i1 said:I'd like to consult an attorney to see if the added complexity of a trust is worthwhile and to understand the options better. Goal is to minimize taxes and protect assets. It may be for more than 1 home.
I've seen a lot of this can be done on legal zoom.
i1 said:I'd like to consult an attorney to see if the added complexity of a trust is worthwhile and to understand the options better. Goal is to minimize taxes and protect assets. It may be for more than 1 home.
I've seen a lot of this can be done on legal zoom.
i1 said:I'd like to consult an attorney to see if the added complexity of a trust is worthwhile and to understand the options better. Goal is to minimize taxes and protect assets. It may be for more than 1 home.
I've seen a lot of this can be done on legal zoom.
Perspective said:i1 said:I'd like to consult an attorney to see if the added complexity of a trust is worthwhile and to understand the options better. Goal is to minimize taxes and protect assets. It may be for more than 1 home.
I've seen a lot of this can be done on legal zoom.
If you consult a trust attorney, s/he will convince you a trust is necessary and easy. I'd spend a couple hours doing research about trusts, maybe read a highly rated book on the topic.
How do you think a trust would minimize taxes and protect assets? Good insurance policies with umbrella riders might be the best asset protection place to start.
eyephone said:i1 said:I'd like to consult an attorney to see if the added complexity of a trust is worthwhile and to understand the options better. Goal is to minimize taxes and protect assets. It may be for more than 1 home.
I've seen a lot of this can be done on legal zoom.
I believe there is a previous in depth thread regarding trusts. (Re: diy trusts or hire attorney)
iacrenter said:Perspective said:i1 said:I'd like to consult an attorney to see if the added complexity of a trust is worthwhile and to understand the options better. Goal is to minimize taxes and protect assets. It may be for more than 1 home.
I've seen a lot of this can be done on legal zoom.
If you consult a trust attorney, s/he will convince you a trust is necessary and easy. I'd spend a couple hours doing research about trusts, maybe read a highly rated book on the topic.
How do you think a trust would minimize taxes and protect assets? Good insurance policies with umbrella riders might be the best asset protection place to start.
Trusts can offer multiple benefits including limiting estate taxes and asset protection from creditors.
i1 said:Can anyone recommend a good trust attorney if you want to put your home or other assets in a trust? Thx.
eyephone said:i1 said:Can anyone recommend a good trust attorney if you want to put your home or other assets in a trust? Thx.
This thread may help or not.http://www.talkirvine.com/index.php/topic,15193.msg305491.html#msg305491
hello said:eyephone said:i1 said:Can anyone recommend a good trust attorney if you want to put your home or other assets in a trust? Thx.
This thread may help or not.http://www.talkirvine.com/index.php/topic,15193.msg305491.html#msg305491
I think the only benefit from a revocable trust is to avoid probate... and this will be mainly for real estate. This will save some costs of probate and avoid anything becoming public information. Regarding money in the bank or retirement accounts, I believe a trust will not be of any help. If estate taxes are a concern this means you have a ton of money then you may want to consider an attorney. I have read that an irrevocable trust can be used to avoid estate taxes, but by no means am I confident of this.
Liar Loan said:I'm going through probate right now with my dad's estate. He was very stubborn and didn't want to meet with a lawyer, so it was never possible to get a trust set up for him. The best I could do was convince him to let me create a DIY Will for him to sign. His financial accounts all had me as beneficiary or joint owner, so those automatically transferred upon death (no will or trust needed), but the house and any other physical assets like cars, jewelry, coins, etc. would be the reason to set up a trust.
Man, I wish he would have set up a trust. The probate process was created sometime in the 1800's and hasn't changed much since then. It's a complete joke meant to enrich lawyers, judges, probate appraisers, and newspapers. I'm paying $19,000 just to transfer the title on the modest house that my dad lived in. That's $17k to the lawyer (which is the statutory amount) + another $2k in court costs and newspaper fees.
Not only that, but the system is so slow. You have to post an announcement in the dead-tree newspaper. (Who still reads that?) Then wait for a court date. Then wait 4 months so creditors can make claims. My dad had no debt whatsoever, but the court can't override this requirement. Then there are more court dates to close the estate. It will take almost a full year from my dad's passing to completing the settlement of his estate, which in this case is really just transferring the title of his house. There's no car, no debt, and really nothing else of value. A full year and $19k just to transfer title to a house!
woodburyowner said:Sorry to hear about your loss. I'm curious why you didn't do a DIY Trust at the same time you did the will? Sounds like he has the most simple/standard situation.
Liar Loan said:I'm going through probate right now with my dad's estate.