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Started by Nigel, November 15, 2018, 12:21:33 PM
QuoteThese posts are coming up shortly. Stay tuned.
Quote from: Sam on December 14, 2018, 07:09:59 PMI'm going down this path right now and will be meeting our estate planning lawyer to sign documents for a revocable living trust next week. I have a post coming out on what I've learned and what other people should do. Are your assets over $11.4 million per person?If so, look into a GRAT. These posts are coming up shortly. Stay tuned.
Quote from: Fat Tony on December 29, 2018, 06:43:52 PMFrom my research, setting up a revocable living trust is actually a huge hassle. If you have a simpler financial situation without significant non-financial assets like expensive collectibles or antiques, one can simply add beneficiaries and Transfer on Death recipients on individual accounts, and use a Transfer on Death deed for real estate (*).TOD/beneficiary accounts don't need to go through probate. I started down the living trust path and it looked like a major pain to reconfigure every single account as being owned by a trust instead, so I gave up. Are there any flaws to this thinking or other major benefits of living trusts? I guess it is easier to change your beneficiaries in one go in a centralized location, rather than modifying them in every account. I also figured that trying to create trust-type accounts at every institution could also mean another layer of indirection and potential red tape hassle when trying to perform changes, transfers, etc. (*) http://www.edmundvincentlaw.com/blog/complete-guide-to-california-transfer-on-death-deeds
Quote from: jekamom on December 30, 2018, 05:07:03 PMYou can require a beneficiary to have a will, or that they go to college or get married. It's your money. You'll pay for each 1/10th of an hour someone has to spend working it, so keep it simple and teach your kids well! A trust also needs to be updated regularly as things change. Also know that tax rates are much higher for a trust than most beneficiaries would be liable for, and with few exemptions. I seem to remember the tax rate is in the mid-high 30%'s after about 10K of income annually. Tax returns must be filed annually while the trust is "alive"(after you die), which is more $$.