kenny thomas
Well-known member
Hahaha I bet you would. My few million wouldn't mean anything to you.Leave it all to me and I'll take care of the rest.
Hahaha I bet you would. My few million wouldn't mean anything to you.Leave it all to me and I'll take care of the rest.
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.
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?
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).ssttery, we have no children but we do have kin we want to have certain things. Whats your thoughts on life estates for land?
Btw I wasn't making fun of your professionBut 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."
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.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.
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.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.
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.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.
And that raises a complicated question about whether we should be responsible for our own health care or should the government and the taxpayers?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.
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.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.
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.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.
Good advice! I know that you know...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.
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.
If he's talking too fast you can slow it down just as you can speed it up.Ya'll think he snorted is afternoon snack or why did he talk so fast.