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Post by treetop on Dec 1, 2020 16:19:02 GMT -5
One other thing, when it comes to the estate, the only people that have a say in the matter are the people that are listed in the will. i.e. a mother-in-law or brother-in-law have no input whatsoever unless they are listed in the will. I`ve seen what sometimes happens to people when someone passes away and there are material things to distribute. Oftentimes, people who otherwise seem to be good, decent, reasoned people literally become foaming at the mouth crazy fighting for stuff. Terribly sad. Very sad how fast people turn on each other
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Post by 36fan on Dec 3, 2020 13:36:49 GMT -5
Look into trusts. There are different types. They create a new entity that "owns" everything and can protect your stuff (vehicles, real estate, etc.) from having to be liquidated if someone has to go on Medicaid for long term care.
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Post by Woody Williams on Dec 3, 2020 14:36:48 GMT -5
Gents,
One more time.. Go to an elder attorney, please.
They know ALL the ins and outs of estates, Last wills, POA, living wills, Medical POA and all kinds of trusts.
We did two years ago after my wife's brush with death and our minds are at ease that our earthly "wealth" is now secure no matter what happens to one or both of us.
If you are interested I can PM you the name of ours. He is considered one of the best in the business nationwide.
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Post by jjas on Dec 3, 2020 14:56:54 GMT -5
One other thing, when it comes to the estate, the only people that have a say in the matter are the people that are listed in the will. i.e. a mother-in-law or brother-in-law have no input whatsoever unless they are listed in the will. I`ve seen what sometimes happens to people when someone passes away and there are material things to distribute. Oftentimes, people who otherwise seem to be good, decent, reasoned people literally become foaming at the mouth crazy fighting for stuff. Terribly sad. When my mother passed in the mid-80's, my oldest brother was hauling stuff out of her house before the coroner picked her body up @ the hospital. I told him that day that he was a ghoul and I've probably spoken to him less than a dozen times since. Some transgressions are simply unforgivable.
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Post by blackmouthcur on Dec 3, 2020 15:06:13 GMT -5
Is a living trust better than a will?
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Post by BOBinIN on Dec 3, 2020 15:45:25 GMT -5
[ Some transgressions are simply unforgivable.
[/quote]
AMEN!
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Post by onebentarrow on Dec 3, 2020 16:03:42 GMT -5
Is a living trust better than a will? yes and no. It depends on what is included from the co that helps set it up. My parents spent extra for theirs but it was worth it when I was taking care of the estate. One thing that was included was after death state and fed income tax prep. I had contacted an accountant and was told it would cost $1500 so I contacted trust and it was included for free(and donot think you can do it your self. Another thing was all lawyer fees relating to land/ transfer or associated with the estate were froze at $125 an hour. Other numerous benifets too. Another bennifer was the savings from standard lawyer fees from an estate of their size. The savings were pushing $15/20k just on that. Because of the co mom and dad were affiliated with I could call them any time and talk to a specialist on what I was dealing with and get the right answers. So there are some good benefits if you get the right company to HELP set one up. The down side is they are a pain in the behind to get set up. Title work bank accounts all have to be changed to include the trust. It was time consuming for dad but the co walked dad thru each step. When he finished 1 they would start him on another until compleat. And IF everything is not completed as necessary you still end up haveing to go to probate?I think that is what it is called, and end up with fees associated with that. I did not have to. That is why it is important to get the correct company to do the living trust. They are not cheap to set up correctly either. Changing car titles land titles and such added costs pluss the cost of the co to get started. For me it was great. It took a lot of worry and fretting from me at that time and made things soooooo much easier. Dont ask I do not know name of co they used and do not know if I could find it as it was 15 years ago mom passed. Hope this answers some of your questions Onebentarrow
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