Originally Posted by Ginnybugs (Post 2243252)

It seems the Elder Law meeting you mentioned would be a good way to be educated before getting into it. Which library is it held? Do you know dates/times? Thank you!

Originally Posted by Ginnybugs (Post 2243021)

Looking for an attorney near or in The Villages who is good at creating a family trust, and charges a reasonable fee. Please email me at nc-mtns@att.net.
Thank you!

Originally Posted by retiredguy123 (Post 2243303)

Amy Pittman is a good estate attorney. She prepared my will.

Attorneys love trusts, but trusts are overrated. Unless you have a complicated estate, there are other inexpensive and easy ways to avoid probate than creating a trust. My assets are all held in accounts that have beneficiaries that are payable on death. No need for a trust or probate. Most retirees can do the same thing.

Originally Posted by Bilyclub (Post 2243307)

What about the house ?

Originally Posted by Royaloil (Post 2243313)

My friend had a clause "if any children sue they recieve nothing" does this sound real?

Originally Posted by manaboutown (Post 2243323)

I would interview at least three attorneys as hereinabove mentioned. I would also educate myself as much as possible. Those library seminars sound like a good start! People's needs vary. Some only need simple transfer on death accounts and perhaps a Lady Bird deed. Others may need only a simple will. Yet others could require multiple legal documents due to extensive and/or complex financial interests, beneficiaries incapable of managing money, estate tax minimization and other factors.

Trusts can be quite beneficial for many reasons: protection from creditors of the beneficiaries through a spendthrift provision (a beneficiary could go bankrupt yet not lose a dime of trust funds.), protection from financial loss due to liability lawsuits and from greedy ex-spouses-to-be in the event of divorce. If a beneficiary qualifies for or is on disability or perhaps public assistance a properly drafted trust can be used to provide the beneficiary with additional income without the trust being considered an asset of the beneficiary in order to deny or diminish their entitlement.

Another reason to have a trust is to assure one's assets go to one's own issue. I have heard of cases where an individual inherited money then at some point died, perhaps intestate, and the money went to his/her spouse and eventually that spouse's children from a another spouse.

Originally Posted by retiredguy123 (Post 2243331)

I partially agree. But, I would not want to protect my beneficiaries from their creditors.

Originally Posted by Royaloil (Post 2243313)

My friend had a clause "if any children sue they recieve nothing" does this sound real?

Originally Posted by Royaloil (Post 2243313)

My friend had a clause "if any children sue they recieve nothing" does this sound real?

Originally Posted by Ginnybugs (Post 2243252)

It seems the Elder Law meeting you mentioned would be a good way to be educated before getting into it. Which library is it held? Do you know dates/times? Thank you!

Originally Posted by retiredguy123 (Post 2243315)

A ladybird deed will allow you to designate a beneficiary that will automatically transfer ownership to the house upon death. It will not affect your ownership rights or the ability to sell the house while you are alive.

Originally Posted by JGibson (Post 2243507)

How do you get a ladybird deed? Do you have any further information on this? Thanks.

Originally Posted by retiredguy123 (Post 2243519)

You can hire a title company, who does house closings, to prepare and record a new deed for your house. It should cost a few hundred dollars for a new deed. I have heard that some people do it themselves with an online form, and then record the deed at the county office, but I would NOT recommend doing it that way.

If you have an attorney, it would be a good idea to discuss it with them before getting the new deed. The attorney can probably process it for you, but I would get a fixed price before allowing an attorney to do it.