SOCNET

Go Back   SOCNET: The Special Operations Community Network > General Topics > The Lounge

Reply
 
Thread Tools Display Modes
  #1  
Old 16 August 2019, 18:32
Atrax's Avatar
Atrax Atrax is offline
Confirmed User
 
Join Date: Sep 2005
Location: CONUS
Posts: 376
Revocable Trust

Has anyone self-established a revocable living trust? Is it something you really need a lawyer for, or is doing it yourself fairly straightforward?

Any personal experiences with setting one up, as well as any subsequent issues, would be much appreciated.
Reply With Quote
  #2  
Old 16 August 2019, 20:13
SteveEx SteveEx is offline
Confirmed User
 
Join Date: May 2012
Location: St. Louis Missouri USA
Posts: 178
Quote:
Originally Posted by Atrax View Post
Has anyone self-established a revocable living trust? Is it something you really need a lawyer for, or is doing it yourself fairly straightforward?

Any personal experiences with setting one up, as well as any subsequent issues, would be much appreciated.
Most issues in this sort of thing are found after the death of the person making the trust. I am assuming you are seeking to avoid probate and make some estate planning decisions. Frankly I am a lawyer and wouldn't do this myself.

Look if you think it is expensive to hire a lawyer to do it right consider how expensive it will be to get it fixed assuming it can be fixed.

A good lawyer will spend a lot to time with you to determine exactly what you want the trust to do and to make sure that the assets you want to go to the trust actually go there.
Reply With Quote
  #3  
Old 16 August 2019, 22:04
Janitor Janitor is offline
Ghey floor sweeper
 
Join Date: Oct 2012
Location: Bottom Feeding
Posts: 2,564
As with most things legal, it really depends on what you’re trying to accomplish. Tax-wise, the unified credit is now sufficient to eliminate most of the tax issues a normal person will face. Once you address the tax issues, a trust is simply a way of holding property.

That said, have an estate planning attorney set it up for you. Or send me a PM. I’ve helped a few members with theirs.
__________________
FKA Azatty
Reply With Quote
  #4  
Old 17 August 2019, 05:25
schibbs schibbs is offline
been ***** **** that
 
Join Date: Apr 2009
Location: Wisconsin
Posts: 1,516
I know all about Revocable trusts from watching PBS! Lillian Goldman and M. D'Agostino re-lie on them!
Reply With Quote
  #5  
Old 17 August 2019, 11:50
bobmueller bobmueller is offline
Did...did I do that?
 
Join Date: Feb 2015
Location: Green Country, Oklahoma
Posts: 1,934
We did one with an outfit specializing in such. Yeah, the basics seem pretty straight-forward, but the whole point was to make life easier for the kids when we croak, so I figured I was paying for the expertise.
__________________
This message is a natural product. The slight variations in spelling and grammar enhance its individual character and beauty and in no way are to be considered flaws or defects.
Reply With Quote
  #6  
Old 18 August 2019, 19:37
MacDuff's Avatar
MacDuff MacDuff is offline
Confirmed User
 
Join Date: Feb 2008
Location: Frankfort, KY
Posts: 872
As others have already said, definitely consider working with a professional. The trust by itself is one thing, you'll also have to deal with retitling all of your accounts and property to the trust.

I wouldn't say that it's impossible, but if you really need a revocable trust, you're better off paying the $5k or whatever the cost might be to have it done right. Your family will be dealing with plenty already; you don't want to add to that headache.
__________________
Drinking from a firehose...
Reply With Quote
  #7  
Old 18 August 2019, 19:56
TMH Medical TMH Medical is offline
Confirmed User
 
Join Date: Nov 2010
Location: Afghanistan
Posts: 57
Much agree...spend the money and do it right the first time. There is value and comfort in knowing your assets can be owned by a LLC in your home state or state of choice, then that LLC owned by a Delaware holding company, which then resides in a Nevada Trust...just sayin. Little up front cost, goes a very long way.
Reply With Quote
  #8  
Old 19 August 2019, 18:40
Atrax's Avatar
Atrax Atrax is offline
Confirmed User
 
Join Date: Sep 2005
Location: CONUS
Posts: 376
Appreciate all the input. I looked at using an LLC as well, but that can apparently have tax implications of some kind.

All said and done, I will likely just do it myself, as my situation is very uncomplicated. I'll probably end up using the Nolo software, and can report back if anyone is interested.
Reply With Quote
  #9  
Old 19 August 2019, 19:29
chokeu2's Avatar
chokeu2 chokeu2 is offline
Voodoo guru
 
Join Date: Sep 2002
Location: Atlanta
Posts: 2,563
Quote:
Originally Posted by SteveEx View Post
Most issues in this sort of thing are found after the death of the person making the trust. I am assuming you are seeking to avoid probate and make some estate planning decisions. Frankly I am a lawyer and wouldn't do this myself.

