Best way to form a trust?

[ljinvestor]

What were some of the reasons that speaker always holds property in a trust.

[sdduuuude]

Holding property in trust offers little benefit to me. The benefit is to my heirs should I die or be deemed incompetent.

Basically, a trust lays the framework to transfer assets from me to my heirs without going through the government at all.

Without it, the assets go through a process called probate, which is basically a scam for a govt employee to charge my wife and/or kids $10K to $100K to shuffle papers around for two years before they actually get the stuff that I will to them.

With a trust, probate is avoided. Some inheiritance tax is avoided, but not all. The real benefit is to avoid probate.

If I recall, the right kind of trust also avoids a reset of taxable value when a house is transferred to the kids.

[sdduuuude]

Holding property in trust offers little benefit to me. The benefit is to my heirs should I die or be deemed incompetent.

Basically, a trust lays the framework to transfer assets from me to my heirs without going through the government at all.

Without it, the assets go through a process called probate, which is basically a scam for a govt employee to charge my wife and/or kids $10K to $100K to shuffle papers around for two years before they actually get the stuff that I will to them.

With a trust, probate is avoided. Some inheiritance tax is avoided, but not all. The real benefit is to avoid probate.

If I recall, the right kind of trust also avoids a reset of taxable value when a house is transferred to the kids.

[sdduuuude]

Holding property in trust offers little benefit to me. The benefit is to my heirs should I die or be deemed incompetent.

Basically, a trust lays the framework to transfer assets from me to my heirs without going through the government at all.

Without it, the assets go through a process called probate, which is basically a scam for a govt employee to charge my wife and/or kids $10K to $100K to shuffle papers around for two years before they actually get the stuff that I will to them.

With a trust, probate is avoided. Some inheiritance tax is avoided, but not all. The real benefit is to avoid probate.

If I recall, the right kind of trust also avoids a reset of taxable value when a house is transferred to the kids.

[sdduuuude]

Holding property in trust offers little benefit to me. The benefit is to my heirs should I die or be deemed incompetent.

Basically, a trust lays the framework to transfer assets from me to my heirs without going through the government at all.

Without it, the assets go through a process called probate, which is basically a scam for a govt employee to charge my wife and/or kids $10K to $100K to shuffle papers around for two years before they actually get the stuff that I will to them.

With a trust, probate is avoided. Some inheiritance tax is avoided, but not all. The real benefit is to avoid probate.

If I recall, the right kind of trust also avoids a reset of taxable value when a house is transferred to the kids.

[sdduuuude]

Holding property in trust offers little benefit to me. The benefit is to my heirs should I die or be deemed incompetent.

Basically, a trust lays the framework to transfer assets from me to my heirs without going through the government at all.

Without it, the assets go through a process called probate, which is basically a scam for a govt employee to charge my wife and/or kids $10K to $100K to shuffle papers around for two years before they actually get the stuff that I will to them.

With a trust, probate is avoided. Some inheiritance tax is avoided, but not all. The real benefit is to avoid probate.

If I recall, the right kind of trust also avoids a reset of taxable value when a house is transferred to the kids.

[earlyretirement]

[quote=sdduuuude]Holding property in trust offers little benefit to me. The benefit is to my heirs should I die or be deemed incompetent.

Basically, a trust lays the framework to transfer assets from me to my heirs without going through the government at all.

Without it, the assets go through a process called probate, which is basically a scam for a govt employee to charge my wife and/or kids $10K to $100K to shuffle papers around for two years before they actually get the stuff that I will to them.

With a trust, probate is avoided. Some inheiritance tax is avoided, but not all. The real benefit is to avoid probate.

If I recall, the right kind of trust also avoids a reset of taxable value when a house is transferred to the kids.[/quote]

Excellent post sdduuude. I completely agree. I think anyone in California would be silly not to have a trust. As you mentioned, the benefit isn’t for us but our heirs.

You got a pretty good price for all of that. My lawyer charges $1,500 for those things.

[earlyretirement]

[quote=sdduuuude]Holding property in trust offers little benefit to me. The benefit is to my heirs should I die or be deemed incompetent.

Basically, a trust lays the framework to transfer assets from me to my heirs without going through the government at all.

Without it, the assets go through a process called probate, which is basically a scam for a govt employee to charge my wife and/or kids $10K to $100K to shuffle papers around for two years before they actually get the stuff that I will to them.

With a trust, probate is avoided. Some inheiritance tax is avoided, but not all. The real benefit is to avoid probate.

