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re: Revocable Living Trust
Posted on 1/25/24 at 4:51 am to FlowMaster
Posted on 1/25/24 at 4:51 am to FlowMaster
I'm an estate planner here in FL. I make more money off of probate here in FL than anything else. RLTs can be great, but often there are options to make sure assets don't go through the will and probate
1
Posted on 1/25/24 at 5:08 am to TheOcean
Probate in Louisiana is ordinarily not that big of a deal. It is, however a bogeyman that ripoff living trust salesmen will use to scare people into buying their services.
They act like probate(!!!) is some expensive nightmare, when the average Joe succession often amounts to a lawyer completing paperwork and presenting it to a judge for signatures. It can often be done in a few weeks.
They act like probate(!!!) is some expensive nightmare, when the average Joe succession often amounts to a lawyer completing paperwork and presenting it to a judge for signatures. It can often be done in a few weeks.
Posted on 1/25/24 at 5:10 am to slackster
quote:
Define not that expensive? For most of my clients they’re often a few thousand dollars up to $18k, but that’s the most expensive one I’ve ever seen and I’m pretty positive she was fricked over in that deal.
Most I see in LA cost around 2k total for an average probate. 1 house, kids, bank accounts, etc.
Posted on 1/25/24 at 6:41 am to Twenty 49
quote:
They act like probate(!!!) is some expensive nightmare, when the average Joe succession often amounts to a lawyer completing paperwork and presenting it to a judge for signatures. It can often be done in a few weeks.
I deal with LA probate more than most - it is not the expense that drives people insane, it’s the process and mental anguish that often comes with it. You’re already grieving, and the stress that comes with being the middleman of a probate as the surviving spouse or a local child is a lot.
I do not recommend trusts to the vast majority of my clients because they don’t need it from a financial standpoint, but many are so overwhelmed with probate that a properly designed and funded RLT would have been worth it.
If LA ever adopts a proper TOD law, this conversation is mostly moot, but until then, probate can be a mess.
PSA: anyone that has even an iota of assets should have a will, at a minimum, in LA. It’s the least you can do for your beneficiaries.
Posted on 1/25/24 at 7:19 am to slackster
quote:
I haven’t seen a probate finalized in less than 3 months in my entire career.
It can be done sooner, but it rarely happens in practice.
Is this in Texas?
To clarify my post, when I say "a few weeks" I don't mean 2, I mean at least 4-5 if everybody cooperates and moves fast. If it's a small succession, it can be done in less than that depending on date of death. And I stress that it CAN be done, not that it will be in every case... They vary obviously, and sometimes the courthouse is closed seemingly every day for Xmas, New years, MLK, weather events.
Point is, this new trend of people hearing from their friend they need a trust, or watching the show Succession and thinking probate is a huge legal battle for every family gets overblown. And expectations for inheritance tax are usually overblown too.
Posted on 1/25/24 at 7:59 am to Neauxla_Tiger
quote:
oint is, this new trend of people hearing from their friend they need a trust, or watching the show Succession and thinking probate is a huge legal battle for every family gets overblown. And expectations for inheritance tax are usually overblown too.
In LA, but I agree with you. A lot of misunderstanding about estate planning in general, which leads to a lot of frustration after death.
Posted on 1/25/24 at 9:20 am to slackster
quote:Could you layout common mistakes in that regard?
but it’s rarely used properly and quickly becomes a waste of money as a result.
Posted on 1/25/24 at 10:09 am to slackster
quote:
I haven’t seen a probate finalized in less than 3 months in my entire career.
It can be done sooner, but it rarely happens in practice.
Do you deal mainly with very indebted or very wealthy clients? Only in rare cases have I ever had a succession go longer than a couple months, and usually that is by request of the heirs. In my experience, the average succession in LA is a simple surviving spouse couple of kids intestate succession that can be handled without a single court appearance, signed and delivered within 2-3 weeks. I have just never understood the fear mongering over probate. Trusts for the average joe are a complete waste of effort and cause more trouble than they are worth.
Agree with you 100% that everybody should have a basic will. Removes about 95% of potential headaches for most people.
Posted on 1/25/24 at 10:16 am to lsujro
I agree, I would say the average time a succession takes in LA with a good attorney is 5-6 weeks. I have seen them done in 2-3 weeks. Normally the longest part is waiting on the judges signature.
This is also assuming the family has all their stuff in order.
This is also assuming the family has all their stuff in order.
Posted on 1/25/24 at 10:22 am to FlowMaster
quote:
So, learned that my in-laws’ will passes everything to my wife via a RLT. Seems like they tried to make sure yours truly gets Jack despite seemingly great relationship. Dick move or no?
No, but you're a dick if you expect any inheritance from your in-laws.
Hardly anyone makes provisions for their in-laws. Your wife will be taken care of, you should be happy with that.
Posted on 1/25/24 at 10:40 am to FlowMaster
Posted on 1/25/24 at 11:24 am to slackster
quote:
In LA, but I agree with you. A lot of misunderstanding about estate planning in general, which leads to a lot of frustration after death.
Good discussion in this thread.
From the CPA side, we get a lot of questions about RLT. From a tax point of view, it is a nothing burger... everything flows through to the grantors, and gets a step up at death. And in LA, comm prop gets a 100% step up.
The orobate process in LA seems to be "cheap" and "not long" but compared to other states, it is a breeze! I do a lot of work in California and anyone out there with any sort of assets seems to have a living trust.
Everytime an LA client asks me, I refer them to their attorney, but I wonder if some of this isn't a thinking that "successful people use these, and I want to be successful" without any understanding as to what it actually means.
To the OP, you aren't entitled to any inheritance from the jump anyways, unless it gets co-mingled. Paying attention to things will prevent that, but as we all know, few people pay attention to details...
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