Who is your team of experts?

[dusk_to_dawn]

this board, diehards, and a CPA (that would be me)

 

[cute fuzzy bunny]

Just make sure you have the gain on the BS detector turned way up.

For the folks here on the board or the other guys?

 

[MooreBonds]

Moorebonds, at your age why in the world would you want a revocable living trust?

The same reason someone at any age would want a revocable living trust:

1) Avoid probate costs (current NW: $864k, so probate will start to be an issue).
2) Offer an ever-so-slightly increased amount of privacy with ownership of assets. Actually, now that I look at my checking account checks (I rarely use paper checks anymore), it merely says "[insert name], Trustee". It doesn't even say "trustee, for [insert name] Revocable Living Trust", so there can be a bit more privacy than I first realized.
3) An easy way to consolidate all of my holdings under one umbrella and title all of my assets in case of my untimely demise. While a will could do the same thing for my taxable accounts, I've learned that some brokers will let you list a revocable living trust as a beneficiary to your IRA and still allow it to have IRA rollovers to beneficiary IRAs instead of mandatory cash-outs...and changing one trust document with beneficiary information is easier than having to change beneficiary forms at all of my IRA accounts.
4) It allows for successor trustees in case I'm unable to make financial decisions.
5) It gives you more than the standard $100,000 FDIC/NCUA insurance if the CD is titled in the revocable trust (not an issue at the moment, but may be in the future)...presuming you have more than one beneficiary.
6) It allows me to pick a trustee that I know and trust to handle my estate (although, again...with a will, you could appoint a person to handle your affairs).

I wouldn't set one up without having valid reasons.

 

[Goonie]

The same reason someone at any age would want a revocable living trust:

1) Avoid probate costs (current NW: $864k, so probate will start to be an issue).
2) Offer an ever-so-slightly increased amount of privacy with ownership of assets. Actually, now that I look at my checking account checks (I rarely use paper checks anymore), it merely says "[insert name], Trustee". It doesn't even say "trustee, for [insert name] Revocable Living Trust", so there can be a bit more privacy than I first realized.
3) An easy way to consolidate all of my holdings under one umbrella and title all of my assets in case of my untimely demise. While a will could do the same thing for my taxable accounts, I've learned that some brokers will let you list a revocable living trust as a beneficiary to your IRA and still allow it to have IRA rollovers to beneficiary IRAs instead of mandatory cash-outs...and changing one trust document with beneficiary information is easier than having to change beneficiary forms at all of my IRA accounts.
4) It allows for successor trustees in case I'm unable to make financial decisions.
5) It gives you more than the standard $100,000 FDIC/NCUA insurance if the CD is titled in the revocable trust (not an issue at the moment, but may be in the future)...presuming you have more than one beneficiary.
6) It allows me to pick a trustee that I know and trust to handle my estate (although, again...with a will, you could appoint a person to handle your affairs).

I wouldn't set one up without having valid reasons.

Those are the same reasons that I had for setting up RLT's for my Mom, and for myself.

Goon 8)

 

[Jane_Doe]

Back to the op's thread ...........

DH & I have been self-employed for over 25 years, so we have an excellent CPA who keeps all those forms straight at tax time, an excellent BANKER (previously unmentioned by others but a very useful fellow!) who we can talk to locally at his office and get money within a couple of day doing little or no paperwork (it helps we have equity in real estate), and a lawyer who is good but currently ticking us off for being SLOW on something we need done.

Just thought you may want to add a good local banking institution to your mix.

Jane


On a side note - congrats, Peter, in accumulating such a nice stash at such a young age. I agree with the privacy factor on one's finances! 8)

 

[CybrMike]

CPA, law firm, banker, contractor, maintenance guy that can fix anything cheap.