[ronwinger]

That is exactly what we were advised by an Estate Attorney. To simply everything. We went to the banks and placed our children as beneficiaries... after we both pass. We did the same with our home. We have complete control of everything until we are both gone. I can not think of what the procedure or forms are called. You go the bank set down and they fill out the forms. Our Estate Attorney made out the papers for our home. Had it recorded and done.

[Karmanng]

Originally Posted by FL2021

For accounts such as 401k, IRA, Roth, etc., we received a mixed advice from our legal and financial services as to whether our children or the Revocable Trust should be named as the secondary beneficiary (after spouse being the primary).

For those of you who have already walked this path, is there a simple answer to this?... or perhaps there are pros & cons to either one? e g., difference in tax implications?

REVOCABLE always as if you dont you cant change ANYTHING after its done.....It should always go to the spouse that is left and then whoever after..........my parents had is set for spouse next in line and then it was me.......NO issues No probate.........you better make sure you do your research befroe signing.......also go on Suzie Orman site she is good at explaining things without the legalities of words

[NavyVet]

Originally Posted by Babubhat

Look into creating a 501c3 if the amounts are worthwhile. All of The wealthy use this planning device. The IRS pays no scrutiny if you execute it properly.

Just curious: What would be considered a worthwhile amount to consider creating a 501c3?

[SusanStCatherine]

Pay for professional legal and financial advice for your specific situation.

You can't put qualified money in a trust. Out of state real estate is good in a trust. Lots to consider.

[Worldseries27]

I'm available

[Villages Kahuna]

Whatever you do don’t designate joint trustees to settle your estate. Often the holders of your assets will require all but one of your Trustees to resign, so as to have only one person managing the settlement. As hard as it might be to choose one of your children to control the settlement, do it. You will not be doing your children a favor by making them all joint Trustees.

[retiredguy123]

Originally Posted by Villages Kahuna

Whatever you do don’t designate joint trustees to settle your estate. Often the holders of your assets will require all but one of your Trustees to resign, so as to have only one person managing the settlement. As hard as it might be to choose one of your children to control the settlement, do it. You will not be doing your children a favor by making them all joint Trustees.

Also, don't set up joint ownership of real estate. Rather, direct that the house be sold and the proceeds be distributed.

I once knew a woman and her brother who had joint ownership (tenants in common) of a house and they argued for years about what to do with it. Finally, he sold his share to a family, and the family moved into it. So, the sister became a joint owner with a family who she didn't know. She could not evict them or sell the house because they owned half interest in the house.

[Jazzman]

Originally Posted by FL2021

For accounts such as 401k, IRA, Roth, etc., we received a mixed advice from our legal and financial services as to whether our children or the Revocable Trust should be named as the secondary beneficiary (after spouse being the primary).

For those of you who have already walked this path, is there a simple answer to this?... or perhaps there are pros & cons to either one? e g., difference in tax implications?

Our attorney who specializes in elder law as well as trusts, etc. and who is also a CPA, informed us to leave any 401k, IRA out of any established trust and name a beneficiary or beneficiaries. The reason is specific to taxes which I won’t get into the weeds about. Our financial advisor ho is also a CPA concurred. The laws change and get very little press

[main12use]

Originally Posted by Inspector Mark

If the money goes to the trust then that money would need to be used to payoff your debts. If you end up with high medical bills or other debts then the amount of money that would pass to your heirs would be reduced. If you pass the IRA, Roth, life insurance etc accounts directly to your kids or whoever then that money would pass directly to them in full.

Also do not forget to add per Stirpes if your child passes and you want their children to get their share! If not their share goes to the other siblings.

[MidWestIA]

I had a trust but in tax training found out there is a max tax rate people can get to but if you leave in a trust it gets there way faster. I dumped my trust