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Attended A Trust ( vs. Will ) Seminar

Discussion in 'Non-Vegas Chat' started by Joe Strummer, Sep 13, 2012.

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  1. Joe Strummer

    Joe Strummer VIP Whale

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    last night -
    .
    Basically it was an advertisement for this lawyer's services.
    He had a nice presentation w/ some humor thrown in.
    .
    The premise :
    The gov't + lawyers have figured out how to get a HUGE piece
    of your estate ( will ) --- thru probate, taxes, fees, etc.
    I bought into it.
    The % you can lose is staggering - plus time + effort to
    make sure you aren't fleeced.
    .
    His cost was about 5k for a trust.
    10k for the additional Medcaid trust.
    Services for life.
    .
    My father who is 89 attended w/ me.
    I have 3 other siblings + we have had our father make his
    will w/ a family lawyer.
    But my father questioned wether he had a trust.
    I don't think he does -- we attended several lawyer sessions
    with him -- I don't remember hearing "trust".
    .
    We are concerned about the family house + property.
    several things I learned
    .
    In NY state :
    Capitol Gains Tax would really take a HUGE portion of what
    that property was bought for + is worth now......in a will.
    Not w/ a trust !
    Bought for 75k....worth 350k now.
    Won't end up with half.
    .
    A spouse will inherit the property ( if my brother passes )
    with a will......not a trust !
    ( * we are VERY concerned about this....we aren't thrilled w/ his wife ):rolleyes2:
    A spouse who remarrys = her new spouse can inherit the property -
    even before blood grandkids....with a will....not a trust !
    .
    Those were several important ( to me ) items I'll pass along.
    .
    My father balked at the 5k trust fee.
    I didn't say anything til he checks w/ his lawyer.
    But......
    I just put 9k as downpayment on a new car that might ....might...
    last me 10 yrs.
    What's 5k for all you might lose with a will ?......vs. a trust is for life
    and your blood kin's lives.
    .
    :wave:
     
  2. merlin

    merlin VIP Whale

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    It sounds like a very high fee to me, find a lawyer who charges a reasonable hourly rate. By the way, unless his estate is very large(millions), there should be almost no taxes on his estate(federal, as I dont know about NY law).

    basically, anytime you go to one of them "free" seminars, whether its about wills/investing/real estate/insurance, whatever, they are looking to rip you off and line their pockets IMO.
     
  3. Joe Strummer

    Joe Strummer VIP Whale

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    Time share seminars ?:thumbsup:
     
  4. LolaDoggie

    LolaDoggie VIP Whale

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    It's worth looking into Joe. We're in the middle of 2 estates (my parents) and it's unreal the costs and delays. (We're Canadian) And both my parents had the i's dotted and t's crossed. 5 grand is peanuts compared to the costs I'm looking at. Not huge estates either. Only you can decide if it's a service you are willing to pay for or a "rip off". At the end of the day, we're all trying to "line our pockets" it's called making a living in the adult world.
     
  5. shifter

    shifter Degenerate Gambler

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    the key is finding a good person to work with that knows what they're doing. 5k is nothing, but it needs to be done right. you can spend 5k and find out later that it wasn't done right and it's worthless.
     
  6. Nevyn

    Nevyn VIP Whale

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    Yeah, a trust might be the best approach.

    But you want the best adviser, not the best salesman, and "seminars" like this are a sales pitch. Other lawyers can set this up for you. Do some research as to what fees are reasonable, and get referrals.
     
  7. mdee

    mdee VIP Whale

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    You would know if it's a Trust because it would be titled something like this...
    Your Fathers Name as Trustee of the Your Fathers Name Irrevocable (or Rev) Trust dated this day ---- of ----.

    Estate Planning should consist of several items.

    Durable Power Of Attorney
    Designation Of Pre-Need Guardian
    Designation Of Healthcare Surrogate
    Escrow Instructions for Durable Power Of Attorney
    A Personal or Family Rev or IRR Trust
    Authorization For Release Of Protected Health Information (Known as HIPAA)
    Living Will Declaration
    Last Will And Testament
    Life Insurance Trust (Known as ILIT) if any
    IRS Forms

    It cost me way more than $5K to do my estate planning.
    PS: Everything I own is in Trust. My Bank accts, My Investments, House, Life Insurance etc.
    The only thing not in my Trust is my vehicle and personal effects such as clothes and furniture.
     
  8. Joe

    Joe VIP Whale

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    This is exactly what we also have. Went to a local attorney specializing in Trusts. 4 years ago the cost ~$2,200.
     
    Christmas
  9. tatterdema

    tatterdema VIP Whale

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    {In NY state :
    Capitol Gains Tax would really take a HUGE portion of what
    that property was bought for + is worth now......in a will.
    Not w/ a trust !
    Bought for 75k....worth 350k now.
    Won't end up with half.}

    Capital gains taxes dont work like that unless the house is give to you before the owner is deceased. The value of the house is determinded at time of death, then any increase AFTER that, is what you are taxed on. It is called a step up basis.

    Could be different in NY, but in most states, if the money inherited is put into a separate account, without spouses name on it, the spouse has no right to it in case of divorce or death. It would go to whomever specified.

    Trusts are good things for some people. Unless you have a huge estate, meaning over a couple million, an estate lawyer can do it for you for about the same price as a will. I would interview several lawyers until you find one you trust. These people holding free seminars are doing it for a reason, and normally that reason isnt that they feel a need to help people. Just my 2 cents, and I just spent a lengthy amount of time finalizing a very large and semi complicated trust.

    Good for you for looking into it. Trusts really are necessary in some circumstances. Use a trusted source though.
     
  10. Tahoejoe2

    Tahoejoe2 High-Roller

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    I agree with most repliers. A good trust attorney is the way to go. My wife & I created a Trust, Wills and Health directives throught a good attorney. Cost was $1800(10 yrs. ago). Our home and stock portfolio are in the trust.
    I don't think you need to pay for lifetime advice. Once the documents are created it is rare you need to go back to the lawyer.
    In Calif. you can sell your home to a relative and keep the same tax base as when the house was bought 20 years ago. Save lots of money.
    A will also keeps you out of probate. It's the poor idiots that don't have a will who are hurting.
    Just my 2 cents. See a lawyer for legal advise and shop around for a good one.
     
    Superbowl Baby
  11. shifter

    shifter Degenerate Gambler

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    that's incorrect. a will doesn't keep you out of probate at all. in most cases a plain will help your survivors very little.
     
  12. Sonya

    Sonya Queen of VMB

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    I'm just nodding at what shifter said. A will is not enough. When my fiance died way back in the 90's, he had a will. However, our joint accounts ended up frozen for 45 days of probate. It was not pretty.

    I agree that a good trust lawyer is the way to go. I think I'd pick anyone BUT the seminar guy. :wink2: At least make some phone calls and see what lawyers are offering in your area. My parents set theirs up years ago and have only been back to make a change one time.
     
  13. mike_m235

    mike_m235 Tourist

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    An uncontested will is kind of the key to probate. If it's simple and everyone agrees. If there are exes of any kind involved...expect delays. The other place I see problems all the time (lots of people die around me, unfortunately) is when you have a young couple and the mom didn't approve of the marriage and protests the will that leaves everything to the spouse. The spouse is going to win, but it's going to take time and a ton of stuff won't be released until after it's gone through the process.

    But if mom and dad have been married for 45 years and have two kids, both of whom are getting 'half' then probate is a lot less of a problem.
     
  14. earth-3

    earth-3 High-Roller

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    My Mother and Father had a Trust for my sister and I. It was the smoothest thing when they did pass away. I now have one for my two children and I wouldn't have it any other way. The cost was about $2500. You are on the right track, you just have a high price for the service.
     
  15. JillyFromPhilly

    JillyFromPhilly Tourist

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    Trusts come in all shapes, sizes & levels of complexity - from simple trusts established at time of death by a single sentence in a will, to more complex revocable & irrevocable living trusts, generation skipping trusts, real estate trusts, etc. - plus, the tax laws in relation to trusts, both at the state & federal level, are constantly changing - so if you're going to wade into the world of trusts, it is absolutely unwise to do so without the counsel of experienced trust, estate & tax attorneys & accountants who will not only determine what trusts are best for your particular situation, but who will also periodically review & revise your trusts from time to time based upon both changes in the laws and changes in your personal estate planning needs. Otherwise, if you do it "on the cheap" and also without periodic review, you could very well wind up down the road locked into trusts that either no longer hold any tax benefits, tie your assets up in ways you hadn't anticipated, or both [or worse].
     
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