 |  |
| |||
| Back to Blogs | FAQ | Search | Today's Posts | Mark Forums Read |
| Personal Finance Credit cards, investments, career, consumer affairs, retirement and general financial issues. | ||||||
 |
| | Thread Tools | Display Modes |
01-14-2008, 06:56 PM
| #1 |
| Member Join Date: Jan 2008 Location: Syracuse, New York
Posts: 56
Reputation:  (18) |  Estate Planning Help I work in a small estate planning law firm, and would like to offer free (nonlegal) advice to people on this forum, to help point you in the right direction with regard to possible estate planning services you might be interested in. A good financial outlook requires effective estate planning as well as investment management. While my advice is free, I will not help or review or draft any planning documents for you. Consider my advice to be pro-bono, non-legal comments from just another forum poster... |
|  |
|
We share ad revenue with members. Learn more.  | |
|
02-01-2008, 07:28 AM
| #2 | |
| Junior Member  Join Date: Jan 2008 Location: Denton, Texas
Posts: 28
Reputation: (11) | Quote:
| |
|
| |
|
02-04-2008, 05:44 AM
| #3 |
| Junior Member Join Date: Feb 2008
Posts: 3
Reputation: (10) | Hi Anthony: What's your opinion of revocable trusts for minor children? Just curious.  |
|
| |
|
02-04-2008, 08:31 AM
| #4 | |
| Junior Member Join Date: Jan 2008 Location: Denton, Texas
Posts: 28
Reputation: (11) | Quote:
If your estate is not beyond the estate tax shelter then revocable trust should be the way to go (irrevocable trusts are to save on estate taxes). Right it is at 2,00,000 but it goes back down to 1 million in 2011. Revocable trusts or living trusts are a good thing to setup for minors because the trustee can manage the assets in accordance to the trust if anything happen to you and or spouse (aka the minors or when they become 18 won't blow through the whole trust in a couple of years). What's good? Well, you are able to keep control of the trust assets during your lifetime and you are able to discontinue or make changes in the trust at any time. The assets in the trust avoid probate which saves on costs and transfers to beneficiaries faster (if you create a trust make sure you transfer assets in the trust or the assets will have to go through probate so defeats one of the advantages). Wills are public information while revocable trusts are private. What's bad? Revocable trusts a can sometimes cost up to 2-3% of your estate. Also, since you have the right to discontinue the trust at any time (revocable trust), for death tax purposes you own the assets and will be included in your taxable estate. There is also another option instead of going the trust route which is durable powers of attorney (for smaller estates). Durable powers of attorney can cover both health care issues and financial issues and cost much less than setting up a trust. | |
|
| |
|
02-04-2008, 11:10 AM
| #5 |
| Junior Member Join Date: Jan 2008 Location: USA
Posts: 11
Reputation: (10) | Thanks for the info. I really did not know that much about revocable costs.
__________________ Always looking for quick business funds! |
|
| |
|
We share ad revenue with members. Learn more. | |
Linear Mode
