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Chiming in that I'm a trusts & estates litigator from the legal threads and I will likely never unbookmark this and will chime in whenever appropriate, but am also happy to answer any specific questions directed to me.
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Jan 4, 2022 06:00
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| # ¿ May 16, 2024 09:02 |
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Upgrade posted:Thats good advice. You should call your county bar association and ask for a referral for an estate planning attorney who can also do a general durable power of attorney. The consult and POA won't cost much if the rest of EP isn't what she needs right now and the POA will be a good guide for things you can expect to encounter, e.g. it'll say words like "representative payee" and "Medicaid spend down" and you can then just educate yourself on everything that's unfamiliar. Also for the love of god if she favors y'all in her will or otherwise for taking care of her paper your file endlessly because "oral agreement to give you the house but it's not in the will" results in a fight that destroys the family, uh, a lot of the time. Leperflesh posted: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. Most states have specific statutes about having to survive someone for a certain amount of time to inherit from them. That will be your guidepost for what happens in simultaneous death. movax posted:I chuckled a bit looking at my regdate, how long I've been on here, and then seeing this thread and going "oooooh that's me, I should check into this!". We old, goons. See my response to above for finding someone, but the biiig caveat for people in your situation is that no matter what you put in a will, that will still has to go through probate, and probate will be more expensive than a trust by a factor of at least 2-3x if everything is right and 10x+ if anything is wrong if your net worth is at least like even low six digits. And your assets will be locked up with the court until everything resolves, which may be a year or more. And all your everything becomes public record for "take-advantage-of-people-whose-loved-ones-just-died" industries to
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Jan 4, 2022 20:28
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movax posted:So, if I understand correctly I think you're saying that I might actually want to find someone to help me out with a trust not a will? I don't know the law of your state, but in most the estate plan includes a trust and a will. Assets that are practical to fund into the trust while you are alive are, and you get a "pourover" will that puts anything missed into your trust, though those assets still have to go through probate. This may include transfer-on-death wills for real estate, making the trust the pay-on-death beneficiary of your financial assets, and other legwork in the funding phase. The best question to ask whoever you meet with is "After you draft my estate plan, what are you going to do to make sure I have funded my trust correctly?" The goal is to have either nothing go through probate, or so little you can use whatever abridged administration for small estates your state has.
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Jan 5, 2022 04:09
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Epitope posted:Thanks for sharing your expertise. I had a question about this goal. If, hypothetically, a couple with one child didn't care what happened beyond the three of them, what does avoiding probate do? Is it just less time and money to settle the estate? Or, do you give less avenues for meddlesome extended family to meddle in the survivor's affairs? Keeping things private does wonders to deter would-be Sackville-Bagginses, and since a trust costs you less than probate, not getting a trust is you paying more in order to give said relatives more to work with. At the end of the day meddlers will meddle, so being proactive about keeping it as toothless as possible will help.
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Jan 6, 2022 00:13
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The sidebar of the fatFIRE subreddit has some good tools this
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Jan 12, 2022 00:36
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Epitope posted:I enjoy DIY including taxes, but this seems like a job that is really bad to try and hack together on your own. You'll never know if you screwed up, but your loved ones might get an unpleasant surprise. Trusts can help with creditor protection as well, especially for financial watershed life events like divorce and incapacity. Contemporary estate planning contemplates all of that, not just what happens after you pass.
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Jan 24, 2022 22:42
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Residency Evil posted:Is contacting the local bar association the best way to do this? This and checking reviews Skinnymansbeerbelly posted:How does one actually convince a stubborn old man to write an advance health care directive & DPoAHC? Good luck pal, but the best you can do is lead a horse to water. Just document where the assets are.
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Mar 15, 2022 22:31
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Ask your attorney about brokering a deal for the other beneficiaries to buy out your share, with the nuclear option being to partition.
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Nov 15, 2022 21:47
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Your options for handing it off really depend on the language of the controlling document and state-specific laws beyond the scope of what the attorneys itt could ethically answer.
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Nov 15, 2022 22:18
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If you disclaim there's a fair chance you're just passing this along to your spouse or children rather than the other beneficiaries. A disclaimer is not an assignment.
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Nov 16, 2022 02:19
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Yeah septegenarian clients with a 16 year old's financial acuity can get into a lot of fun really quick. Saw one lose $1m in a few months once taking out margin loans to buy groceries and lottery tickets.
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Nov 16, 2022 22:30
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Agronox posted:I should know better than to disagree with a bona fide attorney on this, but wouldn't that be state-dependent? I was the administrator to a low six-figures estate and apart from some filing fees and a bunch of legwork it wasn't too bad at all. (Possibly relevant: this is a state where probate is happy to take a family settlement agreement in lieu of any accounting if all beneficiaries are signed off) Neat, none of the jurisdictions I'm licensed in have that option. She just kept taking out loans and not repaying them because she'd never had to manage her own finances before and assumed "this must be how everyone does it"
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Nov 17, 2022 02:18
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Most posters here are American or European, but procedures frequently parallel so if you post the situation someone may be able to say words in response that are less than useless to you
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Dec 6, 2022 23:56
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Is this just a messy knot of estate bureaucracy that needs to be unwound or fiduciary litigation where you're out significant money if you lose?
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Dec 7, 2022 15:57
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Make sure backup fiduciaries make sense based on when you expect to pass or are updated later. Your wife and siblings make sense now, but might not in 30-50 years.
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Mar 23, 2023 17:28
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Backup trustee or trust protector/independent trustee might work better than co-trustee for that. Essentially the trustee can do their thing but there's an institutional watchdog if administration gets squirrelly.
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Sep 13, 2023 22:20
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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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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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Ask for best practices on keeping and protecting the original will
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Nov 9, 2023 20:40
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If you're concerned about lookback then you're looking for a medicaid spend down/general elder law attorney which is related to but distinct from estate planning
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Dec 5, 2023 03:01
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That's close to the rule in Virginia for blended families. Always a fun call when a stepparent who treated their stepchild like crap suddenly finds stepchild owning 2/3 of their house.
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Dec 22, 2023 23:37
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You really don't want to do that. It's worth doing it at an attorney's office for credibility on the principal actually wanting this and having capacity to sign. If the principal has anyone in their family who would challenge the validity of the POA if it meant they would make a lot of money, you've most of the way guaranteed they would win that fight because you have no credible witnesses to the contrary. That means when the principal dies or has a guardian appointed, said family member can undo any estate planning, beneficiary designations, and joint account ownership you did with the POA, and get a money judgment against you for every transaction you did with the POA you can't prove was for the principal's benefit, and you have to reimburse their attorney's fees. If you're a presumptive heir of this person, the #1 place for them to collect against you is your inheritance. This is true in every jurisdiction where I practice, and I've never seen anywhere that substantially differs. Estate litigators are happy to take these on contingency because they're so easy and so lucrative. A couple hundred bucks on an unimpeachable POA now may save you tens of thousands to millions later depending on what you're using this for. Don't be pennywise and pound foolish.
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Dec 30, 2023 20:11
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| # ¿ May 16, 2024 09:02 |
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An estate planner should have referrals to associated professionals who render related services. You just need an entry point to getting this all worked out. Congratulations on exercising the foresight to get this handled!
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Feb 2, 2024 17:34
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