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Anyone have experience with QPRT?

By CL   Jun 19, 9:52am   3 links   404 views   6 comments   watch (1)   quote      

Are they expensive? Any opinions pro or con regarding their efficacy, impact or anything?

Thanks!
#housing #investing #estate #trusts

Comments 1-6 of 6     Last »

1   BayAreaObserver   Jul 2, 4:16pm     ↑ like (1)   ↓ dislike   quote    

@CL - forgot about this post. Not sure how much just doing the trust would run but my entire estate plan with putting the property in trust, medical crapola and other legal stuff ran $2,500 but then I saved quite a bit since I had a detailed trust from back in California I was able to reuse with modest amendments.

Just going on my own experience I am guessing at a safe figure of between 1 and 2K, probably good to get a couple of quotes or ball parks from a couple of different sources as well as a sit down to see what they offer, and all that. There were filing fees when I changed the title of the house into the trust and some other miscellaneous fees I had to reimburse the attorney's office for when they did the filing or whatever.

2   CL   Jul 2, 4:45pm     ↑ like   ↓ dislike   quote    

@BayAreaObserver

Thank you very much! That's very kind of you to remember, as well as to provide that information. I appreciate it.

Is the kind of trust you did QPRT? I kind of guesstimated it would be 2k or less, but there seem to be a variety of options, revocable or irrevocable for example , that seem to be impactful.

3   BayAreaObserver   Jul 2, 5:14pm     ↑ like (1)   ↓ dislike   quote    

@CL - The house has been placed in a trust within a trust so to speak. I do not think it is exactly a QPRT but the house is no longer in my name but in the name of the trust along with a lot of other things.

The largest single portion of the entire estate plan was the trust itself which as I indicated I already had. Not sure if this has to do with Indiana law but there is also a "keystone trust" involved. The entire package is in a 3 ring binder and covers medical and legal for anything and everything and basically when something goes wrong (illness, death, mental impairment etc.) the trustee only has to make one call to the attorney office and they will set the wheels into motion for whatever is needed. This was all done for ease of use and also to make sure the trustee and beneficiaries are protected from themselves. Yes, if for some reason the existing attorney were to go out of business - that has also been addressed.

It's a fairly comprehensive setup and yes, everyone should have one or something similar even if there are not huge sums of money involved. Too many families get torn apart fighting over financial items and disposition of assets especially property etc.

All that being said you are probably safe to go right in the middle with 1.5K as a starting point. Again - interview a couple of offices that specialize in estate planning and see what their approach is. Better to spend the time up front and any consultation fee (usually it is no cost) before deciding on one firm or person over another.

They can advise on revocable or irrevocable depending on your personal situation. If you get radically differing opinions between two office interviews/consultations - best to go for a third to try and find out why.

Sorry I could not be more help more but I am not the person to help you with the various options not being an attorney. I listened, took notes, went back and asked more questions etc. before being comfortable to make a decision. You may be able to move faster. Good luck on this.

4   BayAreaObserver   Jul 2, 5:25pm     ↑ like (1)   ↓ dislike   quote    

@CL - almost forgot. You may end up also having to do a visit with a reputable accountant as well depending what your overall plans are for the property in question since the legal office may or may not have someone qualified to advise in that capacity.

Since I move at turtle speed on things like this, it took me about a year but I meet, ponder, meet again with more questions, ponder etc. - hopefully you can move faster than I do.

Later...

5   CL   Jul 2, 6:25pm     ↑ like   ↓ dislike   quote    

I disagree! You've been very helpful! ;)

I move similarly to you, if I have my druthers. I think the mortgage terms and some other issues will force my hand earlier on this.

It won't be the end of the world either way. I could use a Trust in lieu of the will and POAs, I suppose too. Knowing the costs helps a lot because it lets me move forward with less trepidation. A couple grand doesn't seem too terrible.

Thanks again!

6   HEY YOU   Jul 2, 9:45pm     ↑ like   ↓ dislike   quote    

What kind of trust would one recommend for those "That ain't got Shit"?

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