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earlyretirement
Participant[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
Participant[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
Participant[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
Participant[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
ParticipantHas anyone actually read the HOA and CC&R for Santaluz? I just had an offer accepted for a house in Santaluz and I asked the Escrow company if it was possible to have them email me the HOA rules and regulations and CC&R for Santaluz. I’m traveling for the next 2 months on vacation so I wanted to see if they could email it.
She said no as “it’s over 100 pages”. I figured that couldn’t be true and an exaggeration. Are these really over 100 pages? For those of you that live there..have you read every page of it?
Thanks in advance.
earlyretirement
ParticipantHas anyone actually read the HOA and CC&R for Santaluz? I just had an offer accepted for a house in Santaluz and I asked the Escrow company if it was possible to have them email me the HOA rules and regulations and CC&R for Santaluz. I’m traveling for the next 2 months on vacation so I wanted to see if they could email it.
She said no as “it’s over 100 pages”. I figured that couldn’t be true and an exaggeration. Are these really over 100 pages? For those of you that live there..have you read every page of it?
Thanks in advance.
earlyretirement
ParticipantHas anyone actually read the HOA and CC&R for Santaluz? I just had an offer accepted for a house in Santaluz and I asked the Escrow company if it was possible to have them email me the HOA rules and regulations and CC&R for Santaluz. I’m traveling for the next 2 months on vacation so I wanted to see if they could email it.
She said no as “it’s over 100 pages”. I figured that couldn’t be true and an exaggeration. Are these really over 100 pages? For those of you that live there..have you read every page of it?
Thanks in advance.
earlyretirement
ParticipantHas anyone actually read the HOA and CC&R for Santaluz? I just had an offer accepted for a house in Santaluz and I asked the Escrow company if it was possible to have them email me the HOA rules and regulations and CC&R for Santaluz. I’m traveling for the next 2 months on vacation so I wanted to see if they could email it.
She said no as “it’s over 100 pages”. I figured that couldn’t be true and an exaggeration. Are these really over 100 pages? For those of you that live there..have you read every page of it?
Thanks in advance.
earlyretirement
ParticipantHas anyone actually read the HOA and CC&R for Santaluz? I just had an offer accepted for a house in Santaluz and I asked the Escrow company if it was possible to have them email me the HOA rules and regulations and CC&R for Santaluz. I’m traveling for the next 2 months on vacation so I wanted to see if they could email it.
She said no as “it’s over 100 pages”. I figured that couldn’t be true and an exaggeration. Are these really over 100 pages? For those of you that live there..have you read every page of it?
Thanks in advance.
earlyretirement
ParticipantHey guys,
Sorry for the delay….flew to Hawaii and here for the next month for some R & R.
Really, I don’t want to go into all the various reasons why this makes sense for me but trust me it does. I know my situation is different than 99.99% of the typical Americans out there. Especially considering my wife and I have residency status in other countries. But checking with estate planning lawyers, this makes sense for my situation.
And I’ve since talked to several insurance agents from various companies and it seems what I’m doing is becoming more and more common so it sounds like other people are utilizing this strategy.
earlyretirement
ParticipantHey guys,
Sorry for the delay….flew to Hawaii and here for the next month for some R & R.
Really, I don’t want to go into all the various reasons why this makes sense for me but trust me it does. I know my situation is different than 99.99% of the typical Americans out there. Especially considering my wife and I have residency status in other countries. But checking with estate planning lawyers, this makes sense for my situation.
And I’ve since talked to several insurance agents from various companies and it seems what I’m doing is becoming more and more common so it sounds like other people are utilizing this strategy.
earlyretirement
ParticipantHey guys,
Sorry for the delay….flew to Hawaii and here for the next month for some R & R.
Really, I don’t want to go into all the various reasons why this makes sense for me but trust me it does. I know my situation is different than 99.99% of the typical Americans out there. Especially considering my wife and I have residency status in other countries. But checking with estate planning lawyers, this makes sense for my situation.
And I’ve since talked to several insurance agents from various companies and it seems what I’m doing is becoming more and more common so it sounds like other people are utilizing this strategy.
earlyretirement
ParticipantHey guys,
Sorry for the delay….flew to Hawaii and here for the next month for some R & R.
Really, I don’t want to go into all the various reasons why this makes sense for me but trust me it does. I know my situation is different than 99.99% of the typical Americans out there. Especially considering my wife and I have residency status in other countries. But checking with estate planning lawyers, this makes sense for my situation.
And I’ve since talked to several insurance agents from various companies and it seems what I’m doing is becoming more and more common so it sounds like other people are utilizing this strategy.
earlyretirement
ParticipantHey guys,
Sorry for the delay….flew to Hawaii and here for the next month for some R & R.
Really, I don’t want to go into all the various reasons why this makes sense for me but trust me it does. I know my situation is different than 99.99% of the typical Americans out there. Especially considering my wife and I have residency status in other countries. But checking with estate planning lawyers, this makes sense for my situation.
And I’ve since talked to several insurance agents from various companies and it seems what I’m doing is becoming more and more common so it sounds like other people are utilizing this strategy.
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