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FarmerShell

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Why would a neighbor have any standing to contest a Will?

As I said above, I am not a big fan of trusts for Estate Planning, but I am not an estate planning attorney or a tax specialist. For most people, trusts are not needed.

I had a neighbor that was very wealthy (just an old dirt farmer that created a way to purify ceramics in his barn...we are talking lots of millions in assets). Great salt-of-the-earth guy, but he listened to too many people and got all of his assets tied up in Trusts. Instead of his farm going to his kids, it was sold at a Federal Tax Auction because his lawyers and accountants tried to be too cute with tax avoidance using trusts.

I'm sorry I just cracked up!! I don't think he meant literally your neighbors just anybody in general. I don't think anybody would want to contest our will. 😆 We don't have much material stuff and things most important is 2 children.
We could put our stuff in their names but being they are minors that won't work.
We have an attorney drawing up a will. If we both pass before they turned 18 who we want them to go to any money would be put in a trust they would get it at 18 and 25. Along with continuing education. None the farm, farm equipment, or tools should be sold.... I don't know. What you do or plan. I plan to live until at least 88 years old if not 90. Just in case plan A fails need a plan B. 😉😁 I may let my old man pass late 80's. 🤣😍 by then he may caught up on all his projects. Hahaha who am I kidding. ☺😍
 
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FarmerShell

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A few million, Uncle Kenny is that you?😂
Hahaha I bet you would. My few million wouldn't mean anything to you.





ssttery, we have no children but we do have kin we want to have certain things. Whats your thoughts on life estates for land?


Uncle Kenny shoooooot 64 yep I'm pretty sure your old enough to be my dad. 😆🤣😂🤷🏽‍♀️🤡

Seriously leave it to somebody you love, a church, organization, school club FFA, nuns priest, hunters club,ect. Anything you may like an support. Homeless, boy scouts, camp KOA, cattle something ect.
 

sstterry

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ssttery, we have no children but we do have kin we want to have certain things. Whats your thoughts on life estates for land?
A lot depends on age and health Kenny. Given your circumstance and assuming you have no desire to ever sell your real property, and further assuming that if something happened to you that you would not want your wife to be able to sell the land, then I have no problem with deeding property away and retaining a life estate. I actually recommend this a lot to older folks that want to leave things to their kids that have no intention of moving or ever selling their property (this is one way that probate can be avoided for some people).

Normally this comes up in the context of people older than you that face the potential of a nursing home at some point in their future. That is too long to get into in a post on the internet but as a "general rule" the Medicaid recovery lookback period is 60 months. I believe California is 30 months, but the rest of the states are 60.

So to answer your question, in some circumstances, it can be a good thing (you still need a Will for the personal property though). Just remember that a Will can be changed in the future, a Deed cannot.
 
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skyhightree1

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But not when they are young, I know her kid's approximate ages and they are way too young for that type of planning. At a much older age, sometimes yes. But they still need Wills as a fall-back for things left behind that have not been gifted. Also, if someone chooses the gift-planning route, they need to talk to a tax professional regarding gift limitations, taxes, and also the benefit of the "basis reset for tax purposes for inherited property."
Btw I wasn't making fun of your profession
 

TCRanch

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Why would a neighbor have any standing to contest a Will?

As I said above, I am not a big fan of trusts for Estate Planning, but I am not an estate planning attorney or a tax specialist. For most people, trusts are not needed.

I had a neighbor that was very wealthy (just an old dirt farmer that created a way to purify ceramics in his barn...we are talking lots of millions in assets). Great salt-of-the-earth guy, but he listened to too many people and got all of his assets tied up in Trusts. Instead of his farm going to his kids, it was sold at a Federal Tax Auction because his lawyers and accountants tried to be too cute with tax avoidance using trusts.
Because they're greedy and they can. Just like a situation that happened here: grandparents let their grandson borrow their car. Grandson was in a wreck & an occupant of the other car died. Grandparents were sued - and the the plaintiff won.

My brother is an attorney that specializes in taxes and estates. Our trust is iron-clad and if any beneficiary contests it, they're out. As in, they get zip, zero, nada.

Personally, I don't understand why anyone with a significant amount of land & assets wouldn't invest in a trust.
 

jltrent

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A lot depends on age and health Kenny. Given your circumstance and assuming you have no desire to ever sell your real property, and further assuming that if something happened to you that you would not want your wife to be able to sell the land, then I have no problem with deeding property away and retaining a life estate. I actually recommend this a lot to older folks that want to leave things to their kids that have no intention of moving or ever selling their property (this is one way that probate can be avoided for some people).

