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..
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