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Evil SpongeBob posted:$3300 for 2 trusts (one for insurance and assets, one for 401k and IRA) plus all the medical stuff. Interesting that they're doing a second trust for the retirement assets. I've usually seen those not included in the trust and just done by designating a beneficiary (which I think could be the trust itself).
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Sep 13, 2023 22:41
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Cugel the Clever posted:It's possible that my mom's relaying things incorrectly, but it doesn't sound entirely on the up and up. 
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Sep 13, 2023 22:54
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Cugel the Clever posted:Turned out that my mom just didn't communicate things properly as the point of contact immediately brought up transferring immediately to my own brokerage as an alternative when I called them. Oh, hey, my mother is saying that too. I should call directly as well, maybe save opening another account, thanks
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Sep 13, 2023 22:58
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Muir posted:Interesting that they're doing a second trust for the retirement assets. I've usually seen those not included in the trust and just done by designating a beneficiary (which I think could be the trust itself). I found this interesting as well. Mine is all in one trust. My retirement accounts all name the trust as the beneficiary.
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Sep 14, 2023 01:14
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I'll be honest, the issue of the need for a second trust was discussed at length at our first meeting. The lawyer was like "here is why you could need one, here is why you don't". But for the life of me, I can't remember why. If my wife and I go, there will be 3-4 mill of assets mostly in insurance payout and retirement savings. I saw the extra 1k as more piece of mind rather than a true need. Here's what I'm using for vanguard. https://investor.vanguard.com/advice/trust-services
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Sep 14, 2023 02:58
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TraderStav posted:
Jesus I'm glad you were there for your dad to avoid this kind of poo poo. I work in the medical field and saw a lot of shitfuckery with old parents on their deathbed and the insane ways people would try to take advantage of them. It's one of my deepest fears to end up in those kind of shenanigans and I hope those heir hunters end up in the 7th circle of hell. Evil SpongeBob posted:I'll be honest, the issue of the need for a second trust was discussed at length at our first meeting. The lawyer was like "here is why you could need one, here is why you don't". But for the life of me, I can't remember why. If my wife and I go, there will be 3-4 mill of assets mostly in insurance payout and retirement savings. Were the multiple trusts for separate assets? id est, one for your assets and one for your partner's assets? Evil SpongeBob posted:We had our second of three meetings last week. We have 1 kid and no house or businesses. No one we want to exclude if all 3 of us go. Also for others, was $3000-$4000 what everybody paid to set up a trust? I live in a VHCOL and I'm getting quotes from $3500 to $6000 to get a simple trust going for house/investment assets set up in a non-complex way.
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Sep 16, 2023 06:50
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$2250 in Denver back in 2021. 2 houses and investment accounts.
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Sep 16, 2023 07:16
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Our two trusts were one for retirement funds and one for non retirement assets. We have no homes or business. The estate package was 2300 and the second trust was 1000. The lawyer is based in San Bernardino.
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Sep 16, 2023 12:57
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Our lawyer is currently quoting $44 for everything, but that's because almost all of it is covered through my insurance. I have no idea what the cost is without that coverage. I'll ask the lawyer next time we chat.
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Sep 16, 2023 13:48
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Mine had a big list of stuff with costs. That's pretty typical from what I found from shopping around. I have an attorney friend and went with the person they used. Most places give you a free consultation because I don't think there's a "one package" that fits everyone's situation.
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Sep 16, 2023 15:13
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I really need to get on this, just kinda dreading having to deal with everything because the more I think about things the more complicated it sounds for me.
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Sep 16, 2023 15:56
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It's actually liberating having an expert walk you through it. Also, the medical directives stuff is pretty important. It's ok to say "I don't know what my options are" and asking a lot of questions.
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Sep 16, 2023 16:57
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Evil SpongeBob posted:Mine had a big list of stuff with costs. That's pretty typical from what I found from shopping around. I have an attorney friend and went with the person they used. Most places give you a free consultation because I don't think there's a "one package" that fits everyone's situation. Thanks, that makes sense. I appreciate your listing out your options since that’s what I’m looking for as well.
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Sep 16, 2023 17:34
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Evil SpongeBob posted:Mine had a big list of stuff with costs. That's pretty typical from what I found from shopping around. I have an attorney friend and went with the person they used. Most places give you a free consultation because I don't think there's a "one package" that fits everyone's situation. This was my experience as well. 15-20 min free convo. I laid out all the details of my situation, he asked a brunch of questions, and then he said here is what I would do and what it costs.
