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Living trusts
Posted on 8/17/25 at 9:13 pm
Posted on 8/17/25 at 9:13 pm
Pros and cons?
6
Posted on 8/17/25 at 9:24 pm to tigger4ever
Good to have of both mom and dad go at the same time. Makes things easier for kids and assets.
ETA: for this one would need a living will, in addition to a testamentary trust.
ETA: for this one would need a living will, in addition to a testamentary trust.
This post was edited on 8/17/25 at 9:26 pm
Posted on 8/18/25 at 9:53 am to tigger4ever
It’s irrevocable you don’t wanna get locked in
Posted on 8/18/25 at 11:07 am to deltaland
Posted on 8/18/25 at 2:12 pm to deltaland
quote:
It’s irrevocable you don’t wanna get locked in
You may be missing an "IF It’s irrevocable you don’t wanna get locked in"
Living trusts are predominantly revocable. But yes, if you set up your living trust to be irrevocable, the terms are pretty much baked in.
Posted on 8/18/25 at 4:20 pm to tigger4ever
Pros: they’re great
Cons: hardly anyone that gets one knows wtf to do with it
Many people create one to avoid probate in LA and then fail to actually put all of their probate-able assets into the damn trust, which means they pay for probate and the trust.
Cons: hardly anyone that gets one knows wtf to do with it
Many people create one to avoid probate in LA and then fail to actually put all of their probate-able assets into the damn trust, which means they pay for probate and the trust.
Posted on 8/18/25 at 8:13 pm to tigger4ever
MIL had her estate/assets set properly and probate was quick and easy,@60 days Letter of Testementary ...FIL didn't and the process was longer and more expensive.
Posted on 8/18/25 at 10:03 pm to tigger4ever
What state?
Cali? Absolutely
Everywhere else? Depends on asset mix and privacy concerns
Cali? Absolutely
Everywhere else? Depends on asset mix and privacy concerns
Posted on 8/19/25 at 12:32 am to LSUFanHouston
Many people in LA get talked into them for no reason. A good succession attorney should finish the succession in 30 days so if people are doing it strictly to avoid the succession, that’s normally not a good reason.
You have to be careful to not lose homestead exemption in LA if the house is in the trust. If you sell anything in the name of the trust, your check will be made payable to the trust so make sure you have a bank account. Banks will try to charge you for the account in the trust name.
More important than a trust would be to do a will, durable POA, and living will IMO. I would say most people do not have these.
You have to be careful to not lose homestead exemption in LA if the house is in the trust. If you sell anything in the name of the trust, your check will be made payable to the trust so make sure you have a bank account. Banks will try to charge you for the account in the trust name.
More important than a trust would be to do a will, durable POA, and living will IMO. I would say most people do not have these.
Posted on 8/19/25 at 11:44 am to LSU1018
quote:
Many people in LA get talked into them for no reason. A good succession attorney should finish the succession in 30 days so if people are doing it strictly to avoid the succession, that’s normally not a good reason.
Compared to many other states, succession in LA is not lengthy, complex, or expensive.
Posted on 8/19/25 at 2:15 pm to tigger4ever
revocable so no harm no foul. 99% of my clients use them.
Posted on 8/19/25 at 10:47 pm to LSUFanHouston
quote:
Compared to many other states, succession in LA is not lengthy, complex, or expensive.
It’s a boogeyman for most of my clients. People think succession is to blame when reality is their parents didn’t have any of their actual shite together.
As mentioned earlier, get a will done and put together a “death binder” of sorts with anything remotely relevant. If you’re open to it, include your children in financial discussions near the end of life and everyone will be better off for it. You don’t have to give them control - just make sure they know where to go when something happens.
Posted on 8/21/25 at 6:29 am to slackster
quote:
It’s a boogeyman for most of my clients. People think succession is to blame when reality is their parents didn’t have any of their actual shite together.
Listen, if they didn’t have the government taking their money and making their kids life hell when they die to worry about, what would they be living for?
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