Wills and Trusts question

What can you all tell me about making out a trust and will, what it costs and other things that are of importance? My folks need help and are advised to do this, I dont know anything about it except what I have read and dont know who to trust. Thanks to all.

A lawyer would be a real good investment in this case.

Dave

10-4. Particularly an attorney who specializes in estate planning.

First off have them go with a living trust. A will has taxes and a living trust does not. Cost can in fact varies a lot depending on assets and where you are and how the laws are in your area. My parents have a living trust and I'm the person in my family that has the fun of having to do what it says after my mom dies so I figure I'll end up having a fight with my sister and brother over it
Hobby farm

Most office supply stores have the form if you want to try doing it yourself. I hired a lawyer.

I wouldent be taking legal advice from a tractor forum.

Quicken puts out a very nice program for wills and trust. It makes a very good layout to take to a good lawyer or if you trust yourself it wil print out a will to sign.

Also Legal dot com is a very good place to see what its all about.

Don't trust just any Ol' attorney there are lots of them who couldn't defend a ham sandwich for murder of the pig.
Walt
Legal. Com

This is a classic case of asking for very important information from a wrong group. Do it right! Go to a lawyer, ask him for a few minutes of his time. Get your answers and then pay him what he charges you.

You want continuing problems? Then keep asking amateurs. If you think lawyers charge too much, wait until your problems keep adding up based on poor advice.

You could start off by going to your court house and talking to the clerk. At least thats what they are called here, they can be a great help.

There's nothing wrong with doing some background research first, seeing what other people say about the various ways to pass on assets to the next generation or beneficiaries--if you don't have an idea of how they work, the problems others have had, or haven't had, how will you tell if the atty you go to knows what he's talking about???
And, as others have stressed, use an estate atty; a criminal or corporate lawyer may not know any more than you.
Mr Tutt had a beautiful estate case (Arthur Train), but I can't recall the story.

shouldn't be to big a fight if everybody knows about it beforhand. Most of the bickering and arguing can be taken care of as long as everybodies in the loop. seems like the decent thing to do.

We had a pretty complicated Will/Trust set up and it cost right at $4500

My Mother wanted to do the same thing, so I took her to talk to a lawyer.

After the lawyer explained both the benefits and disadvantages of a trust, Mom decided that it wasn't what she was expecting and wasn't what she really wanted.

Go talk to a lawyer. It will cost some money up front, but it could save a lot in the long run.

Shouldn't be but you don't know my sister and brother. They are both money hungry and will do there best to give me a hard time till I let them know about the no hassle clause in the trust

We had our wills, with a trust for the grandkid's education, and powers of attorney, set up for about $1200. Took about an hours time discussing it with the attorney initially, then we went away and he had it made up for us, and we went back in and went over it and made some little changes. Probably another hour at that time. In my opinion, it's money well spent, as the attorney knew enough about inheritance tax law that he probably saved our kids several times as much as he charged us.

Way to many variables to answer that one. In our area there are a group of Lawyers and life insurance pros that have grouped together to do just this kind of estate planning. Ou8r personal situation did not require additional purchase of life insurance but did require a change in how our land was titled and a very specific will with trust provisions. Our cost as I remember was about $700 for the total. We learned a lot by going to an estate planner specialist who knew the state and federal estate provisions. Don't waste your money with a general practitioner lawyer. See estate lawyer.

As far as the life insurance it is appropriate in cases where parents want to divide an estate equally among heirs but, don't want to see the farm sold out from any heirs that have an interest in holding on to it.

Our situation today makes me think that I should drop my life insurance and put the money towards disability insurance. wife does not need the extra life ins. but, i could forsee that their is a lot of risk if I were to be disabled for 3 or 4 months.

good luck dan

MOST GENERALLY SPEAKING BURT ( TO THE HAVE AND HAVE NOT'S ) -- ALL THE FOLKS BELOW HERE MADE UP WILLS AND TRUSTS,, FOR THEM THAT LOVE TO SPEND MONEY,,, AND WHEN THEY GET THE FUNDS,, THEY BLOW IT AS FAST AS THEY CAN ON WHAT EVER THEY CAN.