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Sep 17, 2023 03:52
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My wife has a work benefit with MetLife that covered almost all of our trust expenses. The only thing we had to pay for was the cost of updating our home title with the county. My brother used our same lawyer without the MetLife legal benefit and it was $2k. Worth the $10 a month for the year and we will be canceling when her open enrollment period starts.
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Sep 17, 2023 04:07
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Good-Natured Filth posted:Our lawyer is currently quoting $44 for everything, but that's because almost all of it is covered through my insurance. I have no idea what the cost is without that coverage. I'll ask the lawyer next time we chat. We have finished the process. Our lawyer did everything needed for a Will, Trust, Durable Power of Attorney, and Health Care Power of Attorney for myself and my wife. Like she quoted, it was $44 for some county filing that wasn't covered by my insurance. She said if we had done it out of pocket, it would've been ~$1500 (low cost of living area). We have peace of mind that it's finally done 7 years later than it should have been (when our daughter was born).
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Oct 10, 2023 02:52
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Continuing this saga which is more e/n or how not to do things. My aunt's estate is in probate. My mother and her surviving sister are DIYing the process. I'm trying to stay out of it, I would much prefer I wasn't a beneficiary, but seems that's not up to me. So I'm following the case's docket. I noticequote:ENTRY ORDERING DELINQUENT NOTICE TO FIDUCIARY OF RECORD I did give a lawyer a retainer a while back. We haven't worked on much, kinda waiting for there to be something to work on. Not sure if this is something worth bringing up with him. I guess if they distribute assets before they're supposed to, that would be a headache? Sigh
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Nov 7, 2023 02:17
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They may be delinquent in filing a court ordered inventory or accounting. Call the probate clerk and ask.
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Nov 7, 2023 05:32
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adnam posted:Jesus I'm glad you were there for your dad to avoid this kind of poo poo. I work in the medical field and saw a lot of shitfuckery with old parents on their deathbed and the insane ways people would try to take advantage of them. It's one of my deepest fears to end up in those kind of shenanigans and I hope those heir hunters end up in the 7th circle of hell. Elder law is the law/policy area that tries to set up protections for this sort of poo poo, as well as the parallel systems of abuse occurring in retirement homes/facilities. It's one of those areas where state legislative fixes and best practices exist and just need to get passed into law; NAELA is, iirc, the organization that's most affiliated with efforts toward reform on these issues, though frustratingly like a lot of legal practice orgs they seem more focused in promoting the services of their members. It might be beneficial for the thread to identify other such exploitation/scams around these issues, and resources to prevent or address them. edit: Pennsylvania and Maryland both have had task forces on these issues. DOJ has a dedicated initiative at https://www.justice.gov/elderjustice. It has a lot of resources. Discendo Vox fucked around with this message at 11:24 on Nov 9, 2023 |
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Nov 9, 2023 11:21
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Virginia has Silver Shield as its task force against elder abuse NAELA tries but it's hard to out-lobby reactionary public response to things like I Care A Lot and Britney Spears when it comes to actually legislating best practices for things like guardianship. Unregulated guardianship companies suck, but unsupervised family members and care workers are #1 on the estate related financial abuse list by a wild margin.
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Nov 9, 2023 15:45
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Evil SpongeBob posted:Mine had a big list of stuff with costs. That's pretty typical from what I found from shopping around. I have an attorney friend and went with the person they used. Most places give you a free consultation because I don't think there's a "one package" that fits everyone's situation. I've got a meeting with a couple estate lawyers set up. I've got a few questions for them:
(most taken from investopedia's questions to ask estate lawyers) Is there anything else I should be asking?
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Nov 9, 2023 18:27
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Ask for best practices on keeping and protecting the original will
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Nov 9, 2023 20:40
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2 trusts and health care directives signed and official. Didnt realize I now have to switch all my bank accounts over to the name of the trust. I still have stuff to do, kinda wish I had the Megabucks to pay for or the follow up stuff like transferring accounts to the trust name. I guess 25 years late is still ok. I do feel relieved. Will feel totally done once I get all the new beneficiary forms done for my pensions, IRA and other accounts. Walked out of there with one big and one small 3 ring binder.
