Thanks -- very helpful. Do you know of a web site which
could give a little reliable information on living trusts?


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"Ray" <rayj.balt[at]verizonDELETHIS.net> wrote:

- quote -

With an estate that large she should sit down with a
reputable attorney and discuss her needs. She may well need
a trust. One caution, there is a lot of controversy
surrounding "living trust mills," these are seminars that
push the need for a living trust, but the ultimate goal is
to sell insurance products. They primarily push annuities.
Annuities are excellent products that serve a need,
especially for seniors, but are currently getting a lot of
bad press. So don't believe everything you hear, and make a
decision based on facts.. not sales hype.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Ray" <rayj.balt[at]verizonDELETHIS.net> wrote:

- quote -

Well, she wouldn't be bankrupted, not by a far stretch. But
having her property go through probate would probably be a
whole lot more expensive than the $1800 trust fee.

- quote -

If she is married a trust can certainly help save estate
taxes. In California the basic probate attorney's fee
alone (not including executor's fee and other costs) for
an estate of that size would be % 35,000. Most, if not
all of that can be saved if a trust is used to bypass
probate.

She could avoid probate on the house by putting her kids
on title as joint tenants. But if she were to do that,
the kids might not get a stepped up basis on the whole
property, and would as a result pay more income tax than
necessary if they eventually sell it.

Stu

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

I have a friend who tends to believe the last thing she hears.
The other day she heard a seminar on living trusts, so she
came away believing she would be posthumously bankrupted at
the moment of death if she didn't get a living trust -- at an
$1,800 fee.

I read the materials, which reinforce the must-have thesis.

This person has an estate of about $2 million, including
her house which is three-quarters of the estate.

Does she really need a living trust, or does a good will suffice?

She lives in Connecticut, if that's of any significance to the
question.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >