Family Trusts / Wills, etc. Didnt want to ruin the Elderly parents thread (1 Viewer)

[KGB]

I am not the expert, hoping some will chime in.

Just starting the process of having a family trust.  So, should anything happen, Will not have to go through probate court, etc.

Any advice from the pros?

My parents recently passed.  Besides the emotional stuff, there are a lot of things to deal with.  Having a trust made things 1000% better but it's still a lot.  

Anyone here who has a house, I think should research it.

 

[Tick]

I worked for a company years ago that had an option in their benefits package to have prepaid legal services for a year.  I did it and put together a trust to cover what would happen to the kids if my wife and I died together.  It was pretty straightforward, I don't remember any gotchas or anything... just have a plan going in for how you would want your kids cared for and your stuff divided up (and whether that changes when your kids reach a certain age) and the rest is easy.

 

[KGB]

I worked for a company years ago that had an option in their benefits package to have prepaid legal services for a year.  I did it and put together a trust to cover what would happen to the kids if my wife and I died together.  It was pretty straightforward, I don't remember any gotchas or anything... just have a plan going in for how you would want your kids cared for and your stuff divided up (and whether that changes when your kids reach a certain age) and the rest is easy.

I couldnt believe that at least in AZ, anything over 75K still goes to court unless you have a trust.  I cant imagine having to deal with courts with everything else going on in such sad times.

 

[Judge Smails]

So worth it to have a family trust and all of the other documents drawn up. I did mine several years ago. Peace of mind. 

 

[Ron Swanson]

I worked for a company years ago that had an option in their benefits package to have prepaid legal services for a year.  I did it and put together a trust to cover what would happen to the kids if my wife and I died together.  It was pretty straightforward, I don't remember any gotchas or anything... just have a plan going in for how you would want your kids cared for and your stuff divided up (and whether that changes when your kids reach a certain age) and the rest is easy.

Great idea, but kind of a burden to have to make sure the wife goes out with you, no?

 

[Gawain]

My mom turns 80 this year and is talking about setting up an irrevocable trust with an eye towards going into assisted living some point down the road.
I am OK (though college tuitions will hurt) and generally subscribe to the theory that what she made should be available for her benefit.
Also, most of what she has is in IRA's, which (I dont think) can be placed in a trust.
Anyone set up an irrevocable trust? She doesn't have a house. I'm thinking I have to tell her to set it up with cash on hand and then roll her RMDs into it, making sure that she leaves seven years of cash set aside if she has to go through the look back process at some point.

 

[Zegras11]

Best $2k I ever spent. We got everything spelled out, and then had the three kids come in when done and the lawyer explained how it all worked and what they had to do when we pass.