Series: Some basics ~ Trusts and Wills

Every year I assist folks in the ‘trust/ will/ estate’ conversation. It’s a ‘before/ during/ after’ situation that can change quickly. Taxation (filings/setup), real estate holdings (transfers & Anibal Group LLC elder care assistanceliquidations), and forensics (planning, investigating, or court professional witness) are all part of these conversations. Timing plays a critical role, and the sooner the better.
Many don’t know there was/is a fiduciary tax return to file. Others, think they are doing well to transfer deeds prior to death, but then leave family complications or large tax bills behind. Sadly, many families have ‘something seems strange’ situations where the numbers don’t seem to add up.
This chart shows some of the major differences between a Will and a Trust:
Tool allow: Will Trust
Name beneficiaries ? yes yes
Name guardians? yes no
Leave property to my children? yes yes
Avoid probate? no yes
Make changes? yes yes
Keep document private? no yes
Appoint someone to execute it? yes yes
Leave final wishes? yes no

What now? Please solicit advice from multiple sources based on various areas of Anibal Group retiree assistancespecialization….e.g.:

  • professional insurance/
  • legal/
  • tax/
  • financial planner/
  • lender/
  • realty broker/
  • and even a spiritual advisor. Yes, even your pastor will have great insights to share re: what the rest of us professional see ‘after the fact’. I can’t stress this enough, virtually every family has ‘issues’ when $’s and control come to play.  Many client families I’d never dreamed would have had disagreements have family splits, even when little to nothing was left to disagree over.

Well the key word is ‘now’. Advice & planning is worthless after someone becomes feedback_todo_checklistincapable of handling their affairs, or passes. Review your strategies and go forward. Later, the complexity and expense – financial and emotional – will grow exponentially!

Don’t know where to start? Do the clerical work. Don’t know where that starts? Contact me for assistance.

Our approach will be looking at the bigger picture. ( See our site) You can also begin by sharing you’re thoughts, dreams, needs, goals, and comfort parameters.

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Year-end tip(s):  Update your Assets spreadsheet. Keep a draft of your Trust/ Will documents on a google drive format for easy sharing with your insurance/ legal/ and tax counselors.

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