Yes, trusts, specifically, a Living Trust, used to be considered best. However, you’re right, do the research into what’s best for you. Check state laws and federal laws and regulations in regards to taxes and any other stipulations.
If you trust someone I would suggest putting them on as a signer on an account if you want the family or whomever to have access to any funds immediately after your death to cover any costs. It can be a savings account if you don’t want them on your main account. Or put enough money in the safe for any unforeseeable expenses.
I say all this for a reason. I have a friend who’s father was extremely responsible and tried to think of everything, and I mean everything, that might come about after he and/or his wife died. The father made sure everything was pre-paid for......down to a company receiving the ashes from a funeral home and then spreading those ashes where he and his wife wanted so their kids wouldn’t have to deal with any of it. When I heard this I was a bit taken back. I had do idea such services were existed.
But, for some reason even with the Living Trust and my friend being the executor something is holding things up. I’m not sure what it is or why.
My friend’s dad died a year’s ago. His mom died just before Mother’s Day this year after being sick with cancer for many years. Even with the Living Trust my friend does not have access to any of the bank accounts because social security let them know she died.
So right now my friend is sitting with a whole lot of medical bills and has no way to pay them. He also can’t put his mom’s house up for sale yet.
I’ll be honest, I have no clue why everything is being held up. I also have no idea if some states have implemented new laws to hold trusts up in something like probate of a will. I also don’t know if any of our state’s governments or the IRS have figured out how to implement some type of inheritance tax or something even on trusts.
So, yes, I would say do your research. And, definitely do your best to find a resource that can keep you up to date.
My guess is that if common people start extensively using trusts then the government will pass laws to tax them.
I've not found any place to get good detailed information on trusts without pouring out money to lawyers.
I was going to write about how I don't mind paying for top quality work (no matter what the profession is) but I've spent far too much money in my lifetime on lawyers producing *crappy* quality work (facts wrong, misspellings).
If a lawyer doesn't get the job done, they should refund the money! Literally the last lawyer I hired failed to get the job done, when I pressed him on it, he informed me that he retired ("tough luck buddy").
Also I discovered that if / when I manage to get my father's estate through court in Texas, I have to do it again for the assets in Minnesota!!!
I agree wholeheartedly in regards to lawyers. My own lawyer screwed me over in a major car accident settlement. You know it’s bad when the defense’s lawyers apologize to you.
I’ll see if I can find any resources.
That’s what I was thinking about trusts when my friend mentioned everything was tied up and he didn’t have access to any funds or anything, especially, with he and his mother living in the state of CA. I figured even with trusts the government had found a way to get their hands on some of it and slow the process down.
I don’t get it.....any money or assets have already been taxed. One has taxes taken out of their paychecks, if they live in states that have sales tax then they’ve paid taxes on everything they’ve purchased, one pays property taxes, they pay taxes on any profit they make from selling a property. Why in the hell, should taxes be taken out of money or assets that have been left to loved one’s, friends, charities or whatever?
I don’t know, but I imagine if people pay federal taxes then they have to show what money they’ve been given through an inheritance. Does that mean it’s taxed again?!?
Taxes, taxes, taxes... as I understand it, inheritance for "normal people" is virtually tax free. Taxes don't really kick in until the amount gets fairly large.
The one that really annoyed me was discovering that after a career of paying for medicare, finally supposed to be eligible only to find out they want to charge me for it! So I've paid a *staggering* amount over my career and will get *nothing* for it!
Welcome to the club! I have to pay for Medicare even though I’m on disability. It doesn’t seem to cover much.....at all. And, I can’t get the any of the extra supplementals yet like for scripts or anything yet. That I have to wait until I’m probably, at least, sixty five. I only have straight plain Medicare right now.
However, there is, at least, one benefit depending on the state and county you live in and how they do health insurance. You’d also have to check age requirements. I’m pretty sure if you qualify for Medicare you’d qualify for what’s called “AARP Advantage Plan” health insurance. No, you don’t have to be a member of AARP. This is strictly through health insurance companies. The premiums are significantly lower than buying independent health insurance. My plan is through United Healthcare. My premium less than $90.00 a month. I used to pay between $250.00 - $350.00, but I think WA state is probably one of the worst states when it comes to health insurance.
Now my mom’s AARP plan is through a different company. And, it’s lousy insurance. She’s in Oregon, though, but again, given the county she lives in she doesn’t have a lot of options. If she lived in Portland or possibly Eugene she’d probably have better options.
I have zero interest in any health insurance. It took me several months to cancel my Medicare. They finally got the message that I wasn't going to pay them.
