Posted by JMS/.MN on March 12, 2012 at 17:18:03 from (209.237.107.155):
In Reply to: Ot post: wills posted by JayinNY on March 12, 2012 at 16:43:53:
I"ve had a Will since I was in Army Special Forces, mid 60s. Very obvious need then, even being single. It is the best thing you can do in your life, and death. Actually, you have a Will, but your State wrote it. If you want control over your assets, upon your death, you need a Will. Mrs and I made new ones after marriage and starting farming in the 70s. Big issue now is....size of your estate and estate tax laws. Now, if you have a couple hundred acres of land, with present estate laws, you have an inheritance tax issue that needs to be recognized and addressed. Fewer acres, other assets, same issue when it reaches the target level for tax impact. A year ago, Congress passed a two-year extension of estate tax issue (Bush tax cuts). It will be revisited, or tax rate goes back to 55% of estate value. A year ago we created a family trust (actually 2- one for me and one for mrs). Delineates how everything passes to the surviving spouse, then the 6 kids, and their survivors, if that is the case. Also protects family interests from a surviving in-law. Cost about 2 grand but protects all interests, ELIMINATES probate- where ANYONE can put in a claim to the estate. Also includes my plan for bidding for all my hobby stuff, tools, equipment, etc. Look into establishing a TRUST. Revocable trust, you can change as things change. Irrevocable trust- it is set in stone. Really rich people put some in an irrevocable trust- leave it to charities, etc., and use a revocable trust to pass things to their family members. The good thing about this- you are thinking about it now, are concerned, and want options.
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