chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 14, 2007
- Messages
- 5,072
We are revisiting our estate plan.
We are currently using a Will. Most assets are jointly owned with survivor or have the spouse as the beneficiary. For example: the house and bank accounts are setup with spouse joint ownership with survivor. All other IRAs, 401ks, etc. have the spouse as the beneficiary.
Once the estate tax laws reset in 2011, our assets will exceed the federal maximum on estate taxes.
I have some questions for the group:
Thanks ahead for your comments.
We are currently using a Will. Most assets are jointly owned with survivor or have the spouse as the beneficiary. For example: the house and bank accounts are setup with spouse joint ownership with survivor. All other IRAs, 401ks, etc. have the spouse as the beneficiary.
Once the estate tax laws reset in 2011, our assets will exceed the federal maximum on estate taxes.
I have some questions for the group:
- Should we consider setting up some sort of Trust to avoid probate, legal expenses, etc?
- If we setup a trust between the spouses, should it be a revocable trust?
- What might be the benefits of an irrevocable trust?
- What are the ongoing expenses and duties of maintaining a trust?
- If you willing to share your experience... if you are using a trust, please describe it and why you decided to set one up. What you think are the up side/down side to it?
Thanks ahead for your comments.