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Nov 21, 2023 05:31
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You could check if you actually need to change your bank accounts. My lawyer who helped me said it really wasn't required unless you have a bunch of money in cash. He felt it wasn't really worth the hassle for ~$5k in a checking account.
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Nov 21, 2023 14:51
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Generally your bank wants to hear from you directly on things like that. So it's not really something you could pay to have handled for you. I suppose you could have someone else do it with a power of attorney, but that'd probably be an even bigger pain at the bank. As spwrozek said, double check with your attorney to see if all your accounts really need to go in, if you're finding it too onerous. Here in California the main concern is just to keep total probate assets (i.e., assets not in the trust or with a designated beneficiary on the account) below $184,500 (and no real property) so you don't trigger probate.
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Nov 21, 2023 16:36
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Evil SpongeBob posted:2 trusts and health care directives signed and official. Didnt realize I now have to switch all my bank accounts over to the name of the trust. Muir posted:Generally your bank wants to hear from you directly on things like that. So it's not really something you could pay to have handled for you. I suppose you could have someone else do it with a power of attorney, but that'd probably be an even bigger pain at the bank. As spwrozek said, double check with your attorney to see if all your accounts really need to go in, if you're finding it too onerous. Here in California the main concern is just to keep total probate assets (i.e., assets not in the trust or with a designated beneficiary on the account) below $184,500 (and no real property) so you don't trigger probate. Yeah I was going to say, my lawyer recommended only the real estate to be changed over to name of the trust. If I recall you said you're in San Bernardino, I'm dealing with a estate lawyer in San Diego and they haven't (so far) mentioned changing over bank account names (which I agree is a giant PITA). A family member changed their name legally and calling TreasuryDirect to change over their ibonds was apparently a monthslong affair.
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Nov 21, 2023 17:54
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I will say, though, that how big of a pain it is depends entirely on your bank. For Ally and Fidelity it was as easy as filling out a form and submitting it online. For crappy banks like Bank of America or Wells Fargo you probably have to go into a branch.
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Nov 21, 2023 17:56
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He gave me a list of things to do and that was on it. I only use USAA, navy federal and vanguard, so it's not going to be a huge pain or anything. Navy Federal was 1 exit away and she gave me a highlighted form to do. Told me to make a trust appointment which should only take 15 mins (I showed up at 4p).
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Nov 23, 2023 04:05
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I think this has to heavily depend on state and amount/type of property. But I honestly couldn't figure out why I would need a trust when I can do transfer on death deeds and beneficiaries on brokerage/bank/retirement accounts. My mom having a trust set up that she had just "amended" by scribbling account numbers on just made things way more complicated.
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Nov 23, 2023 06:08
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In my case we own two properties and are not married. So it is kind of messy. I went to a lawyer to ask what to do.
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Nov 23, 2023 21:48
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Goons. Goons never change. "Go see a lawyer." "Thanks! I did and here's what he told me to do." "Why do you need to do that, that seems wrong." I love you all.
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Nov 24, 2023 19:38
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Evil SpongeBob posted:Goons. Goons never change. Lol. Fair as hell.
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Nov 24, 2023 22:28
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Baddog posted:I think this has to heavily depend on state and amount/type of property. I’d say that children and inheritance make an trust more essential, especially with minor children and complex family dynamics. If it was just my spouse and I, I would agree, all accounts have the significant other and transfer on death established so that’s not an issue. However, we have minor children, and I want only 1 trusted member of the family raising my children until they legally become adults, and also having another specific family member manage the finances. This cannot for all intents and purposes be established in a will (at least per my conversations with several lawyers before choosing the one we went with, IANAL) but can clearly be delinated in a trust. Additionally, there is a large amount of inherited money to deal with if my significant other and myself die, and I have complex (read: lovely and complicated) family dynamics, and I don’t want this handed over to my children immediately for fear of them doing what uncle Jim-Bob did in the 80s when his parents died (coke and hookers). Specifying how much money, and how often it should be distributed, and for what (education and health) and also who will be doing so, was something my significant other and I have put much thought into, and a trust makes sure the real estate also is handled accordingly. Now having said that, I’ve looked over the proposed documents and it appears clear, but my grandmother very much had the “account numbers on lovely photocopied documents” and had a lovely “1-800-call-saul” style lawyer do her ‘estate planning’ which was a major pain in the rear end to unpack when she finally passed away.