TELL THE ONES WHO HAVE MONEY,, TO GO OUT AND ENJOY IT -- USING UP THE FUNDS THEY WORKED HARD FOR AND GIVING IT AWAY TO THOSE WHO WON'T APPRECIATE WHAT'S GIVEN THEM IS LIKE BURNING IT IN THE FIRE PLACE.

ENJOY WHAT YOU HAVE -- IF YOU GIVE IT AWAY,, YOUR NOT ENJOYING WHAT YOU HAVE -- AND IF YOU ENJOY GIVING IT AWAY,,, MY HANDS OUR OUT LIKE THE REST OF THEM GREEDY ONES...

Lots of wills must be written with disappearing ink. Years later nobody know where they went or what was written. Also once assets are transferred, wills mean nothing. BTDT. Besides you really don't want your relatives in Jail, do you???

Lots of wills must be written with disappearing ink. Years later nobody know where they went or what was written. Also once assets are transferred, wills mean nothing. BTDT. Besides you really don't want your relatives in Jail, do you???

Just giving you my 2 cents. My wife and I went to the lawyer several years ago and had a living will made for a few hundred bucks. Simple straight forward document.
Both my parents do not associate with siblings due to trusts on both sides.
I beleive there is a place and purpose for both wills and trusts. Go to the expert and do the right thing. Good luck

A fellow some years back tried to sell my mom on a trust. It was a poor idea given her assets and intentions.

Others have said it below, and are right. The best advice you'll get here, and the only advice you should take away from here, is to get good legal and financial advice. That means lawyers and financial types experienced in estate planning.

I worked for some years on the charitable side of trusts, and never ceased to be amazed at how often the donors' attorneys had no grasp whatever of the tax and legal implications of what their clients were trying to do. At times, they were suggesting things that the law simply doesn't allow. More than a few times, I turned down the gift to the institution I worked for because the structure of the trust or whatever was just plain wrong for the person creating it. One of the worst was a fellow who handed us a done deal that his lawyers (NOT experienced estate lawyers) had created. Not only did the trust incur unspeakable taxes, reducing the income they were to provide for the grantor during his lifetime, there was almost nothing left for the charitable causes he wanted to leave his estate to.

Go to actec.org, American College of Trust and Estate Counsel, and look up an attorney. They have a search function by state. To even be a member of ACTEC, an attorney has to know his stuff. That would be a good starting point.

It's fine to solicit advise initially, but by all means get competent legal help.
Widow in a neighboring township wishes she had done this when I saw her a few weeks ago.
The "powerbrokers" in the family including the now deceased husband set up an arrangement primarily just to say we are establishing a legacy without any real business planning. She is in a position where the person who is supposed to operate this (son) lacks the desire to work and with the current economy probably can't get financed. The people "helping" her now have a vested interest to keep it that way even though her own lawyer says that is not to her benefit. The terms of the will dictate this "waiting for the son" to go on several more years. Who knows where land prices will be (down) when this expires.
This does'nt even begin to describe the miserable situation this woman is caught in.
Again, the point is let the actual decision making start with the lawyer and not get too caught up in other people's opinions. Don't like that lawyer's advice, pay the money and get another lawyer's advice.
Reluctant to turn to lawyers myself but sometimes that is the way it has to be.
BTW, this woman is talking to lawyer if the will can be modified or overturned.

Depends on state estate tax levels, and of course, the value of the estate. Generally, if the estate is not large enough to have to pay estate taxes (Federal is about 2 million, I think, and states vary), you're better off without a trust, especially if the estate will include appreciated real estate. Lawyers like to write up revocable "living" trusts, because they can charge a lot more for them. Definitely go to an estate planning attorney, but if he's pushing a Trust, find out why, and quiz him about "step up basis" on inherited capital assets, and on how much the estate taxes would be on a probated Will instead of a trust.

