Will and Trust Planning

[mdb]

Not getting any younger. And want to make things as painless for my family. And protect what I have from the Washington Rats. What are some real life experiences? What have some of you done good and what have some of you done not so good? And would do different?
Don’t say spend it all and leave nothing to fight over. That’s not me. When you have grandkids it’s a whole new level.


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[Olphart]

After my mom passed, I went to the attorney she used. We got the Wills, Power of Attorney, Medical Power of Attorney, Directive to Physicians and Family completed as we wished them to be. During a veterans deal at the local American Legion a few years ago, I was instructed by another attorney that I should get a TODD (transfer of death deed) to ensure our property is protected and that it goes to whom we designate, and, file it with our county clerk. The TODD is a form that supplements a will(s) and ensures our children get the described property and is filled out on a form (online) and you print it for filing. I haven't looked for the TODD online in some time, but merely did a search for it and the instructions.

Good Luck!

[curtintex]

You came to the right place! TBH has always been, and always will be, a great place for legal advice. I've never seen so many contractors, machinists, operators and truck drivers, as well versed in the subtle details of law, as my fellow bowhunters. It's been proven time and time again.


I'm kidding. I know you just asked for other's experiences, but I can't help taking a jab at my fellow TBHer's expense every now and again.

[Bluesman]

Got the Will and will look into the TODD form.
Thanks!

[txpitdog]

My wife and I have a will. We just lay out who takes care of the kids if we both die, how the assets automatically go to the spouse or how they are divided if we both die. Pretty basic. We will adjust things at the appropriate time, but for how old our kids are currently it’s enough. If possible, we will try to give them a boost by front loading Roth IRA’s for them early on.

My parents have designated my brother to get power of attorney for health decisions and I have power of attorney for financial decisions if they require assistance or are not mentally competent to make those decisions themselves.

[Paycheck]

In the same boat. Am also going to look into the Lady Bird deed for my property.

[GARY]

While I am no lawyer or expert, I have gone through this twice now after watching my dad do it. He learned and I leveraged his learnings in working my mother in laws place and helping my sister and bn law as he was battling cancer before passing away.

Lessons learned:

Every situation is different based on wealth (and type of holdings) of person setting up will/ trust and that of who will be receiving

Saying this:

My mother in law didn't have any money other than her home. She didn't get a lady bird deed done before going into a care facility. However, she did file a TODD (Transfer of Death Deed) while on her journey and it held up and the kids kept the house from the state and without probating (no reason to probate her holdings)

My dads folks put their home under the Lady Bird Deed and it held up when they passed after spending years in a long term facility. Over past 10 years, dad has passed along some acreage (not part of their homestead) via a living trust to my sister and I. We recently sold it and now and will be paying capital gains taxes on sell from date we received it. Not sure we could get out of this one in any fashion. They have also put up their portion of the farm in a trust to my sister and I. They are also slowing liquidating cash holdings (farm improvements, buying a family boat, new barn, etc..) They have everything well button up in an attempt to best protect their holdings.

We set up a trust with my brother in law to set aside some money for the girls. He ensured I had power of attorney and financial power of attorney and knew where they had every nickel. Before he passed we started centralizing the holdings and prepared for how we would handle his life insurance funds, retirement funds, etc... God Bless him for his proactive planning as it made a horrible situation a little bit easier. Been about 18 months but we have my sister pretty comfortable about her holdings, what not and what to do, etc...

New lesson we learned with Kendra's mom, that we fixed for ourselves that that is

1) Have a list maintained where every life insurance policy is, who the contact is the dollar value, when it expires, etc..
2) Ditto with IRA's, 401K's bank accounts, etc..
3) IMPORTANT - Get someone else on the bank account to access and manage you trust. We found out hard way as while Kendra had Financial Power of Attorney on her mother and handled her banking...the day she died that expired and with her not listed as name on the account we had some real challenges. While it was workable (she had no money), had it been us ( say we passed at same time), our kids wouldn't have access to our accounts, to pay bills, etc...we fixed this.

[Russ79]

My mom and stepdad had a revocable living trust. To me, it leaves less problems and faster division of assets. A will has to go thru probate and can be contested by any member of the family which will draw things out. A trust lays everything out, sets up powers of attorney, has provision for designated assets to go to particular members of the family. It lays out who is in control (first successor) to divide property and if anyone contests they can be left with nothing. My mom and stepdads designated the upon both passing that the estate would be divided equally between both sides of the family, which ****** of my stepdad's side of the family from the get go because there were five children on his side of the family and only three on my mom's side. My stepdad passed in June of 2011 the assets could be used by mom in any way needed to support her. Once she passed in January of last year the only thing we really had to do to fulfill the trust was sell her house and divide that, half going to myself and my two brothers and the other half going to my stepdad's children. Didn't have to hire a lawyer to take care of things.

[Landrover]

You came to the right place! TBH has always been, and always will be, a great place for legal advice. I've never seen so many contractors, machinists, operators and truck drivers, as well versed in the subtle details of law, as my fellow bowhunters. It's been proven time and time again.


I'm kidding. I know you just asked for other's experiences, but I can't help taking a jab at my fellow TBHer's expense every now and again.

[Buffalo1]

I would enlist 3 reputable professionals on my team- an estate planning attorney, a financial planning/investing advisor and a CPA. Between these three you worth can be established and the right plan can be developed to protect your assets from taxes at time of death and to pass your assets to your desired beneficiaries.

Estate worth is hot topic with the current administration- they want all the taxes they can get whether your alive or dead.

[mdb]

My Dad has experienced some health issues the past couple of months. He has a will already. Just looking at now ways to help with possibility of relocating some assets to protect with the thought of possible nursing home. It may be too late for some. But will look into the TODD form.

[HogHunter34]

You came to the right place! TBH has always been, and always will be, a great place for legal advice. I've never seen so many contractors, machinists, operators and truck drivers, as well versed in the subtle details of law, as my fellow bowhunters. It's been proven time and time again.


I'm kidding. I know you just asked for other's experiences, but I can't help taking a jab at my fellow TBHer's expense every now and again.

Don’t forget all the NON-medical experts prescribing excellent medical treatment & drug therapy

[andre3k]

My Dad has experienced some health issues the past couple of months. He has a will already. Just looking at now ways to help with possibility of relocating some assets to protect with the thought of possible nursing home. It may be too late for some. But will look into the TODD form.

Glad you're thinking ahead. My MIL was diagnosed with terminal cancer 2 years ago, didn't tell anyone that it was terminal including her husband and made absolutely no plans for after her death. No will, no funeral arrangements, nothing. It's a mess as she's in hospice now.

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[2B4Him]

My dads folks put their home under the Lady Bird Deed and it held up when they passed after spending years in a long term facility. Over past 10 years, dad has passed along some acreage (not part of their homestead) via a living trust to my sister and I. We recently sold it and now and will be paying capital gains taxes on sell from date we received it. Not sure we could get out of this one in any fashion. They have also put up their portion of the farm in a trust to my sister and I. They are also slowing liquidating cash holdings (farm improvements, buying a family boat, new barn, etc..) They have everything well button up in an attempt to best protect their holdings.

Assets that pass at death get a stepped up basis to the value at date of death. So, the decedent's basis in an asset doesn't matter - beneficiaries get the asset at its current market value and can sell at that point with no gains.

[175gr7.62]

I would specify only one executor. Everyone is easy to get along with until the money is on the table.