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Started By
Message
Is it too late for living trust?
Posted on 10/19/23 at 12:56 pm
Posted on 10/19/23 at 12:56 pm
My father is 83 and slowly declining in health. He's not a rich man, but has a little north of 550K in assets. I'm trying to avoid as many estate taxes as possible. Any tips or guidance would be appreciated. Or any suggestions on someone to help with estate planning.
9
Posted on 10/19/23 at 1:14 pm to CajunInFL
Florida and Louisiana do not have an estate tax. Federal estate tax is only on estates north of 12 million.
A living trust will allow you to avoid probate if all of his assets are transferred into the trust.
A living trust will allow you to avoid probate if all of his assets are transferred into the trust.
Posted on 10/19/23 at 1:32 pm to CajunInFL
i'd say if he ain't dead and can still wave his hand around to make a signature, it's not too late.
Posted on 10/19/23 at 1:55 pm to CajunInFL
quote:
has a little north of 550K in assets. I'm trying to avoid as many estate taxes as possible.
There won’t be any.
Posted on 10/19/23 at 4:26 pm to CajunInFL
In Louisiana, no need.
Posted on 10/19/23 at 4:34 pm to tigerrocket
quote:This!
A living trust will allow you to avoid probate if all of his assets are transferred into the trust.
No tax advantage.
Unless there are unique circumstances, a trust's set up costs and stress for your dad may well outweigh advantages at his estate levels.
Posted on 10/19/23 at 4:38 pm to NC_Tigah
quote:
Unless there are unique circumstances, a trust's set up costs and stress for your dad may well outweigh advantages at his estate levels.
a basic will generally accomplishes everything people want with much less hassle and paperwork. "probate" is not some devilish process unless you are 1) super wealthy with squabbling heirs, or 2) die with tons of debt and few liquid assets
Posted on 10/19/23 at 5:01 pm to CajunInFL
If you don’t do it then at least get him to gift assets to you so you are not in a mess with probate.
I would do the living trust if he is uncomfortable doing that. It seems like it is a simple trust to make given his assets.
Or do what my grandparents did…..cash out 40 grand of CDs and leave it in a safety deposit box with one trustworthy kid having the key. And no I don’t suggest doing that.
I would do the living trust if he is uncomfortable doing that. It seems like it is a simple trust to make given his assets.
Or do what my grandparents did…..cash out 40 grand of CDs and leave it in a safety deposit box with one trustworthy kid having the key. And no I don’t suggest doing that.
Posted on 10/19/23 at 5:25 pm to Mariner
quote:
If you don’t do it then at least get him to gift assets to you so you are not in a mess with probate.
This is usually a very shortsighted decision if there are any assets that have appreciated in value. It can be shortsighted for other reasons too.
Posted on 10/19/23 at 7:49 pm to CajunInFL
Depending on where it’s held, you can have financial assets (brokerage, 401k,…) transferred on death (TOD) to beneficiaries. Avoids probate.
Posted on 10/19/23 at 7:52 pm to Mariner
quote:
If you don’t do it then at least get him to gift assets to you so you are not in a mess with probate.
Do this and you will lose step up basis at death for appreciating assets..that could have big tax implications when sold.
Posted on 10/20/23 at 7:25 am to Dawgfanman
You will likely spend more money setting up the trust and transferring assets into it than you will for the succession along with the hassle.
Posted on 10/20/23 at 8:35 am to CajunInFL
Thanks everyone! Just the info I needed! Much appreciated.
Posted on 10/20/23 at 8:43 am to CajunInFL
Non revocable
Posted on 10/20/23 at 9:30 am to CajunInFL
If he needs help here in Florida I'll give you a deep TD.com discount. I'm an estate planner here
Posted on 10/20/23 at 9:30 am to LSU1018
Not in Florida. Attorneys are entitled to a percentage of estate assets. We make a fortune off of probate. Living trusts are 9.9/10 significantly cheaper
Posted on 10/20/23 at 10:23 am to NC_Tigah
quote:Most of the time, setting up a trust and transferring property to it is more involved and expensive than going through a simple probate process.
avoid probate
Posted on 10/20/23 at 12:07 pm to CajunInFL
A living trust does nothing to hurt or help you from an income tax point of view.
It may help from a probate point of view, but the costs and hassles of probate vary from state to state.
Please do not give gifts of appreciated assets without some clear professional help, as you have the potential to absolutely screw your heirs with regards to income taxes.
It may help from a probate point of view, but the costs and hassles of probate vary from state to state.
Please do not give gifts of appreciated assets without some clear professional help, as you have the potential to absolutely screw your heirs with regards to income taxes.
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