stephenson
Thinks s/he gets paid by the post
- Joined
- Jul 3, 2009
- Messages
- 1,610
Hi All,
After a year of battling pancreatic cancer, my sister passed in March - she was single, no children, I’m the only sibling, and my wife and I have two children - I am the successor trustee. I’ve posted about a few of the financial components of this, previously.
While I was given a period of time during her illness to assist her in getting her affairs in order, assigning beneficiaries (which, btw, she thought she had done, but actually had NOT) and preparing all so as to NOT require probate (attorney involved), my kids may not have this same sort of circumstance. I say kids, because my spouse is more than capable enough to manage, as I am. Anything that will save the anxiety and level of effort in a dual death situation is a good thing.
We have a revocable trust (Florida) - and all our real estate (personal home and several rentals) is in the trust with normal flow to spouse and then to children.
Our IRA/Retirement accounts have beneficiaries assigned with normal flow to spouse and then to children (Fidelity and Vanguard) - transfer would occur instantly on death.
Our taxable investment account, money management account, and a couple of accounts at credit unions are TOD with same flow to spouse and then to children. My reading says this is enough to avoid probate, but is it? Worst case is both of us are killed in a car or airplane.
In Florida, my understanding is that two cars are not enough to push an estate into probate - but, we have three, and a boat (figure about $40,000). Since this is not something that can be covered with TOD, is this enough to push into probate given death of both of us, as noted?
I will, of course, be asking our attorney (estates and tax law) the same sort of questions - and, he was very helpful with my sister’s trust/estate. But I do want to search for others who have gone through this process.
Thanks!
After a year of battling pancreatic cancer, my sister passed in March - she was single, no children, I’m the only sibling, and my wife and I have two children - I am the successor trustee. I’ve posted about a few of the financial components of this, previously.
While I was given a period of time during her illness to assist her in getting her affairs in order, assigning beneficiaries (which, btw, she thought she had done, but actually had NOT) and preparing all so as to NOT require probate (attorney involved), my kids may not have this same sort of circumstance. I say kids, because my spouse is more than capable enough to manage, as I am. Anything that will save the anxiety and level of effort in a dual death situation is a good thing.
We have a revocable trust (Florida) - and all our real estate (personal home and several rentals) is in the trust with normal flow to spouse and then to children.
Our IRA/Retirement accounts have beneficiaries assigned with normal flow to spouse and then to children (Fidelity and Vanguard) - transfer would occur instantly on death.
Our taxable investment account, money management account, and a couple of accounts at credit unions are TOD with same flow to spouse and then to children. My reading says this is enough to avoid probate, but is it? Worst case is both of us are killed in a car or airplane.
In Florida, my understanding is that two cars are not enough to push an estate into probate - but, we have three, and a boat (figure about $40,000). Since this is not something that can be covered with TOD, is this enough to push into probate given death of both of us, as noted?
I will, of course, be asking our attorney (estates and tax law) the same sort of questions - and, he was very helpful with my sister’s trust/estate. But I do want to search for others who have gone through this process.
Thanks!
