Setting up a trust questions about moving home into trust

[Anonymous]

What if your aren’t has to go in Medicaid? Does a living or irrevocable trust help then?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The money lawyers make off Trusts is very minor compared to what they can make off a probate process. Hence the push in these lawyer infested waters to avoid setting up a Trust. Do a trust. Most employers have a legal plan that allows one to get a free attorney to setup a trust. Pay that same lawyer a bit more if your situation is complicated. You can have a for between $0 - 2K along with a durable POA, healthcare POA, will, etc.

This was my concern. Single parent with serious health issues and children are very young adults. Why would I want them to deal with probate and lawyers who might take advantage of them?

An estate has an executor, which is someone you trust, who handles the process. A trust doesn’t solve this problem, as you still need a Trustee to do basically the same thing. An estate actually has more protections, since everything is public and the probate court reviews all assets and transactions. Because trusts are private, they are subject to abuse. You need to have absolute trust in your Trustee.

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Which can make for a nightmare if you don't have issues with trusting you executor.

+ 1. And, the courts and the lawyer will charge you fees to the extent of 5-10% of assets under probate for their "service"!

and in this area with home values what they are, this would be significantly more than the cost of a trust. How disingenuous of the lawyer posting here.

If you have a straightforward will and a list of assets... I'm not understanding why you would need a lawyer for probate in a state like VA for this situation? The court fees are ~$1.33 per $1000 of estate. Accounts with beneficiaries or TOD do not go through probate.

In my case those costs would be more than twice the cost of the trust.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The money lawyers make off Trusts is very minor compared to what they can make off a probate process. Hence the push in these lawyer infested waters to avoid setting up a Trust. Do a trust. Most employers have a legal plan that allows one to get a free attorney to setup a trust. Pay that same lawyer a bit more if your situation is complicated. You can have a for between $0 - 2K along with a durable POA, healthcare POA, will, etc.

This was my concern. Single parent with serious health issues and children are very young adults. Why would I want them to deal with probate and lawyers who might take advantage of them?

An estate has an executor, which is someone you trust, who handles the process. A trust doesn’t solve this problem, as you still need a Trustee to do basically the same thing. An estate actually has more protections, since everything is public and the probate court reviews all assets and transactions. Because trusts are private, they are subject to abuse. You need to have absolute trust in your Trustee.

\
Which can make for a nightmare if you don't have issues with trusting you executor.

+ 1. And, the courts and the lawyer will charge you fees to the extent of 5-10% of assets under probate for their "service"!

and in this area with home values what they are, this would be significantly more than the cost of a trust. How disingenuous of the lawyer posting here.

If you have a straightforward will and a list of assets... I'm not understanding why you would need a lawyer for probate in a state like VA for this situation? The court fees are ~$1.33 per $1000 of estate. Accounts with beneficiaries or TOD do not go through probate.

In my case those costs would be more than twice the cost of the trust.

Are you also factoring in any maintenance costs for when you may want to buy, sell, or transfer assets to or from in your estate? You will likely need to pay an attorney for that. Every. Single. Time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The money lawyers make off Trusts is very minor compared to what they can make off a probate process. Hence the push in these lawyer infested waters to avoid setting up a Trust. Do a trust. Most employers have a legal plan that allows one to get a free attorney to setup a trust. Pay that same lawyer a bit more if your situation is complicated. You can have a for between $0 - 2K along with a durable POA, healthcare POA, will, etc.

This was my concern. Single parent with serious health issues and children are very young adults. Why would I want them to deal with probate and lawyers who might take advantage of them?

An estate has an executor, which is someone you trust, who handles the process. A trust doesn’t solve this problem, as you still need a Trustee to do basically the same thing. An estate actually has more protections, since everything is public and the probate court reviews all assets and transactions. Because trusts are private, they are subject to abuse. You need to have absolute trust in your Trustee.

\
Which can make for a nightmare if you don't have issues with trusting you executor.

+ 1. And, the courts and the lawyer will charge you fees to the extent of 5-10% of assets under probate for their "service"!

and in this area with home values what they are, this would be significantly more than the cost of a trust. How disingenuous of the lawyer posting here.

If you have a straightforward will and a list of assets... I'm not understanding why you would need a lawyer for probate in a state like VA for this situation? The court fees are ~$1.33 per $1000 of estate. Accounts with beneficiaries or TOD do not go through probate.

In my case those costs would be more than twice the cost of the trust.

Are you also factoring in any maintenance costs for when you may want to buy, sell, or transfer assets to or from in your estate? You will likely need to pay an attorney for that. Every. Single. Time.

You must mean Real Estate assets?? This is certainly not the case with financial assets.