If I recall, the right kind of trust also avoids a reset of taxable value when a house is transferred to the kids.[/quote]

Excellent post sdduuude. I completely agree. I think anyone in California would be silly not to have a trust. As you mentioned, the benefit isn’t for us but our heirs.

You got a pretty good price for all of that. My lawyer charges $1,500 for those things.

[earlyretirement]

[quote=sdduuuude]Holding property in trust offers little benefit to me. The benefit is to my heirs should I die or be deemed incompetent.

Basically, a trust lays the framework to transfer assets from me to my heirs without going through the government at all.

Without it, the assets go through a process called probate, which is basically a scam for a govt employee to charge my wife and/or kids $10K to $100K to shuffle papers around for two years before they actually get the stuff that I will to them.

With a trust, probate is avoided. Some inheiritance tax is avoided, but not all. The real benefit is to avoid probate.

If I recall, the right kind of trust also avoids a reset of taxable value when a house is transferred to the kids.[/quote]

Excellent post sdduuude. I completely agree. I think anyone in California would be silly not to have a trust. As you mentioned, the benefit isn’t for us but our heirs.

You got a pretty good price for all of that. My lawyer charges $1,500 for those things.

[earlyretirement]

[quote=sdduuuude]Holding property in trust offers little benefit to me. The benefit is to my heirs should I die or be deemed incompetent.

Basically, a trust lays the framework to transfer assets from me to my heirs without going through the government at all.

Without it, the assets go through a process called probate, which is basically a scam for a govt employee to charge my wife and/or kids $10K to $100K to shuffle papers around for two years before they actually get the stuff that I will to them.

With a trust, probate is avoided. Some inheiritance tax is avoided, but not all. The real benefit is to avoid probate.

If I recall, the right kind of trust also avoids a reset of taxable value when a house is transferred to the kids.[/quote]

Excellent post sdduuude. I completely agree. I think anyone in California would be silly not to have a trust. As you mentioned, the benefit isn’t for us but our heirs.

You got a pretty good price for all of that. My lawyer charges $1,500 for those things.

[earlyretirement]

[quote=sdduuuude]Holding property in trust offers little benefit to me. The benefit is to my heirs should I die or be deemed incompetent.

Basically, a trust lays the framework to transfer assets from me to my heirs without going through the government at all.

Without it, the assets go through a process called probate, which is basically a scam for a govt employee to charge my wife and/or kids $10K to $100K to shuffle papers around for two years before they actually get the stuff that I will to them.

With a trust, probate is avoided. Some inheiritance tax is avoided, but not all. The real benefit is to avoid probate.

If I recall, the right kind of trust also avoids a reset of taxable value when a house is transferred to the kids.[/quote]

Excellent post sdduuude. I completely agree. I think anyone in California would be silly not to have a trust. As you mentioned, the benefit isn’t for us but our heirs.

You got a pretty good price for all of that. My lawyer charges $1,500 for those things.

[an]

I agree with everything sdduuuude said. It’s totally worth it. Check with your company as well to see if they have any group lawyer service. If they do, sign up for it. It’ll save you a lot of money. I think to sign up, we have to pay something like $6/month. To do all the docs that sdduuuude stated, I was charged $250. So after said and done, I’m out ~$350 to have all of those docs draft up by a lawyer.

[an]

I agree with everything sdduuuude said. It’s totally worth it. Check with your company as well to see if they have any group lawyer service. If they do, sign up for it. It’ll save you a lot of money. I think to sign up, we have to pay something like $6/month. To do all the docs that sdduuuude stated, I was charged $250. So after said and done, I’m out ~$350 to have all of those docs draft up by a lawyer.

[an]

I agree with everything sdduuuude said. It’s totally worth it. Check with your company as well to see if they have any group lawyer service. If they do, sign up for it. It’ll save you a lot of money. I think to sign up, we have to pay something like $6/month. To do all the docs that sdduuuude stated, I was charged $250. So after said and done, I’m out ~$350 to have all of those docs draft up by a lawyer.

[an]

I agree with everything sdduuuude said. It’s totally worth it. Check with your company as well to see if they have any group lawyer service. If they do, sign up for it. It’ll save you a lot of money. I think to sign up, we have to pay something like $6/month. To do all the docs that sdduuuude stated, I was charged $250. So after said and done, I’m out ~$350 to have all of those docs draft up by a lawyer.

[Author]

Posts