Reply to Living Trust and Will - any recs or things we should remember or include/think about?

Forum Index » Money and Finances

Reply to "Living Trust and Will - any recs or things we should remember or include/think about? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Think about whether you want your kids getting their inheritance all at once. We just set up our wills/trusts and we have kids in their early 20s. We set up a schedule so that they will get 25% immediately, 50% at 30 and remainder at 35. This is except for 401ks where they will get about 1/10th per year (with exceptions and in consideration of tax law changes).  They are good kids but didn’t want them to deal with getting $4 million in their 20s. [/quote]
This. I know people with even later distribution. Lawyer commented it was also a good way to protect  assets from an early marriage gone bad. This had never occurred to me. [/quote]

You can protect the assets at any age by leaving them as trust assets- your beneficiary will inherit them but they’ll still belong to the trust.  So a spouse will never have any entitlement to that asset.

Make sure you actually fund your trust.  So many people create one but never follow through we re-titling the assets into the name of the trust.[/quote]

We did this. We have an only child who will inherit our entire estate, so we set up a trust to ensure her assets are protected from any future partner. And I second what the poster above me said about funding the trust. It feels like a lot of homework, but make sure you do it. 
[/quote]

Op here. How do you fund the trust? What do we need to do to fund it? What steps? Do we need to change the title of house and properties to the trust? Will the lawyer help us do that? What about 401Ks do they go to spouse as beneficiary or to the trust? Sounds like a lot. [/quote]

Yes to all past your initial questions except (usually) the last, as spouses get a stretch on IRA and 401k withdrawals that trusts don’t get. You need to retitle assets, the lawyer can help but it will cost. You can also DIY.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics