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Old 02-26-2023, 09:38 AM
 
Location: Lakeland, Florida
4,391 posts, read 9,487,725 times
Reputation: 1866

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Quote:
Originally Posted by DWMachineshop View Post
When I paid off my last house 20 years ago..... Also a very smart lawyer once told me that the best way not to get sued is to have no insurance
The lawyer is pretty crazy to tell you that. If your home is paid off you can have liens put against it even if you don't have insurance. Pretty risky not to have it.

I have two homes paid off in Florida and there is no way I would go bare (no insurance)
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Old 02-26-2023, 09:42 AM
 
Location: Lakeland, Florida
4,391 posts, read 9,487,725 times
Reputation: 1866
Shop around for your policy. We just moved here last May and got a policy on our home for 1,200 a year and that was with flood insurance. We were not in a flood zone. Then Ian happened, luckily we all but missed it. I live in Lakeland. So when renewal came up, a week ago, they jacked up the price to 1,900. Nope not doing it. I found a broker that shopped around and got me a policy for 1,090. I didn't get flood insurance this time. Companies are robbing people here in Florida. Oh and car insurance, that's another story.
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Old 02-26-2023, 09:46 AM
 
Location: Lakeland, Florida
4,391 posts, read 9,487,725 times
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Quote:
Originally Posted by MortonR View Post
Or in my case, a trust. The trust holds/owns everything. Cars, houses, etc, etc. If it can be titled or deeded, it belongs to the trust.

RM
I heard that is the way to go. I wish I could find someone in Central Florida to do my irrevocable living trust. I have had quotes from 3,000 to 7,000. I don't have that much to put in it. Two homes, two cars, an IRA. I heard from others it's about 1,500 but yet to find someone to do it for that.
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Old 02-26-2023, 10:12 AM
 
23,177 posts, read 12,234,562 times
Reputation: 29354
Quote:
Originally Posted by Chickrae View Post
The lawyer is pretty crazy to tell you that. If your home is paid off you can have liens put against it even if you don't have insurance. Pretty risky not to have it.

I have two homes paid off in Florida and there is no way I would go bare (no insurance)
Most plaintiffs (and lawyers) want to be paid in cash now, not in 20 years when you sell the house. First thing a lawyer will do is run an asset search to see if there is anything to go after immediately.
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Old 02-26-2023, 10:56 AM
 
Location: USA
9,175 posts, read 6,208,590 times
Reputation: 30129
Quote:
Originally Posted by Chickrae View Post
I heard that is the way to go. I wish I could find someone in Central Florida to do my irrevocable living trust. I have had quotes from 3,000 to 7,000. I don't have that much to put in it. Two homes, two cars, an IRA. I heard from others it's about 1,500 but yet to find someone to do it for that.


See my post #48 above.

Your homestead, a car, and your IRA are protected under Florida law. I doubt a trust would really benefit you.
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Old 02-26-2023, 12:07 PM
 
23,177 posts, read 12,234,562 times
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Quote:
Originally Posted by Lillie767 View Post
See my post #48 above.

Your homestead, a car, and your IRA are protected under Florida law. I doubt a trust would really benefit you.
They have multiple homes and multiple cars.
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Old 02-26-2023, 12:28 PM
 
3 posts, read 1,346 times
Reputation: 10
Hi, great info reading though this topic. Thanks for putting a price on getting a trust. A bit painful (as is dealing with lawyers... ).

Since "going bare" is a do it yourself thing, I'm wondering if anyone does their own end of life documents. Big goal is to avoid probate for my beneficiaries. Secondary goal is avoiding ever stepping into another law office.

My goal would be to do my own end of life documents and choose a legal rep to deal with it for my remote beneficiaries.

Quote:
Originally Posted by Chickrae View Post
I heard that is the way to go. I wish I could find someone in Central Florida to do my irrevocable living trust. I have had quotes from 3,000 to 7,000. I don't have that much to put in it. Two homes, two cars, an IRA. I heard from others it's about 1,500 but yet to find someone to do it for that.
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Old 02-26-2023, 10:05 PM
 
Location: Florida & Arizona
5,980 posts, read 7,390,056 times
Reputation: 7614
The problem with a “DIY” approach to probate is that it’s nowhere near as secure as paying a probate attorney. Is it worth a couple grand to be sure things will be done as you wish?

Also, one of the most important things you need to do is discuss your intentions with family members so they know what your wishes are in advance.

Even if you make things known, a judge is far more likely to defer to a will or plans laid out by you through a probate attorney than anything else.

RM
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Old 02-26-2023, 11:55 PM
 
215 posts, read 261,550 times
Reputation: 200
How does it work with condos and flood insurance while paying a mortgage? Does it make a difference what floor you live in?
I am aware proximity to the water makes it more expensive but does proximity to the ground count?
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Old 02-27-2023, 07:22 AM
 
Location: Gainesville, FL; formerly Weston, FL
3,249 posts, read 3,204,745 times
Reputation: 6539
Quote:
Originally Posted by Alfiehurt View Post
How does it work with condos and flood insurance while paying a mortgage? Does it make a difference what floor you live in?
I am aware proximity to the water makes it more expensive but does proximity to the ground count?
When I owned a condo several decades ago, it made no difference what floor you were on when it came to insurance. The condo association arranged for insurance and you paid for that, as well as for the upkeep of amenities, in your monthly condo fees. So the costs were divided among all the condo owners.

The costs were not divided equally. Those with 1 bedroom condos paid less than those with 2 or 3.

Last edited by wizrap; 02-27-2023 at 07:24 AM.. Reason: Remove word
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