Originally posted by dennis
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Originally posted by G View Post
Newton's first law.
Call me.Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087
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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 Less so during the middle so one can probably extinguish the outdated trust after 20 years and get by with a pour over will into a simple trust -- until the estate gets big enough and your grandkids come about and assets abound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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Originally posted by StarTrekDoc View PostTrust 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 Less so during the middle so one can probably extinguish the outdated trust after 20 years and get by with a pour over will into a simple trust -- until the estate gets big enough and your grandkids come about and assets abound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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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, etcMy Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg
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Originally posted by Jack_Sparrow View PostHas anyone tried to create an online Will. Maybe a simple one thats says upon death give everything to person X.Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087
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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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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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Originally posted by Gavin West View PostIn 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.
Welcome to the forum. Hope you stick around, we could use more attorneys here. <insert lawyer joke>
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