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Started By
Message
re: Spinoff: Why are everyday people so afraid of probate?
Posted on 1/25/23 at 8:56 am to LSUFanHouston
Posted on 1/25/23 at 8:56 am to LSUFanHouston
Most lawyers just flat out do shitty jobs unless there is a lot of money involved and it drags out too long because they just don't give af.
2
Posted on 1/25/23 at 9:04 am to ConfusedHawgInMO
went through probate when my MIL died in Alaska.
Huuuuuuuuuuuuuuuuuuuuuuugeeeeeeeeeeeeeeeeee pain in the arse.
Especially during COVID.
Good luck trying to get Federal government retirement (FERS, TSP) without contacting your Congressional Delegation to get things moving...
Took two years to get some kind of response from OPM, then we contacted our Congressman and his office got it fixed in about 3 months.
Not to mention the Court system was ridiculously slow.
I've already told my parents I'm not going through that again. Put me on as co-owner for all the big items (cars, house)...I'm not dealing with probate if I don't have to.
Huuuuuuuuuuuuuuuuuuuuuuugeeeeeeeeeeeeeeeeee pain in the arse.
Especially during COVID.
Good luck trying to get Federal government retirement (FERS, TSP) without contacting your Congressional Delegation to get things moving...
Took two years to get some kind of response from OPM, then we contacted our Congressman and his office got it fixed in about 3 months.
Not to mention the Court system was ridiculously slow.
I've already told my parents I'm not going through that again. Put me on as co-owner for all the big items (cars, house)...I'm not dealing with probate if I don't have to.
Posted on 1/25/23 at 9:05 am to ConfusedHawgInMO
quote:
Most lawyers just flat out do shitty jobs unless there is a lot of money involved and it drags out too long because they just don't give af.
This is true as well.
Posted on 1/25/23 at 11:50 am to notsince98
quote:
My dad set up a trust, not to avoid probate, but because someone convinced him that in order for Medicaid/Medicare? to pay for his/my mom's long term stay in a nursing home, all of their assets would have be exhausted, therefore by putting larger assets such as their house in a trust, it could be passed his heirs (me/my sister). Does this make sense? I have no idea, but it may or may not be the answer for some of the folks you're asking about.
This is definitely a thing. My grandmother went into a nursing home and the cost was covered by medicare/medicaid putting a lean on her land and then selling it to pay the bills when she passed. if she had gifted the land before going to the nursing home or put it in a trust, it wouldnt have been touched.
Correct, i want to say it has to season for atleast 7 years in a trust?
This post was edited on 1/25/23 at 11:51 am
Posted on 1/25/23 at 2:17 pm to Warfox
Dealt with both sides (trust/probate) several years ago with a family member. Trust was easy. Trust: Anything we all wanted to sell, the trustee just sold after we all agreed and signed off on to protect their arse. Probate (non-independent admin): Had to have everyone sign off on the sale, then atty. had to file with the court for a disposition order, then we could sell. The process delayed one sale long enough that one buyer backed out.
The family member set up the trust years ago and didn't transfer newly acquired assets to the trust over the years. They also did not update their will to pour over to the trust when they died.
All it takes is for one of the heirs to object to a sale price, the sale itself, or the appraised value of whatever, to make it very expensive for everyone involved. The only people who come out ahead in that situation are the attorneys.
What I learned was:
1. If you do a trust make sure you transfer new assets to it over the years.
2. Make your will specific concerning your assets, don't say everything is evenly divided up among xyz.
3. If you are not going to do #1 or #2, make sure your will pours over all your assets to the trust upon your death or the death of your spouse if you do the usufruct thing.
4. Save everyone a lot of grief and make sure both you and your spouse's wills are the exact same.
The family member set up the trust years ago and didn't transfer newly acquired assets to the trust over the years. They also did not update their will to pour over to the trust when they died.
All it takes is for one of the heirs to object to a sale price, the sale itself, or the appraised value of whatever, to make it very expensive for everyone involved. The only people who come out ahead in that situation are the attorneys.
What I learned was:
1. If you do a trust make sure you transfer new assets to it over the years.
2. Make your will specific concerning your assets, don't say everything is evenly divided up among xyz.
3. If you are not going to do #1 or #2, make sure your will pours over all your assets to the trust upon your death or the death of your spouse if you do the usufruct thing.