Yes, trusts, specifically, a Living Trust, used to be considered best. However, you’re right, do the research into what’s best for you. Check state laws and federal laws and regulations in regards to taxes and any other stipulations.
If you trust someone I would suggest putting them on as a signer on an account if you want the family or whomever to have access to any funds immediately after your death to cover any costs. It can be a savings account if you don’t want them on your main account. Or put enough money in the safe for any unforeseeable expenses.
I say all this for a reason. I have a friend who’s father was extremely responsible and tried to think of everything, and I mean everything, that might come about after he and/or his wife died. The father made sure everything was pre-paid for......down to a company receiving the ashes from a funeral home and then spreading those ashes where he and his wife wanted so their kids wouldn’t have to deal with any of it. When I heard this I was a bit taken back. I had do idea such services were existed.
But, for some reason even with the Living Trust and my friend being the executor something is holding things up. I’m not sure what it is or why.
My friend’s dad died a year’s ago. His mom died just before Mother’s Day this year after being sick with cancer for many years. Even with the Living Trust my friend does not have access to any of the bank accounts because social security let them know she died.
So right now my friend is sitting with a whole lot of medical bills and has no way to pay them. He also can’t put his mom’s house up for sale yet.
I’ll be honest, I have no clue why everything is being held up. I also have no idea if some states have implemented new laws to hold trusts up in something like probate of a will. I also don’t know if any of our state’s governments or the IRS have figured out how to implement some type of inheritance tax or something even on trusts.
So, yes, I would say do your research. And, definitely do your best to find a resource that can keep you up to date.
My guess is that if common people start extensively using trusts then the government will pass laws to tax them.
I've not found any place to get good detailed information on trusts without pouring out money to lawyers.
I was going to write about how I don't mind paying for top quality work (no matter what the profession is) but I've spent far too much money in my lifetime on lawyers producing *crappy* quality work (facts wrong, misspellings).
If a lawyer doesn't get the job done, they should refund the money! Literally the last lawyer I hired failed to get the job done, when I pressed him on it, he informed me that he retired ("tough luck buddy").
Also I discovered that if / when I manage to get my father's estate through court in Texas, I have to do it again for the assets in Minnesota!!!
I agree wholeheartedly in regards to lawyers. My own lawyer screwed me over in a major car accident settlement. You know it’s bad when the defense’s lawyers apologize to you.
I’ll see if I can find any resources.
That’s what I was thinking about trusts when my friend mentioned everything was tied up and he didn’t have access to any funds or anything, especially, with he and his mother living in the state of CA. I figured even with trusts the government had found a way to get their hands on some of it and slow the process down.
I don’t get it.....any money or assets have already been taxed. One has taxes taken out of their paychecks, if they live in states that have sales tax then they’ve paid taxes on everything they’ve purchased, one pays property taxes, they pay taxes on any profit they make from selling a property. Why in the hell, should taxes be taken out of money or assets that have been left to loved one’s, friends, charities or whatever?
I don’t know, but I imagine if people pay federal taxes then they have to show what money they’ve been given through an inheritance. Does that mean it’s taxed again?!?
The whole racket is ridiculous, in my opinion!!!!
Taxes, taxes, taxes... as I understand it, inheritance for "normal people" is virtually tax free. Taxes don't really kick in until the amount gets fairly large.
The one that really annoyed me was discovering that after a career of paying for medicare, finally supposed to be eligible only to find out they want to charge me for it! So I've paid a *staggering* amount over my career and will get *nothing* for it!
Welcome to the club! I have to pay for Medicare even though I’m on disability. It doesn’t seem to cover much.....at all. And, I can’t get the any of the extra supplementals yet like for scripts or anything yet. That I have to wait until I’m probably, at least, sixty five. I only have straight plain Medicare right now.
However, there is, at least, one benefit depending on the state and county you live in and how they do health insurance. You’d also have to check age requirements. I’m pretty sure if you qualify for Medicare you’d qualify for what’s called “AARP Advantage Plan” health insurance. No, you don’t have to be a member of AARP. This is strictly through health insurance companies. The premiums are significantly lower than buying independent health insurance. My plan is through United Healthcare. My premium less than $90.00 a month. I used to pay between $250.00 - $350.00, but I think WA state is probably one of the worst states when it comes to health insurance.
Now my mom’s AARP plan is through a different company. And, it’s lousy insurance. She’s in Oregon, though, but again, given the county she lives in she doesn’t have a lot of options. If she lived in Portland or possibly Eugene she’d probably have better options.
I have zero interest in any health insurance. It took me several months to cancel my Medicare. They finally got the message that I wasn't going to pay them.