Can some of the old timer smart people give me advice please?
Online a good option?
Best way to leave money to kids?
Other things to consider?
Thanks!
Can some of the old timer smart people give me advice please?
Online a good option?
Best way to leave money to kids?
Other things to consider?
Thanks!
Half the legal zoom wills I read while working at the probate court were legally defective in some manner. Therefore, I would not recommend online as a good option. That being said, half of the non-online wills were defective. So, make sure you get advice from someone who has a good reputation with your county probate court.
Getting prepared wrote:
Can some of the old timer smart people give me advice please?
Online a good option?
Best way to leave money to kids?
Other things to consider?
Thanks!
Definitely research a Revocable Living Trust. Make sure you have life insurance on yourself. Depending on how old your kids are, have godparents selected for them in case of your death and your spouse. Hire an attorney to do all this, it is so worth the money. Also, you need an Advanced Directive. Research man, research.
Getting prepared wrote:
Can some of the old timer smart people give me advice please?
Online a good option?
Best way to leave money to kids?
Other things to consider?
Thanks!
As a human being with a few trips around the track, this is the time to get a lawyer to make sure you are covered in your state and with desires carried out once you've passed the final finish line. We are actually in the process of doing this now, very important as you grow older and far easier on the remaining spouse.
Here is one such recommended group, and no, I am not a lawyer or otherwise employed by them in any capacity:
http://www.scelderlaw.com/index.phpUse a Trust instead of a Will or have both and have the Will distribute all your real property into the Trust. This way you don't have to go through Probate (court) and can instead have your Trustee handle everything.
"Make sure you have life insurance on yourself." Depends on how old you are and what your obligations might be. For example: if OP is 40 with kids still in school, then a life insurance policy may be in order to pay for college, etc. However, if he is older without kids or kids beyond college then I would say he doesn't need life insurance.
"This way you don't have to go through Probate (court)..." Whe says you HAVE to go to Probate? You can appoint a Trustee in a Will who can carry out your wishes, financial or otherwise.
For me, one of the MOST important matters is to appoint beneficiaries in your financial accounts. So, say you have a 401k and open account at Fidelity or Vanguard (or any other financial institution): you WANT to designate who gets your $ and what the % are WITH the institution. This OVERRIDES whatever you have in your will or trust. Did I explain this clearly?
Who (not Whe).
Getting prepared wrote:
Can some of the old timer smart people give me advice please?
Online a good option?
Best way to leave money to kids?
Other things to consider?
Thanks!
BTW, I have done it both ways: that is paid a lawyer to draw up a Trust/AD earlier in my life; and I used a software program from the library for my latest Will.
I recall paying about a 1000 for both my wife and myself 25 or so years ago.
If you go this route keep in mind that your circumstances may change so a Codicil may need to be drawn up (= more $).
"Who says you HAVE to go to Probate? You can appoint a Trustee in a Will who can carry out your wishes, financial or otherwise."
I know the rules vary from state to state, but I think with a will you'll have to go through probate. The executor needs the courts permission to liquidate and distribute the estate's assets.
I was the Executor for my dad's Will in RI. I did not have to go to Probate.
I served the same role in MA and I had to through probate.
Online is probably ok if you just need a simple living trust. If you want anything a little more complicated (i.e. you need a trustee for minor children, or want to deliver funds via a yearly trust payment, etc), then go to a reputable planner or lawyer who specializes in trusts.
It might also matter where you live. Some states might need more care taken. I'm from California and online simple trusts are fine. Just know what you need to do (i.e. put your assets in the trust, etc).
The best way to leave money to your kids is to start doing it before you die (if you can afford it). This is especially true if you expect to be rich when you pass on. There is now, and likely to be in the future, a limit on what give away tax free (currently about 5.4 million per individual, or 10.9 per couple - i.e. you and your wife can leave over 10 million tax free).
Of course, since you are asking this on Lets run. I assume that the limit will not apply to you:)
You are better off using google than lets run to educate yourself.
latemiddleager wrote:
The best way to leave money to your kids is to start doing it before you die (if you can afford it). This is especially true if you expect to be rich when you pass on. There is now, and likely to be in the future, a limit on what give away tax free (currently about 5.4 million per individual, or 10.9 per couple - i.e. you and your wife can leave over 10 million tax free).
Of course, since you are asking this on Lets run. I assume that the limit will not apply to you:)
You are better off using google than lets run to educate yourself.
THIS!!! Each year, you can gift your kids 14K...no taxes. Do this now. Kids are standing by!
Current gifting is a good choice. Also, consider 2nd to die life insurance owned by an irrevocable life insurance trust. The proceeds will pass tax free and also be protected against a nursing home. A lump some example for a couple in their mid sixties would be something like this: $250,000 lump sum payment for a $1,000,000 paid-up policy. The $1m passes tax free with no probate, protected from creditors, and settled within 10 days or so. Not bad!
A will may suffice? What is your net worth? Do you have a spouse? Any issues with children? A trust could result in higher taxes.
Igy
What is the threshold that separates a "hobbyjogger" from a "sub-elite" runner?
Caitlin Clark thinks she can beat Eagles draft pick Cooper Dejean in 1 on 1
Do "running influencers" harm the competitive nature of the sport?
BREAKING: Leonard Korir not going to Paris! 11 Universality athletes get in ahead of him!
Cade Flatt with yet another DNF, this time in the SEC Championships