spending thousands of dollars for a trust makes no sense in this case. In other situations, that could be different, but one size doesn't fit all. The old gent just needs a will and a POA and a health care proxy to enable his son who lives near him to take care of his business and make decisions if needed.
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Old 02-16-2016, 06:08 PM
 
Location: Southwest Washington State
22,027 posts, read 14,476,141 times
Reputation: 31023
Quote:
Originally Posted by flyonpa View Post
It goes to the Estate, and based on his will, and other documents, that's how it will be divided up.

Who is the executor of the Will?

I think The exclusion is ~5M before taxes(Federal) need to be paid.
Instead of posting this question here, see a FLA attorney, esp about the tax issue, which I feel could be important. It is true that is you make very little money in a year, you don't have to file. But I don't know the details. Do see an attorney with your sibs and your dad. If he hasn't made a will, he needs to do so. Also, get POA straightened out, and he should do a health care directive.

He can dot these things if he is of sound mind. Later, when he isn't of sound mine it is too late. Get cracking.
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