Hello everyone,
I have appreciated the comments and help from my previous post about estate planning. Since then, I have set up all of our assets with transfer on death beneficiaries to both of my children (one an adult, one to be an adult next summer). This includes our house, our stock/brokerage accounts, and checking/savings accounts. We have the wills, POA, Advanced Medical Directives, Living Wills, etc. I even set up a "death binder" and have everything in one place.
I am still unclear as to why I would set up a trust at this time or in the future. Are there tax savings advantages to setting up a trust and what would they be? What is the limit of dollars that a trust would protect?
I can see that a trust is good if there are very young children, perhaps, or worries about extended family members (spouses you don't like) or worries that your children are not responsible in handling the money.
It seems that as circumstances change a trust could be set up.
Thanks for pointing out anything that I may be missing here, and thanks again!
Jane
I have appreciated the comments and help from my previous post about estate planning. Since then, I have set up all of our assets with transfer on death beneficiaries to both of my children (one an adult, one to be an adult next summer). This includes our house, our stock/brokerage accounts, and checking/savings accounts. We have the wills, POA, Advanced Medical Directives, Living Wills, etc. I even set up a "death binder" and have everything in one place.
I am still unclear as to why I would set up a trust at this time or in the future. Are there tax savings advantages to setting up a trust and what would they be? What is the limit of dollars that a trust would protect?
I can see that a trust is good if there are very young children, perhaps, or worries about extended family members (spouses you don't like) or worries that your children are not responsible in handling the money.
It seems that as circumstances change a trust could be set up.
Thanks for pointing out anything that I may be missing here, and thanks again!
Jane