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Will and estate planning

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  • #31

    Consider using testamentary trusts that get funded at death to avoid the hassle of decades of keeping assets in trust name (and note that in some states owning assets in trust name prevents use of better asset protection titling.  I’ve done probate many times and it is not the hassle as described in most cases.
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    I am so glad you brought this up. RLTs (assuming that’s what you are referring to) have a defined purpose - to save hassle and $$ for the executor who is going through probate of your estate. Scary stories and worst-case examples ensue and are used to justify why a couple (or single, much more rare) should set up a RLT, no matter what, context be (shall we say...darned?).

    In reality, probate is quite simple in many states, a big headache in others. In KY, it’s not an issue; in NY, it is. Important to know if it typically matters or not before you take this step. Otherwise, your E&T attorney will charge a premium, you are wasting your effort and $$ if you don’t appropriately fund the trust, AND it does not provide the asset protection that many ppl assume it does.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087


    • #32
      [deleted - decided to make separate post]