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I'll just repost this life insurance post I made ages ago in the long-term investing and retirement thread. It's mostly yelling at people about term vs. whole life insurance, and I am not an expert. Leperflesh posted:Here's the thing. Everyone is guaranteed to die. Imagine you're an insurance company. Why would you want to sell an insurance policy that 100% of your policy holders will end up making claims against? I have questions for the thread, too. Here's a big one: my wife and I have no kids. If we both die in a car accident or something, without a will, and all our assets go into probate, who specifically would have claims on our estate? We live in California, if that matters: -My natural parents? My wife's natural parents? -My step parents? My wife's step parent? -My former step parents? My wife's former step parent? -My wife's twin brother? -My half-siblings? -My wife's twin brother's step-children? -Children, step-children, etc. of my half-siblings? -My wife's mother's (deceased-) father's last wife and her kids? As you can see that's a whole mess of complications, it's very obvious that we need a will and should probably set up a trust too.
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Jan 4, 2022 19:42
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| # ¿ May 16, 2024 07:09 |
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TY both for the info, it's along the lines of what I expected. Hopefully on this first page of the thread it also serves as a reminder for everyone else, that even if your family isn't as complicated as mine, there's a pretty good chance that if you die intestate, the court is gonna not do what you particularly wanted it to do in terms of handing out your assets, so get a drat will. In my case, if my wife and I are taken out by a meteor next month, I don't want my serial philanderer deadbeat manipulative father to inherit one red cent, and I also don't want my ("former") stepmother left destitute because she divorced him (although of course my siblings would take care of her with my money if they had to). And I don't want any of my beneficiaries and inheritors to have to wait years for courts to work poo poo out before they can get their hands on my life insurance money, which they could seriously use right now.
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Jan 5, 2022 00:34
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Transfer on death isn't a trust, I don't think? I want to do some monte carlo projections for my retirement, anyone got a preferred tool for doing that? Ideally it would include things like: expected social security payout, a way to model appreciation of a home, take into account tax status of various retirement accounts, etc. I've seen several tools just googling around, but I have no idea which ones are any good.
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Jan 11, 2022 23:52
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Do I have to make a login on reddit to see it?
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Jan 12, 2022 01:28
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Jows posted:My lawyer mentioned something about needing to file taxes for my deceased grandma's trust. The trust generated no income last year, do we need to file taxes? And for TY2022, the only income is liquidation, such shouldn't generate taxes on inherited items/real estate, right? https://blog.taxact.com/filing-form-1041/#:~:text=If%20the%20estate%20has%20no,a%20return%20must%20be%20filed. quote:Estates Note that this is for estates that have not made any distributions to beneficiaries. If distributions have been made, K1s have to be distributed, and form 706 may also be needed, etc. To actually answer your real question, though: the estate should hire an accountant and pay that accountant out of the estate, to handle all this tax poo poo for you. Your estate lawyer should be able to recommend an accountant/tax person familiar with trusts.
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Mar 15, 2022 18:08
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Epitope posted:Hmm, I am in Alaska, my mother is in Indiana, the deceased and the property is in Ohio. Which state do I need to find an attorney in? Where is the estate being handled? It's in probate right now, right? Evil SpongeBob posted:Just out of curiosity, what is the "best" way to pass property on to multiple people. A trust consisting of 5 owners or do people put the property in 5 people's names? I don't know the answer for sure, but: a trust has any number of Beneficiaries, and also has a Trustee - the person in charge of managing the trust for the benefit of the Beneficiaries. So one option is to place the property into the trust, name one Trustee, name all the Beneficiaries (and the percentage for each, it doesn't have to be equal shares) and then it becomes the Trustee's problem. Most likely for a rental property they'd hire a management company to rent out the property and then apportion the profits, if any, to the Beneficiaries, but I imagine it depends on the language of the trust. Another option is to charge the Trustee with selling the property, dispersing the funds, and then unwinding the trust. I think you can also make the Beneficiaries empowered to pick the Trustee, but presumably they'd have to agree or vote or something. https://www.investopedia.com/terms/t/trustee.asp#toc-responsibilities-of-a-trustee I am the designated Trustee of my parent's trust, because of all my siblings, my parents trust me to be sensible, not greedy, understand the complexities, and do what's right for the family without drama or stress. I believe the language of their trust leaves it to me to determine what to do with property such as real estate: I would ask my siblings and then follow a consensus, or if no consensus could be reached, I would default to selling everything of no sentimental value and dispersing the cash evenly. If my folks didn't trust me to do this, they could designate a law firm or specialist co. to do it for the trust. The Trustee is paid by the trust, though, and so that can be expensive and basically costs the Beneficiaries money compared to having a family member do it at-cost or whatever. It's a drat good idea anyway if there's likely to be drama or incompetence, for example in the aunt's case insisting that properties be rented and not designating a Trustee experienced in holding and managing rental properties. I think it could still be an option, if everyone agrees, to place those inherited properties into a trust, appoint a professional Trustee, and let them do the work and disburse profits. Leperflesh fucked around with this message at 22:43 on Nov 15, 2022 |
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Nov 15, 2022 22:39
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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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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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unknown posted:If you have no will that means it's the formula: spouse 33%, remaining 66% divided among your kids. 
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Dec 22, 2023 23:13
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| # ¿ May 16, 2024 07:09 |
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I live in a community property state, 100% of someone's stuff is their spouse's stuff so like, it's weird to think of someone seeing two thirds of their wealth going to their children when their spouse dies. As if it wasn't all theirs. How do you even determine what stuff belonged to the deceased vs. their surviving spouse?
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Dec 23, 2023 01:13
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