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Thread: Anyone have experience with revocable trusts?

  1. #1

    Anyone have experience with revocable trusts?

    My wife and I are redoing our wills and considering going to a revocable trust. I would be interesting hearing from anyone who has experience with there trusts and any suggestions they have.
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  2. #2
    I know of trusts. What are you trying to accomplish by switching? What's your purpose.

  3. #3
    The RLT, Revocable Living Trust will avoid probate of those assets you have transferred to the trust, keep your affairs private, and ensure that your assets are managed for your benefit if you become mentally incapacitated.

    Key documents for estate planning with the RLT are the RLT, pour-over will (for those asets you don't put into the RLT), durable power of attorney (or variants), healthcare power of attorney, and living will or advance directive which conveys your wishes for life prolonging medical treatments.

    Assets in the RLT are countable resources when trying to qualify for Medicaid.

    Good resource: http://www.elderlawanswers.com/

    All the best,
    GJ

  4. #4
    Super Moderator Sue Pendleton's Avatar
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    I am watching a Suze Orman show on PBS during their funding season. It seems in California your descendents in a will can be really screwed by probate costs even if you have no money. Her example was a mother in CA dies and her will leaves her $200,000 house with no equity to Suze. It costs about $1,000 to file probate in CA. Then to get Suze's name on the house title because Suze can't sign it is a set probate rate in CA that runs $10,300.00.

    I love Suze's Saturday night show. But her 4 things everyone must have is a will, a LRT, an advance directive and a POA for healthcare. Now she doesn't go into it but some may need to discuss irrevocable trusts under certain circumstances but that is something a financial advisor at a bank or other business like it such as an Edward Jones type place can help you decide on. I know some people who have bought some of Suze Orman's CDs for what they need and saved on costs by doing most of the paperwork themselves. I think you can order the 4 most important documents CD on her web site instead of PBS. It also gives you the ability to change things without seeing an attorney each time. And she does include all sorts of new things so whether you have kids or not, are gay and are getting married and almost every other thing is thought of including disabilities whether your own or a child's. If you have a disabled child you probably want to discuss an irrevocable trust with a trust attorney and not head to the DIY financial advice.
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    Disclaimer: Answers, suggestions, and/or comments do not constitute medical advice expressed or implied and are based solely on my experiences as a SCI patient. Please consult your attending physician for medical advise and treatment. In the event of a medical emergency please call 911.

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