jkern
Full time employment: Posting here.
Has anyone created their own Living trust in California? If so, did you use services like LegalZoom? Is it relatively easy or too complex?
Has anyone created their own Living trust in California? If so, did you use services like LegalZoom? Is it relatively easy or too complex?
Trying to do your own trust and estate work is like trying to do your own appendectomy. Hey, it might turn out OK!Has anyone created their own Living trust in California? If so, did you use services like LegalZoom? Is it relatively easy or too complex?
Trying to do your own trust and estate work is like trying to do your own appendectomy. Hey, it might turn out OK!
Hire an expert, look at the fees as a percentage of the assets and estate you are trying to manage and protect and realize that the expense is trivial.
It obviously depends on the estate but if you are thinking about a trust now, that may indicate that you need expert help. As far as "completed successfully" that will not be known until after you are dead. My wife was an SVP and business unit manager in a major bank Trusts & Estates division and it was not uncommon for her to come home bemoaning the errors in documents that they were given. Often these were not home-made but from nonspecialist attorneys. Sometimes they even had to go to court to get things straightened out, all paid for by the estate, of course.Is it really that complex? There have been several legal items that I didn't think were too difficult and I completed them successfully. ...
Are you sure you even need a trust? I spent months studying up on trusts before going to see an estate attorney. We were only interested in having a trust in order to avoid probate. After consulting the attorney, we were able to accomplish our no probate goals with a Will and TOD Deeds on our houses. No trust needed.
Having said that, there are a lot of valid reasons to set up a trust and what we did might not be possible in your state.
Are you sure you even need a trust? I spent months studying up on trusts before going to see an estate attorney. We were only interested in having a trust in order to avoid probate. After consulting the attorney, we were able to accomplish our no probate goals with a Will and TOD Deeds on our houses. No trust needed.
Having said that, there are a lot of valid reasons to set up a trust and what we did might not be possible in your state.
Exactly what is sounds like...the ownership of property transfers on death, no will and/or probate required. However, they aren't recognized legally in many states.The only purpose for a trust for me is to avoid probate (mainly real estate). What are TOD Deeds on houses?
With respect, @jkern, you really should get some professional help to help develop and implement your plans.... What are TOD Deeds on houses?
Does your daughter still get the basis step-up if the assets are transferred this way?
Does your daughter still get the basis step-up if the assets are transferred this way?
Since you mentioned California - you know she will be able to take a one time transfer on the prop 13 tax rate... Not sure if she can do it on 4 houses - but can for sure on 1 house. She'll have to file paperwork with the county assessor to 'inherit' your property tax rate. I purchased our house from my father when he downsized - and this was a *big* deal in deciding to purchase this house....
Since you mentioned California - you know she will be able to take a one time transfer on the prop 13 tax rate... Not sure if she can do it on 4 houses - but can for sure on 1 house. She'll have to file paperwork with the county assessor to 'inherit' your property tax rate. I purchased our house from my father when he downsized - and this was a *big* deal in deciding to purchase this house....