In Gold We Trust--Inheritance - Coin Community Forum

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Author	Replies: 4 / Views: 1,079
biggfredd Rest in Peace United States 9104 Posts	Posted 08/08/2011 6:34 pm Quote: Maybe it could be done without the probate lawyers and gubment taking half of it too. Since may posters talk about handing down the PM and coin collections, it makes sense to plan now. Wills (or intestate, which is a "we'll decide for you" will) is the common way property passes. Many lawyers push for a will, because if their name is on it, they get a % of the value of the estate, even though they'll do next to nothing. For many of them, wills are their retirement income. Even for relatively small estates, you're better off putting your assets in a trust. Instead of months or years of probate and a lawyer getting $6000 of a $100,000 estate up front, you are the trustee of My Trust, set up to provide for yourself and your children (or whatever). When you die, the trustee becomes whoever you named to take care of matters afterward. A safe deposit box is owned by the trust, so it doesn't matter if you die. While you're alive, tho, you have control over it. Setting up a trust is not a do-it-yourself project, though you will want to have a good idea what you want protected. You will need a specialist lawyer, and it might cost a couple grand to set up right. Report this Post to the Staff

trdhrdr007 Pillar of the Community United States 2335 Posts	Posted 08/08/2011 8:00 pm All ya'll must be a heck of a lot wealtheir than I am. Under current tax law you are exempt from federal estate taxes on the first $5 million. That changes to $1 million in 2013. (un)Fortunately I don't have to worry about either one. Report this Post to the Staff
southsav Pillar of the Community 2224 Posts	Posted 08/08/2011 8:34 pm So those web sites santioned by various Attorney Generals of the States showing consumers what legal documents they can download and use may not stand up when you die? Report this Post to the Staff
biggfredd Rest in Peace United States 9104 Posts	Posted 08/09/2011 03:12 am Quote: So those web sites santioned by various Attorney Generals of the States showing consumers what legal documents they can download and use may not stand up when you die? Simple question: When do you plan to find out? When you're gone, it's a little too late. I dunno, and don't pretend to give legal advice. I doubt every AG of every state has had the time to look over every document on such sites. As 007 points out, things can change from year to year. I can tell you I've seen all sorts of delays and problems with inheritances. For example, person dies, leaves an uncontested will, names an executor. Until the court approves, which can be a year, the executor can't do anything with estate funds. It's not just federal inheritance, either. Everyone down the line has their hand out, and as the economy gets worse, you'll see more of that (hey, the person being taxed can't complain, right?) Report this Post to the Staff
Ed_B Pillar of the Community United States 4008 Posts	Posted 08/09/2011 5:57 pm Yet another reason why it is good to live in Washington State. Here, probate is optional and not required. In a few cases, probate is desirable. In most cases, it isn't. Fortunately, even when chosen, it is a streamlined process that does not take a huge amount of time or money. When my wife's Mom passed in 2009, we opted not to probate her Will. We did have to file her Will with the local superior court but that was all. We had 2 certified copies of the Will made and several certified copies of the death certificate made so that we could complete all the business of transferring Mom's assets into my wife's name. It helped a lot that my wife was the only heir, was listed on all accounts, and was also the executrix. The bills and taxes got paid, there were no other creditors, and no real estate was involved. It all worked out very well, in financial terms anyway. I'm well aware that this is not the case in most jurisdictions and that probate can be a right royal pain in the neck in most places. In those places, I agree that it is best avoided, if at all possible. Report this Post to the Staff
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