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Old 08-12-2019, 08:01 PM
 
766 posts, read 210,355 times
Reputation: 1971

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Quote:
Originally Posted by mathjak107 View Post
yes but not estate attorneys ... both were done by lawyers who were just general practitioners and used canned documents .
these were two different people


our estate attorney saw the issues in a flash
Too bad in your case- even with the lawyers- no guarantees.
You should have gone with the lawyer malpractice insurance claim
Estate lawyers could be dangerous.
Read the article “ How the elderly lose their rights” - The New Yorker” - truly scary, what is going on behind those legal doors.
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Old 08-12-2019, 08:05 PM
 
Location: Idaho
4,689 posts, read 4,544,392 times
Reputation: 9238
Quote:
Originally Posted by Mr5150 View Post
My attorney (wife) does trusts for about $1500 to $2000. You avoid the cost of probate, which could be well in excess of tens of 1000s of dollars. Plus probate could take a year or two to distribute the estate. With a trust the distribution could be as quick as 41 days in most states. But of course you’ll be dead so it won’t matter to you.
1.) I understand that if one has a "family trust", they must also have a will. Is this correct?

2.) Why is a family trust so much more expensive than a will?

My parents had a family trust, with me as the executor. It was very simple distributing the assets. The longest part was making sure all the bills were paid. Some have told me to just get a will and let my heirs pay the probate costs, but I just don't feel right doing that and putting them through that hassle.
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Old 08-12-2019, 08:57 PM
 
Location: Rust'n in Tustin
2,357 posts, read 2,471,414 times
Reputation: 4419
Quote:
Originally Posted by volosong View Post
1.) I understand that if one has a "family trust", they must also have a will. Is this correct?

.
THIS IS NOT LEGAL ADVICE. THIS IS NOT LEGAL ADVICE.

Most people put real estate, and other assets in their trust. A will covers all your other crap (personal possessions).

An attorney will usually give you a package with a will, trust, power of attorney, medical directive etc...

You really need all of them to be protected.

https://youtu.be/8VZx4d3thvc
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Old 08-12-2019, 09:13 PM
 
Location: SoCal
13,815 posts, read 6,564,181 times
Reputation: 10381
Quote:
Originally Posted by fallstaff View Post
How is a trust easier than a simple will with "professional guest witnesses"? And with a trust vs will, who is the executor or whatever it's called in this case? There still needs to be a body with legal authority to start pushing the right buttons when you're gone
I really need a trust, not a will. But I originally thought of a will. I have real estate assets. Plus I want other stuff like living will or medical directive, power of attorney, etc... not just a will. I forgot who is the executor. Originally when both kids were underage, my brother was. Maybe now my oldest child is. Not 100% sure.
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Old 08-12-2019, 10:08 PM
 
538 posts, read 320,318 times
Reputation: 2627
Quote:
Originally Posted by NewbieHere View Post
I really need a trust, not a will. But I originally thought of a will. I have real estate assets. Plus I want other stuff like living will or medical directive, power of attorney, etc... not just a will. I forgot who is the executor. Originally when both kids were underage, my brother was. Maybe now my oldest child is. Not 100% sure.
Ah, Ok. Makes sense. Lots of moving parts. All I have is money and very little else. Yes, I know what that sounds like
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Old Yesterday, 12:03 AM
 
Location: Sierra Nevada Land, CA
8,466 posts, read 9,225,586 times
Reputation: 13275
Quote:
Originally Posted by volosong View Post
1.) I understand that if one has a "family trust", they must also have a will. Is this correct?

2.) Why is a family trust so much more expensive than a will?

My parents had a family trust, with me as the executor. It was very simple distributing the assets. The longest part was making sure all the bills were paid. Some have told me to just get a will and let my heirs pay the probate costs, but I just don't feel right doing that and putting them through that hassle.
No need for a separate will in a trust. That is part of the package. A trust is more expensive than a will, because everything gets set up legally, you avoid probate and as you noted, it was very simple distributing the estate.

