Last will and trust

[Anonymous]

My husband and I are writing our last will and will probably also set up a trust for our infant child. How much is appropriate to put in trust for a child? Are their guidelines? We both work with good salaries and we both have life insurance. I anticipate that we will need some of the life insurance $$ to cover expenses if one of us dies. Any advice?

[Anonymous]

Tax law drove how much we put in the trust.

Note: I am not a tax lawyer or financial planner - just someone who recently did this so please consult someone "official"
Anything over $1Million in DC and $2 Million for federal is subject to Estate Tax. We looked at our assets have tagged some of the beneficiaries as the trust and some just as each other (husband / wife )

We met with an attorney to set this all up. It was part of my husband's benefits (legal planning) so we either had a co-pay or it was free. Even it it wasn't free - if you are in the financial situation where you need a trust, it is worth spending the $$ to have this done right.

[Anonymous]

I second PP's recommendation - you should see an attorney and at least get a consultation on estate planning. You can benefit even if you don't think you're "rich enough to need estate planning". We don't fall into that category, but even for us there were things our lawyer did that would help with taxes.

[Anonymous]

these are definitely questions to ask whomever is preparing your will. our estate atty wa extremely helpful in that regard.