| Seeking information on a Living Trust |
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No-Brainer
Senior Member
Cash: $ 83.45
Posts: 986
Joined: 29 Dec 2005
Location: Oregon USA
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| Seeking information on a Living Trust |
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Let me start by saying I am already retired, so planning in that area is not my goal. I don't have a 401K or even an IRA that has any significant money in it (thanks to the stock market in 2000) but I do have notes and property to create an estate of Half a Million or so.
I just went to a seminar that told us that was more than enough to want to avoid probate by establishing a living trust and they wanted $2,500 to set it up of course. Well I have been 'living' long enough not to 'trust' anyone with a Power Point Presentation with all my money.
I also realize I probably won't find the answer here, but it seemed like a good place to start. Can you shed some light on this subject for me?
Has anyone here done one?
Do you need a lawyer?
Do they accomplish what they claim?
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Tue Mar 06, 2007 5:10 pm |
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GOCK
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 06 Mar 2007
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Not sure which state you are in, but with my experience that seems high. There are companies that do boiler plate living wills created by attornyes for half that.
Living Trusts do work if set up corerectly. What is it you are trying to do? If all you are trying to do is avoid probate tax than it will work fine as long as you fund the trust (change title of your assets over to the trust)
You dont have to have alawyer create the trust, but it is recommended for proper wording, and dont forger lawyers need to make a living too!
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Tue Mar 06, 2007 9:40 pm |
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No-Brainer
Senior Member
Cash: $ 83.45
Posts: 986
Joined: 29 Dec 2005
Location: Oregon USA
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quote:
Originally posted by GOCK
Not sure which state you are in, but with my experience that seems high. There are companies that do boiler plate living wills created by attornyes for half that.
Living Trusts do work if set up corerectly. What is it you are trying to do? If all you are trying to do is avoid probate tax than it will work fine as long as you fund the trust (change title of your assets over to the trust)
You dont have to have alawyer create the trust, but it is recommended for proper wording, and dont forger lawyers need to make a living too!
Thanks, I'm in Oregon and so are all my holdings.
I'm trying to avoid probate and make it possible for my blended family (his, hers, ours) to receive what I want them each to.
I have no compulsion to support any lawyers and in my lifetime agree with most of the jokes I hear about them. I have NEVER had one that earned anywhere near what they charge.
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Wed Mar 07, 2007 1:32 pm |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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You want to make sure you do a revokable living trust properly, so you maintain control until no longer able. And then it should still be for your benefit as long as you live.
I heard of someone who put their home in a trust and somehow named someone else (instead of themself) as trustee. The trustee ran off to parts unknown and the trustor was trying to figure out how to regain title to their home. Oops!
My sister has her home in a living trust to make sure that her daughters benefit instead of her ex.
Suze Orman has a Will and Trust Kit on CD, although, it is best to get the blessing of an attorney to make sure everything is right.
Any retirement accounts are best handled using beneficiary(s) which pass outside of probate (if left to a trust, they get immediately taxed). For taxable financial accounts, instead of beneficiary I think you can leave it to someone specific by specifying TOD (who it should go to at time of death).
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Thu Mar 08, 2007 12:57 am |
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No-Brainer
Senior Member
Cash: $ 83.45
Posts: 986
Joined: 29 Dec 2005
Location: Oregon USA
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Great advice, I had never heard of her. I just bought the CD on Ebay for $6
Thanks for the tip!
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Thu Mar 08, 2007 4:49 am |
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pronet
Full Member
Cash: $ 2.60
Posts: 55
Joined: 26 Aug 2006
Location: Texas
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quote:
Originally posted by efflandt
You want to make sure you do a revokable living trust properly, so you maintain control until no longer able. And then it should still be for your benefit as long as you live.
I heard of someone who put their home in a trust and somehow named someone else (instead of themself) as trustee. The trustee ran off to parts unknown and the trustor was trying to figure out how to regain title to their home. Oops!
My sister has her home in a living trust to make sure that her daughters benefit instead of her ex.
Suze Orman has a Will and Trust Kit on CD, although, it is best to get the blessing of an attorney to make sure everything is right.
Any retirement accounts are best handled using beneficiary(s) which pass outside of probate (if left to a trust, they get immediately taxed). For taxable financial accounts, instead of beneficiary I think you can leave it to someone specific by specifying TOD (who it should go to at time of death).
Yes, Suze Orman is on Public Televions several times during the week.
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Sat Aug 18, 2007 8:35 pm |
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