But if you just get a will as some have said. Save $1500 now and put your heirs thru a year or two of legal headaches plus $1000s in probate fees. But you will be dead so it wont matter to you, but your heirs will suffer.
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Old Yesterday, 01:21 AM
 
72,666 posts, read 72,508,687 times
Reputation: 50209
Quote:
Originally Posted by Nik4me View Post
Too bad in your case- even with the lawyers- no guarantees.
You should have gone with the lawyer malpractice insurance claim
Estate lawyers could be dangerous.
Read the article “ How the elderly lose their rights” - The New Yorker” - truly scary, what is going on behind those legal doors.
these lawyers were dead and gone by the time this stuff came up
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Old Yesterday, 01:23 AM
 
72,666 posts, read 72,508,687 times
Reputation: 50209
Quote:
Originally Posted by NewbieHere View Post
I really need a trust, not a will. But I originally thought of a will. I have real estate assets. Plus I want other stuff like living will or medical directive, power of attorney, etc... not just a will. I forgot who is the executor. Originally when both kids were underage, my brother was. Maybe now my oldest child is. Not 100% sure.
keep in mind that moving a primary residence in to any kind of revocable living trust takes a protected asset that is not counted for medicaid purpose and unprotects it .

while the residence would not be counted if under a certain value , it now counts the dollars towards spending down ... many end up having to sell the house and spend down those dollars to qualify for long term care medicaid because their general practitioner and not an estate or elder law attorney had no idea . .

once moved in to the trust it is subject to the look back if you want to reverse it .

we have no use for a trust at this point ... but we do have a special disclaimer trust which the surviving spouse can choose to activate up to 9 months after the death of the first spouse .

we needed those because at the time new yorks estate tax cliff was to low for us .. if you went over the limit by 5% you lost the entire exclusion and paid taxes on the estate from dollar 1 .

so it lets the estate be split in to 2 irrevocable trusts if need be and pass 2x the limit .

as of now ny is high enough we wouldn't need to activate them as we really rather not subject the surviving spouse to living within the terms of an irrevocable trust

Last edited by mathjak107; Yesterday at 01:32 AM..
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Old Yesterday, 08:57 AM
 
Location: Rust'n in Tustin
2,357 posts, read 2,471,414 times
Reputation: 4419
Quote:
Originally Posted by mathjak107 View Post
keep in mind that moving a primary residence in to any kind of revocable living trust takes a protected asset that is not counted for medicaid purpose and unprotects it .

while the residence would not be counted if under a certain value , it now counts the dollars towards spending down ... many end up having to sell the house and spend down those dollars to qualify for long term care medicaid because their general practitioner and not an estate or elder law attorney had no idea . .

once moved in to the trust it is subject to the look back if you want to reverse it .

we have no use for a trust at this point ... but we do have a special disclaimer trust which the surviving spouse can choose to activate up to 9 months after the death of the first spouse .

we needed those because at the time new yorks estate tax cliff was to low for us .. if you went over the limit by 5% you lost the entire exclusion and paid taxes on the estate from dollar 1 .

so it lets the estate be split in to 2 irrevocable trusts if need be and pass 2x the limit .

as of now ny is high enough we wouldn't need to activate them as we really rather not subject the surviving spouse to living within the terms of an irrevocable trust
Really? Even in California? Where did you get your JD?

I know this guy is a legend in his own mind, but do yourselves a favor and see a attorney. Anybody that takes anonymous legal advice from the internet is a fool.

If you don't have a will or a trust set up, you're a selfish ***** and your kids will hate you after you die.
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Old Yesterday, 09:17 AM
 
Location: Texas
1,335 posts, read 1,118,456 times
Reputation: 1867
Go to a lawyer and get it done right!

I just spent a year and half in probate hell and my dad and mom had wills even. Probate law if horrible and I did not notice but if you are in Texas especially terrible in my opinion.

Also what is actually better than an online will OR can be done in addition to, may be a handwritten codicil. Must be holographic, (all in your handwriting (ALL) even the dates, etc. Must be worded correctly or will be disputed in court and my dad's was because he used 1 word incorrectly.

Must have 2 witnesses to a typed will, not 1. Best if notarized plus 2 witnesses.

Most states now you can fill out a form you get online and file with county deed office so your house at least can bypass probate and go straight to a chosen heir(s). The form is called a Transfer on Death Deed. These have only become valid the past years in various states. Texas allows this.
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