Estate Planning

Discussion in 'General Discussion' started by OKcherokee, May 21, 2022.

  1. OKcherokee

    OKcherokee Member

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    The topic nobody wants to deal with, but everyone should.

    To the point, dad passed away a couple months ago so Mom is now thinking more about what to do in order to make it easier for my brother and I when her time comes.

    Her idea is just to put everything in our names now. The house and land would be deeded to us, and wants to add our names to her bank accounts.

    I think there may be a better way to do this, like maybe a living trust. But I don’t know enough about any of it to know which is best.

    It’s just brother and I, and we have a good relationship. There won’t be any long lost siblings coming from the woodworks trying to claim anything. Just he and I.

    So before I get on the clock of some expensive lawyer or estate planner I thought I would ask here to get as much info as possible.

    What have been your experiences with this?

    What is the best direction to go?
    (Sign everything over now, living will, trust, other??)

    What should we NOT do? (Other than not doing anything)
     
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  2. olderguy

    olderguy Member

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    As far as the bank accounts I had to take my son with me to the bank and they have a plan where when I pass he just needs a death certificate and the accounts go to him. He can't touch them while I'm still alive.They had a name for it but I can't remember what they called it. I live in a mobile home so I just added him to the DMV title.
     
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  3. Skip808

    Skip808 Member

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    Depending on what your moms asserts look like consulting a trust lawyer wouldn’t be a bad thing. Trusts are a good way to go to protect all she earned. Shop around for a lawyer. There are some that charge a one time fee that includes everything. Then you dont get nickel and dimed.
     
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  4. OKcherokee

    OKcherokee Member

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    Assets are pretty simple I think.
    Land, house, couple cars.

    Dad had a pension that mom gets now, so I don’t think there is any 401K or similar.

    I think it would be pretty straightforward.
     
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  5. Adventurer

    Adventurer Member

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    I would probably call a around and talk to someone who can put a trust together to see what they say. They might be able to give you some good info over the phone before you agree to pay them anything. It would also be nice to protect her assets in the event she needs long term care. Not sure how it works but if you put the house in your names now and sell it later you might have to pay more in taxes if it isn't your primary residence and it increases in value???
     
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  6. Jeff Randall

    Jeff Randall ESEE Knives / Randall's Adventure & Training Staff Member

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    Investing in an attorney is well worth the investment. There are details that you may have not even thought of in regards to this. Even after the property is passed down do you or your brother have children? What type of deed will it be passed from your mother to you and your brother? Survivorship deed? If not then you have children to consider. What about living wills, power of attorney, type of power of attorney, etc. should your mom become incapacitated before she dies. Again, numerous things to think about and the money spent on an attorney is well worth any future issues that were not thought of. Just my nickel's worth.
     
  7. Skip808

    Skip808 Member

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    Agree with both of the above that that seems like enough assets to talk to an estate lawyer. Also depending on how it is setup they can take into account for look back periods related to Medicaid and long term care. Hopefully she never needs that but something to consider
     

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