Look if you think it is expensive to hire a lawyer to do it right consider how expensive it will be to get it fixed assuming it can be fixed.

A good lawyer will spend a lot to time with you to determine exactly what you want the trust to do and to make sure that the assets you want to go to the trust actually go there.
You need to approach this exceedingly carefully.
Put your absolute trust in the executor warily. You can do this legally perfectly, and still lose everything. Speaking from fairly recent experience. everything
__________________
Latus iustus inferni ,Latus mallum coeli
Donum diaboli, Constatia angeli

"Let's make this weird", ~Mike2CW
Reply With Quote
  #10  
Old 20 August 2019, 11:10
Shark0311 Shark0311 is offline
Been There Done That
 
Join Date: Jun 2010
Location: IL
Posts: 840
Quote:
Originally Posted by Atrax View Post
Appreciate all the input. I looked at using an LLC as well, but that can apparently have tax implications of some kind.

All said and done, I will likely just do it myself, as my situation is very uncomplicated. I'll probably end up using the Nolo software, and can report back if anyone is interested.
Look for a bank with the word "trust" in the name. They'll be able to establish one for you and discuss the in's and out's without charging you for their time.
Reply With Quote
  #11  
Old 20 August 2019, 16:50
Silverbullet's Avatar
Silverbullet Silverbullet is offline
Administrator
 
Join Date: Aug 2000
Location: Bunker
Posts: 15,877
Buy this book and follow exactly what he teaches.

I've used it to great success.

Make your Own Living Trust by Clifford Denis
Reply With Quote
  #12  
Old 20 August 2019, 17:09
Gunk's Avatar
Gunk Gunk is offline
Confirmed User
 
Join Date: Dec 2014
Location: Montana
Posts: 638
I've got all our assets in a series of trusts. It was done by an attorney who specialized in this sort of thing. The principle objective is to deliver assets to our children when we are gone. It provides good protection and streamlines the process. Additonally, it addresss some tax issues.
I know you can do it yourself but I just didn't have the time.
Reply With Quote
  #13  
Old 21 August 2019, 18:21
Atrax's Avatar
Atrax Atrax is offline
Confirmed User
 
Join Date: Sep 2005
Location: CONUS
Posts: 376
Quote:
Originally Posted by Silverbullet View Post
Buy this book and follow exactly what he teaches.

I've used it to great success.

Make your Own Living Trust by Clifford Denis
10-4, I'm looking into it now. It seems as though his book is a product of Nolo, which is who makes the software I'm planning on using. There appear to be some differences in the products, but I'm hoping the software will streamline the process a bit.
Reply With Quote
  #14  
Old 4 September 2019, 19:48
Atrax's Avatar
Atrax Atrax is offline
Confirmed User
 
Join Date: Sep 2005
Location: CONUS
Posts: 376
Quick update: The Nolo software wasn't great, mostly as it lacked specificity. I.E. the software wouldn't allow you to change the name of the trust, or state that your current state of residence is not the one where the property you're entering into the trust is located.

I'm going the lawyer route this time, but will likely use the book recommended by SB after this.
Reply With Quote
  #15  
Old 5 September 2019, 12:59
yrot yrot is offline
Registered User
 
Join Date: Sep 2019
Location: Odessa, Texas
Posts: 46
Thumbs up

Quote:
Originally Posted by chokeu2 View Post
You need to approach this exceedingly carefully.
Put your absolute trust in the executor warily. You can do this legally perfectly, and still lose everything. Speaking from fairly recent experience. everything
Words of wisdom.

I'm the executor of Dad's estate and am in a position where I could literally steal everything of his, including his home, while he's still alive. Not that I would ever steal one penny from him or that he has even the slightness reason not to completely trust me. But only God knows whether I will suffer a TBI in the near future and go completely bat-shit crazy.

Be very wary, even when you have someone you know you can trust.
Reply With Quote
  #16  
Old 5 September 2019, 14:34
SteveEx SteveEx is offline
Confirmed User
 
Join Date: May 2012
Location: St. Louis Missouri USA
Posts: 178
Perhaps not exactly on topic but I was talking to a probate lawyer I know a couple days ago. He complained to me that two wills for estates he represented had both been refused by the court in the last month. Both wills had been downloaded from a popular legal website that will remain unnamed.

In both of those cases the estates will now have to go through the full probate process and as intestate. In other words the assets will be divided up as the statues say instead of how the deceased wanted it. The moral of the story is that one size fits all documents rarely fit anyone.
Reply With Quote
  #17  
Old 5 September 2019, 14:39
Silverbullet's Avatar
Silverbullet Silverbullet is offline
Administrator
 
Join Date: Aug 2000
Location: Bunker
Posts: 15,877
Read the book. It explains all this.
Reply With Quote
Reply

Thread Tools
Display Modes

Our new posting rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On



All times are GMT -4. The time now is 07:51.
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2019, vBulletin Solutions Inc.
Socnet.com All Rights Reserved
SOCNET 1996-2018