Let's talk about estate planning

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Replies

  • Bak4MorBak4Mor Senior Member Posts: 970 Senior Member
    I remembered because I care. Unlike Hextall who is only worried about hoarding his vast wealth. No skin in this series for me other than I am rabidly cheering against stupid facial hair. I do hope the games are a little better than last night.
    "All I have is a piece of hard rock candy. But it's not for eatin'. It's just for lookin' through. " ~Lone Watie
  • HextallHextall Senior Member Posts: 9,520 Senior Member
    JLT wrote: »
    No, they [cars] don't need to be the trust.

    Ok... I'm confused why you got a trust then. Because if you have some belongings that aren't owned by the trust (and don't have a "pour over" will), then I think your heirs will still have to go through probate for anything not in the trust, right?

    For me, the primary reason to get a trust is for us to avoid the hassles of probate. The tax benefits are secondary, and likely won't even be an issue (unless the exemption gets dropped way down). I'd rather I pay a little extra setting this up now then have my heirs pay later with hassle and time.
  • HextallHextall Senior Member Posts: 9,520 Senior Member
    gatsby wrote: »
    As a life-long Cardinal fan, I'm not too enthusiastic about that at the present. But thanks for the thought since baseball is my life.

    The good thing is the Cardinals are so generous and caring about giving away free outs. I just got 2 in the mail from Stan Musial just now!
  • dryfliedryflie Senior Member Posts: 1,442 Senior Member
    Bak4Mor wrote: »
    I do hope the games are a little better than last night.

    Better than last night?? Yeah...10-0 Red Sox would be nice.
    “The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.” - John Kenneth Galbraith
  • JLTJLT Senior Member Posts: 484 Senior Member
    Hextall wrote: »
    Ok... I'm confused why you got a trust then. Because if you have some belongings that aren't owned by the trust (and don't have a "pour over" will), then I think your heirs will still have to go through probate for anything not in the trust, right?

    For me, the primary reason to get a trust is for us to avoid the hassles of probate. The tax benefits are secondary, and likely won't even be an issue (unless the exemption gets dropped way down). I'd rather I pay a little extra setting this up now then have my heirs pay later with hassle and time.

    Some kinds of property are cumbersome to keep in a living trust. It's not a legal problem, just a practical one. Cars or other vehicles you use regularly are a good example. Having registration and insurance in the trustee's name could be confusing, and some lenders and insurance companies are flummoxed by cars that technically are owned by living trusts. If you have valuable antique autos, or a mobile home that is permanently attached to land and considered real estate under your state's law, however, you may want to go ahead and transfer ownership to your living trust. You should be able to find an insurance company that will cooperate.
  • gatsbygatsby Member Posts: 30 Member
    Hextall wrote: »
    The good thing is the Cardinals are so generous and caring about giving away free outs. I just got 2 in the mail from Stan Musial just now!

    Now THAT is funny!

    I should add to the probate discussion that like many/most areas of law such as commerce, divorce and credit, there are uniform or pattern laws that have been adopted by most states and there has been a Uniform Probate Code around for many years. Each state can jiggle their uniform law but they are typically very similar. And the intent of the law is to streamline probate, particularly where there isn't a fight over distribution of assets. At least here in Colorado it typically costs in the hundreds of dollars in fees for a modest estate (just for discussion this can be assets up to a million dollars net). I am not a probate lawyer but in discussing this subject with other lawyers, I gather that the experience here in Colorado is virtually the same throughout the country although I also heard years ago that probate was still expensive and lengthy in Iowa and Hawaii (couple of states you would expect to be on the same page, right!???)
  • HextallHextall Senior Member Posts: 9,520 Senior Member
    Guys, I know that a lot of you have been wondering what I did here with my estate planning.

    Well, this morning I signed the paperwork (will, trust creation, living will and power of attorney documents) to move my assets into a revocable trust. I did this solely to ease the transferring of assets upon my and or my betrothed's demises without the use of probate court.

    Also, I'm pretty upset that my lawyer named the trust before I could provide suggestions... as i really wanted to call it Hextall's Happy Funtime Revocable Trust Shitshow. You know, for the goofs.
  • HextallHextall Senior Member Posts: 9,520 Senior Member
    ricinus wrote: »
    Do not sign anything until you check back with the Lodge. This is very important...

    Mike

    Oh crap. This is awkward.
  • ricinusricinus Senior Member Posts: 6,214 Senior Member
    Well don't come crying to the Lodge if it doesn't work out.. Oh wait, you'll be dead, don't worry about it..

    Mike
    My new goal in life is to become an Alter Kaker...

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