I urge you to find a lawyer that keeps up with the current state laws concerning trusts and wills. The states do change their laws and one could very easily have a trust that is not valid to the current law at the time it was made. Also, those instruments are okay if death comes without a stay in a health care facility. If a nursing home is in the picture a trust not properly prepared according to state law or even one that is may not be protected from the state using it as an asset for payment of the stay at the mursing home until Medicare and Medicaid eligible. We found that when making a trust after my dad went into a nursing home that the local state Social Services director knew much more than the lawyer did about what could be protected by a trust and what the state could take. The state (Missouri) would not allow someone to protect all their assets and thus the person going into the nursing home would be totally funded by the state. So it is worth your while to investigate that situation and see what would happen to your assets as there may be some surprises awaiting trust or not.

Burt, I practice law here in Indiana and my first free professional legal opinion IS TO HIRE A LOCAL ATTORNEY WHO PRACTICES IN ESTATE PLANS, WILLS AND TRUSTS NOTTTTTTTTTTTTT ANY LAY (even though with good intentions mind you and maybe even correct) OPINIONS ON THIS BOARD. When one asks a legal question everybody and their brother in law is an "expert" and offers all sorts of opinions so use caution is my advice !!! Even though someone here used a Trust and it was perfect for their particular situation, it MAY NOT BE BEST FOR YOU SO DONT HANG YOUR HAT ON ANY ADVICE HERE, EVEN MY PROFESSIONAL ADVICE AS AN ATTORNEY, BECAUSE IM NOT FAMILIAR WITH YOUR STATE NOR DO I KNOW YOUR SITUATION............

That being said, when a client asks me about a trust versus other estate plans and which is best, I tell them IT DEPENDS ON YOU AND YOUR FAMILY SITUATION AND YOUR INTENTIONS AND GOALS. Only AFTER getting alllllllll that information can I best advise them.

In certain situations (depends on manyyyy things including Medicare planning) I suggest a Will,,,,,, Power of Attorney,, Healthcare Power of Attorney,,,,,Living Will,,,,,,other "Poor Mans Wills" such as Joint Ownership with rights of Survivorship which pass property outside of the estate i.e. a non probate transfer.

Other times a Revocable or Non Revocable Trust may be the best method IT ALL DEPENDS

SOOOOOOOOOO whats good in one situation may NOT be the best for another situation and vice versa and thats why your question CAN NOT BE ACCURATELY ANSWERED HERE ON A TRACTOR BOARD REGARDLESS IF IT WERE THE BEST AND PERFECT FOR FARMER BILLY BOB ..

As far as cost, some attorneys here get like $3,000 for a Living Trust versus a much lower figure in the hundreds of dollars if a Will and Power of Attorney etc are used. BUT THE TRUST MAY BE BEST IN SOMEEEEEEEEEEE SITUATIONS. In addition a good estste plan can more then pay for itself and save big bucks in the long run. For example if aged mom n dad come to me when they are still competent, I can do Wills and Powers of Attorneys etc at a low price buttttttttt if they wait until one is incopmetent THE PRICE LIKE QUADRUPLES because I have to go to Court and obtain a Guardianship..

Best wishes and God Bless

John T BSEE, JD Country Lawyer in Indiana

Last year my parents made a few changes to their trust. One was to take my brother off as an administer and just have me do it alone. The atty. said if two are on it and there is a dispute the "negative always wins" . Just his opinion. They took my brother off mostly because he lives far away and the logistics involved when the time comes would make it harder for both of us to be present for certain decisions. By the way this and a few other changes cost $3,600 whic I thought was little steep. Just my .02

John T said it well.

Every one talks bad about lawers but when you need'm they are worth every red cent. Some of the best money I have ever spent was in a lawyer's office.

Don't use the guy a buddy of your's thinks did a good job on his divorce. Find some one who does estates and land law. They are like doctors. Some do it all, but when you are really hurt'n you need one who specializes in that area.

Dave

No handshakes, get it all up front and in writing. Do not trust any realative, no how, no way. Dont be afraid to speak up for what is yours or what has been promised to you.. If a realative gives you something, go load it up the next day. Be mean, Be ruthless, the rest of your kinfolks will.


Gene

gene, you hit the nail on the head with your post. the best advice is free and yours is both free and the truth.