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  • #16
    Originally posted by dennis View Post

    I'm not a lawyer but my understanding of a revocable trust is that it has no effect on estate tax on those assets in the trust, it just determines how the assets will be distributed and keeps them out of probate. To keep the assets from being taxed at death they need to be put into another type of trust that keeps them out of the estate (like an irrevocable trust etc...). Correct me if I'm wrong.
    Yes I think that’s right, too many years ago setting it up to remember the details (means it’s probably time for a review). It does convert to irrevocable and other divisions to the kids on death of second spouse. I think that’s where the estate tax is avoided (to my grandkids)

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    • #17
      Originally posted by jfoxcpacfp View Post

      Why?
      Newton's first law.

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      • #18
        Originally posted by G View Post

        Newton's first law.

        Call me.
        Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #19
          Originally posted by jfoxcpacfp View Post


          Call me.
          It's on the list.

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          • #20
            Trust needed mostly at the beginning with little ones until adulthood. Less so during the middle so one can probably extinguish the outdated trust after 20 years and get by with a pour over will into a simple trust -- until the estate gets big enough and your grandkids come about and assets abound mixed in with business interests and vacation homes. Then a new trust probably beneficial to really things clearly done and protected within the family.

            That's what I believe trusts work the best -- keeps the outside interests at bay by constructing clear funds commitments to specific people. -- if one wants that level of influence/protection from the grave.

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            • #21
              Originally posted by StarTrekDoc View Post
              Trust needed mostly at the beginning with little ones until adulthood. Less so during the middle so one can probably extinguish the outdated trust after 20 years and get by with a pour over will into a simple trust -- until the estate gets big enough and your grandkids come about and assets abound mixed in with business interests and vacation homes. Then a new trust probably beneficial to really things clearly done and protected within the family.

              That's what I believe trusts work the best -- keeps the outside interests at bay by constructing clear funds commitments to specific people. -- if one wants that level of influence/protection from the grave.
              So what you're saying is that I can just wait another ten years....

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              • #22
                Revocable trust plus wills, goal to avoid probate and provide quicker access to funds outside probate for our minor child. Probably wouldn’t have crested the trust If kids were all grown. It was $5200 two years ago for the trust, two wills, POAs, etc
                My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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                • #23
                  Has anyone tried to create an online Will. Maybe a simple one thats says upon death give everything to person X.

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                  • #24
                    Originally posted by Jack_Sparrow View Post
                    Has anyone tried to create an online Will. Maybe a simple one thats says upon death give everything to person X.
                    Kind of. Used the Nolo book from the library which includes software, then notarized by one of the folks in the office.

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                    • #25
                      Originally posted by Jack_Sparrow View Post
                      Has anyone tried to create an online Will. Maybe a simple one thats says upon death give everything to person X.
                      A couple of clients have done so. Not a bad option if you are single with no kids, a very simple net worth structure, and don’t want your assets to pass according to your state’s laws of intestacy. Also need to understand the benefits of having DPOA and healthcare directives. This is NOT legal advice, just my observations and opinions.
                      Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                      • #26
                        Even if you are ok with how things pass on intestacy do a simple will so that your executor doesn't have to go to court to get the power to deal with your estate.

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                        • #27
                          if you have many assets and minor children as heirs i don’t see how you avoid some kind of trust unless you really don’t care what happens to them and the money when they turn 18. we have RLTs, around $7500 for the entire estate package, but we also have a rather onerous estate tax needing to be accounted for, and other complexities.

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                          • #28
                            In case anyone is still reading this thread, you can get a basic foundational estate plan for $1,500 to $2,000 generally. However, a good planner is doing 2 things, thinking about what you need and trying to work with you on it, but also making sure he or she's not putting in so much time that he's working for free. Hence, your biggest concerns should be figuring out what you need. That totally depends on your situation and at some point, you or your estate will most likely need to pay more than $2,000. I often set up revocable trusts for people for various reasons, but sometimes they opt for a testamentary trust because that seems simpler to them and still satisfies their goals. However, sometimes just a Will will do. I always recommend a trust for people with small children to avoid the kids getting the life insurance money prematurely. You can try to do things yourself online, but the problem with the DIY package is there are plenty of ways to mess up. People have to become very educated to go this route. Sometimes even then it's not enough. Unfortunately, the law is just very complex and doesn't lend itself to DIY'ers getting their important needs properly satisfied. I occasionally have to charge clients a lot more on the clean up and fixing mistakes (if they can be fixed) than it would have cost to do it right the first time.

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                            • #29
                              If youre married with no kids, isn't a simple will plus payable on death/beneficiaries on your accounts enough to avoid probate?

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                              • #30
                                Originally posted by Gavin West View Post
                                In case anyone is still reading this thread, you can get a basic foundational estate plan for $1,500 to $2,000 generally. However, a good planner is doing 2 things, thinking about what you need and trying to work with you on it, but also making sure he or she's not putting in so much time that he's working for free. Hence, your biggest concerns should be figuring out what you need. That totally depends on your situation and at some point, you or your estate will most likely need to pay more than $2,000. I often set up revocable trusts for people for various reasons, but sometimes they opt for a testamentary trust because that seems simpler to them and still satisfies their goals. However, sometimes just a Will will do. I always recommend a trust for people with small children to avoid the kids getting the life insurance money prematurely. You can try to do things yourself online, but the problem with the DIY package is there are plenty of ways to mess up. People have to become very educated to go this route. Sometimes even then it's not enough. Unfortunately, the law is just very complex and doesn't lend itself to DIY'ers getting their important needs properly satisfied. I occasionally have to charge clients a lot more on the clean up and fixing mistakes (if they can be fixed) than it would have cost to do it right the first time.
                                Nice explanation.

                                Welcome to the forum. Hope you stick around, we could use more attorneys here. <insert lawyer joke>

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