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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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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. 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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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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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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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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I work in medicine, and the more I think about this arrangement, the more I realize I've never actually seen this done, except when children have severe debilitating chronic illnesses diagnosed as a peds patient (< 18), like lupus or cancer and need their parents to monitor or act on their behalf if they're too sick to communicate to the doctor. That might be the case here.
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Nov 28, 2023 17:33
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