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Nov 26, 2023 07:29
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Oh yeah, my lawyer also said that my kid should sign a health care directive when she turns 18. That way the hospital will share info with us and we can make decisions without having to go a legal route. My wife has already said we can't do it on her birthday like I've done with her passport and some vaccines. (Awaits comments as to why I don't need to do that.)
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Nov 26, 2023 21:31
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I mean, it’s fine to do that if that’s what she wants. I know I don’t want my parents to have any say whatsoever in any of my medical treatments (much less being able to get my medical information from my providers), so I definitely wouldn’t sign any such directive if they put one in front of me.
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Nov 26, 2023 22:25
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Evil SpongeBob posted:Oh yeah, my lawyer also said that my kid should sign a health care directive when she turns 18. That way the hospital will share info with us and we can make decisions without having to go a legal route. I mean it’s a pretty individual decision for every family and/or individual so that’s something I don’t think anybody else has any right to comment on.
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Nov 26, 2023 22:28
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Ours are "if I'm incapacitated, this person can make the call". Not like a POA so she can't make her own medical decisions when she's conscious. I fully expect we'll draft a new one or retract when she's no longer a dependant. Probably the same time we make her our primary executor.
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Nov 26, 2023 23:27
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"You have to let us decide whether you live or die if you're unconscious, at least until you're not our dependent" is a bad-sounding thing for us to see some random goon posting when nobody here has the slightest clue what your relationship is with her or whether you and your spouse are the sort of people who should be entrusted with that. Hopefully all is well and your daughter would totally want that, but the way you've presented it really sounds bad, you know? Like it comes off as if you are not giving her an option or are going to pressure her with her inheritence or status as a dependent being the leverage you'll use to claim this privilege. Why else would whether or not she's your dependent be relevant at all? I love my parents but at no point would I have ever wanted them to be in that position, nor have they ever been, because I do not believe they understand what my wishes are. I'd have trusted my best friend more when I was 18, I trust my wife far more now, and if my wife isn't available, any of my siblings would be better decision-makers than any of my natural or step parents. Your daughter has both a legal and a reasonable right to make that same determination herself, whether to set up an advance directive and who to designate as responsible within it, without pressure from you. I hope that you are of course affording her that and just informing her that as an adult she now has the option of setting up an advanced directive, what it is, and that whoever she indicates as someone she wants to be her decision-maker needs to be informed, available by phone, and know what her wishes are and trustworthy to insist to doctors that they act in accordance with her wishes. On the opposite direction, your estate planner is right to ask you to set up an advanced directive for yourself, and perhaps have your daughter be the person making decisions for you, assuming you trust her to do that. My parent's estate planner recommended the same to them, especially after my mom's parkinsons reached a point where she's no longer competent, and I'm glad they asked my sister to be that person because my sister has far better understanding of the medical situations and consequences, having dealt with her husband's journey through MS until he passed away two years ago. The full range of what is possible and what the consequences might be are broad and can be a big shock to someone who isn't ready for it; it's not all just "should we resuscitate y/n".
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Nov 27, 2023 05:18
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I don't know how to really respond. Our kid knows she gets everything. As gen X, a large part of our financial planning is to ensure our kid doesn't have to take care of us when we're old so she can have her own life. She will probably become our primary executor when she turns 25 or so. With respect to her health care, our state mandates she have alone time with her provider and we actively support it. We are planning on doing the same and having her meet alone with a lawyer. It just seems you jumped to the worst possible scenario than assuming a healthy relationship between us. I do appreciate the worst case scenario though and maybe should serve as a cautionary tale. I guess I didn't caveat my post because I assumed that people here who are doing estate planning are trying to make things easier for their family rather than include control.
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Nov 27, 2023 17:59
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well, again, what does her medical directive have to do with that? And what does her being a dependent have to do with it? I hope you can see how it sounds really bad. I believe you that that wasn't your intention. Maybe it's just that since you have this lawyer anyway, and the lawyer can help with medical directives, might as well give your daughter a chance to do one too. Maybe it's just that when she's not your dependent, her medical insurance might change. I dunno. But you didn't say those things.
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Nov 27, 2023 18:03
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