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Old Yesterday, 12:02 PM
 
2,491 posts, read 643,226 times
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Quote:
Originally Posted by reneeh63 View Post
I really need to get a Special Needs Trust set up for my sister. She is developmentally delayed, has other mental health issues and several physical issues as well. I've procrastinated because of various projects with my house for the last few years but I can't delay much longer. We're only in our mid-50's but I know I shouldn't be tempting fate.

I worry about finding a good lawyer, the cost for setting it up, and ultimately the cost of maintaining it after I'm gone - no family to help out and no friends close enough or young enough.
It sounds like one issue for you may be selecting the right successor trustee for when you pass. With no family or friends young enough to be trustees, you should talk to your local bank, which probably has a trust department for people just like your sister. They tend to charge in the neighborhood of 1%.
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Old Yesterday, 12:05 PM
 
2,491 posts, read 643,226 times
Reputation: 4338
Quote:
Originally Posted by Trekker99 View Post
I'm in that 'stuck in the middle' generation where I AM taking care of my parents, and still have kids in college.
Congratulations.

Quote:
Originally Posted by Trekker99 View Post
II am SO GLAD my parents had a trust set up, Durable Power of Attorney, and Advanced Health Care Directives in place and current.
They probably have already done so, but they should have two separate Durable Powers of Attorney - one for medical care, and the other for everything else.
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Old Yesterday, 12:08 PM
 
14,288 posts, read 7,638,884 times
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I finally did all of that three years ago. I should probably update my will. Like most people, I don't modify it every time my life circumstances change.
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Old Yesterday, 12:09 PM
 
Location: The beautiful Rogue Valley, Oregon
7,385 posts, read 15,468,113 times
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Wills, medical/legal powers of attorney. No trust, because there is really no point with only one adult child.

Unwinding the overly-complex and pretty much punitive trusts my in-laws set up meant that a large chunk of their estate was eaten up by legal fees. My in-laws were not well-served by their attorney or their "investment advisor" who had them buying coins and worthless properties. We were advised by our lawyer just to stop paying taxes on a lot of the properties and let the state tax them rather than deal with the issues surrounding the ownership. My in-laws saw themselves as shrewd investors - and they weren't. Clever without being smart.
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Old Yesterday, 12:25 PM
 
Location: NYC
3,031 posts, read 1,638,109 times
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Have a will, no trust or POA or health directives (or LTCI). I just have 2 brothers as family, I need to work on this.
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Old Yesterday, 12:29 PM
 
Location: ☀️ SWFL ⛱ 🌴
2,489 posts, read 1,713,910 times
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We found my Dad was very organized when we went through his files after his death a few years ago. His file drawer was clean, sparse and organized with all files clearly marked. Utilities had the last three months of paid bills, past taxes, pension info, pre-paid funeral plans and wills were clearly marked, making everything we needed to do after his death easy. Mom died this spring and her estate, a bank account, is in probate.

After seeing how easy Dad had made it for us and wanting the same for our son, we followed his example: we streamlined our files and finally had wills, POAs and health directives drawn up last year. Having one child made it simple and our attorney advised a trust was not needed. Better late than never.

Last edited by jean_ji; Yesterday at 12:46 PM..
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Old Yesterday, 12:32 PM
 
14,288 posts, read 7,638,884 times
Reputation: 26140
Quote:
Originally Posted by PNW-type-gal View Post
Wills, medical/legal powers of attorney. No trust, because there is really no point with only one adult child.

I think you're Oregon. Google says Oregon has an inheritance tax for estates over $1 million. A trust might be useful to avoid it if you're high net worth. As my attorney explained it to me, in my state, it also avoids probate for your real property.
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Old Yesterday, 02:25 PM
 
Location: NorCal
36 posts, read 12,446 times
Reputation: 36
Quote:
Originally Posted by dothetwist View Post
With TOD's and POD's you no longer need either.

We have those in place on our banking and investment accounts, but what about on a house/property. We sold our home last year to downsize before retirement, but we will eventually purchase another home with cash. Is there a way to have that property transfer to our beneficiaries like the banking and investment accounts without doing a trust, or having their names on the deed with ours?

I gathered all of our account info, passwords, safe combo's and wrote a short letter to our two adult children that I have labeled and placed in a filing cabinet. My husband, and I currently work together, and travel together whenever we can so I wanted to have that info available for our kids in the event we passed at the same time. It was an odd letter to write, but afterward I felt good that "our ducks were in a row" and they wouldn't have to spend a lot of time sorting through our things while they were grieving.
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Old Yesterday, 02:30 PM
 
Location: Scottsdale, AZ
8,103 posts, read 4,961,733 times
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No children
No living parents
No one on either side of the family we would leave money or property to


No idea
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Old Yesterday, 04:00 PM
 
2,374 posts, read 833,613 times
Reputation: 6073
Quote:
Originally Posted by ysr_racer View Post
When my father died, guess who he left a lot of things to? My mother, but she died five years earlier. It's always best to talk to an attorney when things change.
My documents spelled out quite clearly who would inherit if DH went first. His name was not on the trust. (My brother, who thought very highly of DH and would have provided for him from the trust, was the trustee.) DH left an estate of about $250 in his checking account and a $17,000 IRA, which I moved into my name. Everything else was in my name already.

If I were to leave this earth now the documents state that it all goes to DS, who's my only child.

I know, I know.... I still need to get off my rear end and and have everything updated.
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