Normally this comes up in the context of people older than you that face the potential of a nursing home at some point in their future. That is too long to get into in a post on the internet but as a "general rule" the Medicaid recovery lookback period is 60 months. I believe California is 30 months, but the rest of the states are 60.

So to answer your question, in some circumstances, it can be a good thing (you still need a Will for the personal property though). Just remember that a Will can be changed in the future, a Deed cannot.
If not out of hands for 5 years a nursing home will take it. The wife had an aunt who just passed, the nursing home took over a half million dollars. She got dementia that progressed, husband had passed and no kids. The nursing home doctor made sure she was never able to leave and kelp her alive a couple times when she was basically dead. I heard in the whole nursing home only three paid their way. I visited a few times and not a good place to visit. Several people in their 60 s I saw who had pretty much lost their mind. The husband worked at Enka corp. a large chemical company for years and she managed/worked at a small store on Buffalo Trail for almost 40 years.

She would have been as well off if she had nothing and got just as good of treatment.
 
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sstterry

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Because they're greedy and they can. Just like a situation that happened here: grandparents let their grandson borrow their car. Grandson was in a wreck & an occupant of the other car died. Grandparents were sued - and the the plaintiff won.
That is why you should always carry the maximum amont of liability insurance that you can afford, along with an umbrella policy. It is for your protection as well as the other guy.
 

sstterry

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If not out of hands for 5 years a nursing home will take it. The wife had an aunt who just passed, the nursing home took over a half million dollars. She got dementia that progressed, husband had passed and no kids. The nursing home doctor made sure she was never able to leave and kelp her alive a couple times when she was basically dead. I heard in the whole nursing home only three paid their way. I visited a few times and not a good place to visit. Several people in their 60 s I saw who had pretty much lost their mind. The husband worked at Enka corp. a large chemical company for years and she managed/worked at a small store on Buffalo Trail for almost 40 years.

She would have been as well off if she had nothing and got just as good of treatment.
And that raises a complicated question about whether we should be responsible for our own health care or should the government and the taxpayers?
 

slick4591

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Just one word of advice, tell your kids, or whomever you are close to, what your burial wishes are. Most of the time the Will is not even looked at until you are in the ground or in an Urn.
I agree. Most times the will is not looked at until after you're disposed of. I'm a big fan of prepaying for those services and making sure the loved ones know how to get to the paperwork.
 

Redgully

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Many families in my area are in terrible family busting break ups when the matriarchs pass. The bad blood comes out and they dig up everything from since they were kids to throw at each other. Ive seen close knit families hating each other. The worst ones were where family trust were in place, i really don't know why, maybe there was more at stake. When my grandfather died all the kids got together and respected his will, everything was settled and they're still close as ever.

Well worth having a will, a mate who was killed in a motorbike accident had no will, his wife was then frozen out of all their accounts until everything was settled. They had just bought a house and were expecting their first child. It left her in a world of financial problems she could have done without at such a horrible time. Lost the house in the end, the banks really don't care.

And having said all that.......i don't have a will! I did buy one of those kits and i turned the house upside down for it the night before surgery a couple of years ago.....never did find it. Spose i should get onto it.
 

TCRanch

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That is why you should always carry the maximum amont of liability insurance that you can afford, along with an umbrella policy. It is for your protection as well as the other guy.
Rancher 10 miles south hired a company to burn his pastures; they were bonded & had a good reputation. One of their trucks broke down so he let them borrow one of his. They were back burning, the wind shifted, and one of the guys was killed. His ex-girlfriend/baby-mama sued the rancher. I don't remember how it turned out, but even though he had a significant umbrella, the insurance company was fighting back.

We have a huge umbrella, primarily because of the watershed. We don't own the entire 60 acre lake, and if the owner of the north side lets someone fish, they trespass on our side & drown, we can still be held liable.

Because nobody is ever accountable for their own actions anymore:rolleyes:
 

Bez

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Age does not matter. Everyone needs a Will.
I do not want it to happen to anyone but you could be run over by a tractor trailer today.
Get your Will sorted out folks.
Best to all.
 

faster horses

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Age does not matter. Everyone needs a Will.
I do not want it to happen to anyone but you could be run over by a tractor trailer today.
Get your Will sorted out folks.
Best to all.
Good advice! I know that you know...
 
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FarmerShell

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Here's a video with some helpful ideas.

A side tip. You can speed up a YouTube video by clicking on the little sprocket icon at the bottom and change the playback speed. Often 1.25 or even 1.5 is still understandable, and saves time.

Dang I wish I could have got him to talk fast he was a trip. Great video thank you. We need to change something to make it make the will good point.
 
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FarmerShell

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Ya'll think he snorted is afternoon snack or why did he talk so fast. 😆
 

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