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2
clambo
2022 Jan 29, 7:26am
I can tell the story of my father, but the circumstances were different.
He sold his house and moved to Florida so he had financial assets and the contents of his condo.
His previous will, trust, etc. cost him $6000 bucks and he told me he wanted to change things since his deceased wife (not my mother) had made a lot of decisions and now he was going to take charge again.
See lawyers again? He didn’t like the idea.
He also didn’t like having a “financial adviser” skimming 1% of his net worth. (Adviser=friend of wife’s granddaughter’s husband=previous FINRA fines)
He didn’t know how to proceed.
No sweat,
1. Transfer in kind assets from Morgan Stanley to Vanguard.
2. Registration of accounts in his name, not a trust.
3. TOD=Transfer on Death form to name his beneficiaries.
4. Agent=name me his agent at Vanguard so I can get him money even if he’s incapacitated and unable to request it himself.
Changing ownership of his car was easy of course.
My older brother is nuts about antiques so I didn’t fight over the other stuff.
The bitch about a will is you pay a lawyer to get a judge to agree it’s real; it’s called probate.
A typical “retainer”=payment up front to a lawyer is $3000 bucks.
He sold his house and moved to Florida so he had financial assets and the contents of his condo.
His previous will, trust, etc. cost him $6000 bucks and he told me he wanted to change things since his deceased wife (not my mother) had made a lot of decisions and now he was going to take charge again.
See lawyers again? He didn’t like the idea.
He also didn’t like having a “financial adviser” skimming 1% of his net worth. (Adviser=friend of wife’s granddaughter’s husband=previous FINRA fines)
He didn’t know how to proceed.
No sweat,
1. Transfer in kind assets from Morgan Stanley to Vanguard.
2. Registration of accounts in his name, not a trust.
3. TOD=Transfer on Death form to name his beneficiaries.
4. Agent=name me his agent at Vanguard so I can get him money even if he’s incapacitated and unable to request it himself.
Changing ownership of his car was easy of course.
My older brother is nuts about antiques so I didn’t fight over the other stuff.
The bitch about a will is you pay a lawyer to get a judge to agree it’s real; it’s called probate.
A typical “retainer”=payment up front to a lawyer is $3000 bucks.
4
mell
2022 Jan 29, 9:11am
clambo says
Agreed just use equities and it costs you nothing. Even for houses in most countries you can put in beneficiaries for next to nothing.
I can tell the story of my father, but the circumstances were different.
He sold his house and moved to Florida so he had financial assets and the contents of his condo.
His previous will, trust, etc. cost him $6000 bucks and he told me he wanted to change things since his deceased wife (not my mother) had made a lot of decisions and now he was going to take charge again.
See lawyers again? He didn’t like the idea.
He also didn’t like having a “financial adviser” skimming 1% of his net worth. (Adviser=friend of wife’s granddaughter’s husband=previous FINRA fines)
He didn’t know how to proceed.
No sweat,
1. Transfer in kind assets from Morgan Stanley to Vanguard.
2. Registration of accounts in his name, not a trust.
3. TOD=Transfer on Death form to name his beneficiaries.
4. Agent=name me his agent at Vanguard so I can get him money even if he’s incapacitated and unable to request it himself.
Changing ownership of his car was ea...
Agreed just use equities and it costs you nothing. Even for houses in most countries you can put in beneficiaries for next to nothing.
5
RWSGFY
2022 Jan 29, 11:17am
RWSGFY
2022 Jan 29, 11:17am
Onvacation says
Touche!
ohomen171 saysIt Is Very Important To Have A Will
Especially if you plan on continuing the boosters.
Touche!
6
TheAntiPanicanLearingCenter
2022 Jan 29, 11:38am
TheAntiPanicanLearingCenter
2022 Jan 29, 11:38am
The West Coast has the Methheads
When they flip out I get scared
Nacreous skin and Peeling Flesh
Too many tattoos and purple haired
Ohhh
I wish they all won't be California Girrrrrllls...
When they flip out I get scared
Nacreous skin and Peeling Flesh
Too many tattoos and purple haired
Ohhh
I wish they all won't be California Girrrrrllls...
7
Tenpoundbass
2022 Jan 29, 12:16pm
Tenpoundbass
2022 Jan 29, 12:16pm
I think it's more important for Siblings to get along, and don't get caught up in petty one-upmanship and seeing each other as competitor. They should be taught work together to achieve common goals early on. So many parent raise their kids to be petty vindictive assholes to each other. I'm always shocked at people who are estranged from their siblings over arguments. I'm not talking about Black sheep here, that either their siblings want nothing to do with them, because the black sheep is a screw up that has battled addiction and the legal system all of his life. That's a parenting failure too, but not for the same reason as raising siblings that need their parents to leave them a will. Parents love all of their children unconditionally. If you leave a will, then one or the other, will always feel slighted that one got more than the other.
Get along with your siblings, and if you're lucky enough to have a parent, that can leave you anything, the Liberal Progressive Taxes hasn't already stolen from them.
Then dibby it up, or sell it and dibby it up.
Get along with your siblings, and if you're lucky enough to have a parent, that can leave you anything, the Liberal Progressive Taxes hasn't already stolen from them.
Then dibby it up, or sell it and dibby it up.
Yesterday with the help of Dan Miller and Bay CPA, I helped a dear friend to set up her estate plan. One does not need a fancy law firm with a $10,000 to $20,000 US legal fee. In the US, one can go to www.legalzoom.com. They will help you with the paperwork that you need at a very low price.
I recommended the following documents for my friend:
1) A Will
2)A Power of Attorney allowing someone to take over and do things if she became disabled, mentally incompetent, or died.
3)A Health Care Directive (In the event that one is brain dead and being kept alive by an artificial machine, this allows your relatives to give instructions to turn off the machine and allow you to die.
4)A Pet Care Directive that leaves instructions for the care of your pets.
5)A change in the title to your house or apartment from a title in your name to A Revocable Property Trust (State of California) in your name. This will save you a legal bill of up to $22,000 that would result if you had to go to probate court. This change can be made without increasing your property taxes.
6) An LLC (limited liability corporation) or Subchapter-S Corporation is set up to allow you to achieve more lawful tax deductions.