4. Save everyone a lot of grief and make sure both you and your spouse's wills are the exact same.
Posted on 1/26/23 at 1:28 pm to LSUFanHouston
Thanks for starting this topic, I came in here to start this very question.
We have a will but admittedly it needs to be updated.
We talked to an attorney recently about setting up a trust and the fees are steep: $7k to set up and $600/yr to maintain - certainly within what we can easily afford, but I still coughed a bit. Our estate isn't that complex: home, other real estate properties, savings, investments/401K, some heirloom level possessions but not what I'd call complex.
One of the reasons I was open to the discussion is that I have some NFA firearms and it's my understanding that keeping those in a trust is easier to transfer to my child than via probate. The attorney we spoke with seemed to confirm that.
They also suggested a living trust in case (for example) I have a stroke my wife can make financial decision about things like our home which is jointly titled.
Haven't decided yet, but wanted to see what some of the finance minds here were saying in this thread.
We have a will but admittedly it needs to be updated.
We talked to an attorney recently about setting up a trust and the fees are steep: $7k to set up and $600/yr to maintain - certainly within what we can easily afford, but I still coughed a bit. Our estate isn't that complex: home, other real estate properties, savings, investments/401K, some heirloom level possessions but not what I'd call complex.
One of the reasons I was open to the discussion is that I have some NFA firearms and it's my understanding that keeping those in a trust is easier to transfer to my child than via probate. The attorney we spoke with seemed to confirm that.
They also suggested a living trust in case (for example) I have a stroke my wife can make financial decision about things like our home which is jointly titled.
Haven't decided yet, but wanted to see what some of the finance minds here were saying in this thread.
This post was edited on 1/26/23 at 1:31 pm
Posted on 1/27/23 at 5:37 am to Beardlington
quote:
They also suggested a living trust in case (for example) I have a stroke my wife can make financial decision about things like our home which is jointly titled.
They may have suggested a power of attorney for that. A POA is handy as hell when a spouse or parent/grandparent can't mentally or physically deal with their affairs.
If grandpa can't travel to the bank or real estate closing office and sign papers, POA will let you do it. If elderly parent is going through medical care, the docs and hospital may not disclose any info to their children/caregivers without a POA.
We had them for in-laws and used the hell out of them at financial institutions and healthcare facilities.
Posted on 1/27/23 at 6:03 am to Warfox
quote:
Correct, i want to say it has to season for atleast 7 years in a trust?
Lookback period is 5 years. And it has to go into a qualifying irrevocable trust.
Posted on 1/27/23 at 6:04 am to Beardlington
$7k and $600/year is steep. Where do you live?
Posted on 1/28/23 at 9:26 pm to Beardlington
I would talk to more attorneys. That’s pretty steep for a standard trait. Not sure what the $600/year would even be about. Usually it’s a one-time flat fee. Unless your state has some weird rules.
Posted on 1/29/23 at 9:24 am to LSUFanHouston
What about Medicaid clawback avoidance?
Posted on 1/30/23 at 9:06 am to LSUFanHouston
quote:
Is that that complicated in other states?
In NY, probate can outlive the heirs while the assets are milked.
Posted on 1/30/23 at 10:04 am to Beardlington
quote:
We talked to an attorney recently about setting up a trust and the fees are steep: $7k to set up and $600/yr to maintain - certainly within what we can easily afford, but I still coughed a bit. Our estate isn't that complex: home, other real estate properties, savings, investments/401K, some heirloom level possessions but not what I'd call complex.
None of this rises to level of needing a trust. Just update your will.
quote:
One of the reasons I was open to the discussion is that I have some NFA firearms
you need a gun trust. much much cheaper than what you quoted here. They are relatively simple and shouldn't cost more than a couple hundred bucks. A couple lawyers in LA specialize in them and do them for cheap.
quote:
They also suggested a living trust in case (for example) I have a stroke my wife can make financial decision about things like our home which is jointly titled
A power of attorney will solve this problem better than a living trust. Just give each other a general POA and store it with your wills. This will cover you if one becomes incapacitated. You can name a child or someone else you trust as an alternate, in case you are both incapacitated.
Your situation is not unusual or complex from what you've written here. Those fees you were quoted are absurdly high if you are in LA. You should be able to get all this done for less than half that with no ongoing maintenance (there is nothing to maintain).
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