I'm trying to help/prod my parents (P1 is receptive and forthcoming if not highly motivated) to get their affairs in order. I'm the sibling most willing and "qualified" to do the administrative work and it will be no doubt the worst time of my life so I want to make it as easy on future me as possible. Currently I am listed as the executor of their last will from the 1990s -to include living wills.
I value any comments but specifically, will value informed opinions and especially links to reputable resources (I've done a bit of my own research but so much chaff out there on these topics):
1: Recommendations for an attorney in Virginia (ideally Tidewater area) for estate/elderly law or reputable referral/rating service that's not just promotional garbage. I'm hoping to have a plan and appointment with a vetted attorney and will visit and help P1 get things set up.
2: Thoughts on Trust vs Wills/POA (I'm really leaning towards a trust given condition of P2 and potential for elder abuse if P1 passes first although low exposure -not online, stays at home but lots of horror stories out there)
3: Anything I, or they, can do to make things easier.
Situation:
Estate is probably $1.5-3M liquid plus ~$500K house.
P1: 80, pretty good health but noticing some decline
P2: 79, Alzheimer diagnosis, noticeable decline; would not be able to live alone at this point IMO but not declared incompetent/no legal restrictions
P1: Pension/SS with survivor benefits. Most assets jointly held.
P2: Has some not insignificant assets in name only (mix of good and bad MF and individual stocks inherited over the years).
Record keeping is spotty, have been trying to get cost basis for the bad MFs to liquidate, most have had decades of reinvesting and mergers/splits to make things messy. -Worst case wait till step up basis.
Both have LTC insurance, not sure of the details but have declined some of the inflation increases to keep premiums "reasonable".
No family drama and none expected with the intention to split estate evenly to children upon passing of second. -I know it will be stressful and there might be some minor bickering but we are all established with good values and get along so there is nothing foreseeable we would fight over.
Pre-approval for burial in National Cemetery but no prearranged funeral.
My current thought is to get everything in a revocable trust (or with the trust as beneficiary) with P1 as the Trustee and me to take over as Trustee to manage the trust for P2's benefit until death if P1 passes first.
Appreciate your thoughts/experiences/advice! Thank you.
I value any comments but specifically, will value informed opinions and especially links to reputable resources (I've done a bit of my own research but so much chaff out there on these topics):
1: Recommendations for an attorney in Virginia (ideally Tidewater area) for estate/elderly law or reputable referral/rating service that's not just promotional garbage. I'm hoping to have a plan and appointment with a vetted attorney and will visit and help P1 get things set up.
2: Thoughts on Trust vs Wills/POA (I'm really leaning towards a trust given condition of P2 and potential for elder abuse if P1 passes first although low exposure -not online, stays at home but lots of horror stories out there)
3: Anything I, or they, can do to make things easier.
Situation:
Estate is probably $1.5-3M liquid plus ~$500K house.
P1: 80, pretty good health but noticing some decline
P2: 79, Alzheimer diagnosis, noticeable decline; would not be able to live alone at this point IMO but not declared incompetent/no legal restrictions
P1: Pension/SS with survivor benefits. Most assets jointly held.
P2: Has some not insignificant assets in name only (mix of good and bad MF and individual stocks inherited over the years).
Record keeping is spotty, have been trying to get cost basis for the bad MFs to liquidate, most have had decades of reinvesting and mergers/splits to make things messy. -Worst case wait till step up basis.
Both have LTC insurance, not sure of the details but have declined some of the inflation increases to keep premiums "reasonable".
No family drama and none expected with the intention to split estate evenly to children upon passing of second. -I know it will be stressful and there might be some minor bickering but we are all established with good values and get along so there is nothing foreseeable we would fight over.
Pre-approval for burial in National Cemetery but no prearranged funeral.
My current thought is to get everything in a revocable trust (or with the trust as beneficiary) with P1 as the Trustee and me to take over as Trustee to manage the trust for P2's benefit until death if P1 passes first.
Appreciate your thoughts/experiences/advice! Thank you.