Posted on 02/24/2014 5:54:34 AM PST by knarf
I've come to a time in my life when I should make some decisions about what happens when I'm gone ...
THAT'S what I'm talkin' 'bout !
People with first hand, simple, one syllabub words.
Thanx, esquirette
My pleasure. And while I am on the subject, have your funeral at your church without a funeral home, and have the visiting there, too. Costco sells caskets as low as $1300 with overnight delivery, and your family can probably go directly to the cemetery for internment arrangements. There, I just saved your family several thousand dollars. You are welcome.
I'm way ahead o'ye.
I used to be an in-home cemetery salesman for 11 years and learned a LOT about the death industry.
Somewhere in my papers I have the plans for a knock-down shelving unit I designed (20 .. 30 ... years ago ?) that is glued and screwed to become a casket ... all soft pine and etc.
We in our Baptist church DO have the funeral in our church, all we'd need is formaldehyde and the car ride from the director.
/8^)
Living Will, General Power of Attorney, Medical Power of Attorney, Medical Directive, and Will should all be in place.
If you are a veteran they have several excellent document samples that you just fill in the blanks.
I highly recommend you use a competent attorney as there are specifics in each state that are required. Such as in Pennsylvania, Powers of Attorney are required to have accountability clauses where the POA signs, acknowledges and accepts their fiduciary responsibility to act on behalf of the individual, not co-mingle funds and keep complete accountability. I like it when the document is prepared, with a backup person and held by a trusted friend and your attorney with the person who will fill the role not knowing they will be in that position. The reason is that I have seen family dynamics change drastically and create problems. If they know who you have selected it is harder to change.
Never, ever wait until your ability to think clearly is hindered to draw up the documents. Do it now and make sure you elaborate details of your wishes. I’ve seen too many people accept their family real estate and investments with a promise to care for them, only to put them in a nursing home to get rid of them after they have everything.
Pull your documents out every year on your birthday and re-read them. One other thing.... Don’t name an attorney as executor!!
Thanx ... I AM a vet ... never thought of that
Large assets....the tax thing is probably nothing....but medical bills can take it all.
I’ve cleaned up many attorney’s messes in this area. Some are really incompetent. Not only would I NOT do it myself, but I would get a second legal opinion on it before you sign the documents. It’s worth it.
I’m handling a mess right now where a farm is still in a person’s name and they are 95 yrs old and entering a nursing home. A little bit of planning would have saved a lot of headaches and provided better care for the person.
Be careful if you use trusts as there are many types and provisions possible. It is always better to have your cake and eat it too.... maintain control as long as you can while at the same time protecting against loss of assets.
For later.
You ARE way ahead of me! ;-) Thanks for the tip. Can you tell I really despise the death industry? If I had charged my estates like some of the funeral bills I have seen, I would have been disbarred years ago........
GO trust funds, they are air tight, stops your heir’s from lawsuits, gold diggers, and avoid’s Probate. And they void older wills. Can’t tell you about if you can do it yourself, we had a Estate Lawyer our Tax adviser said was one of the best in the area. Our Estate trust is tied up tight as a drum. Along with temp power of attorney for medical decisions, DNR, etc.
We just did a Estate Trust, First Marital then secondary. We are a blended family of seniors, so we each had adult kids, and grands, he has great grands. As he is 8 yrs older than I and the ladies in my family have all out lived their husbands. It all comes to me first.
They can be the Trustee of their own Trust. The trust are not active until you pass. I totally left my eldest spendthrift out, and gave his portion to his son for college or trade school, but it is limited to books and tuition. Want more get a job. Rest at 30, when he might have a little more brains. And his parents are NOT his Trustees.
POD could be the route to go then. If she is on the title it goes to her any way. Wills usually have to go to probate.
When my late husband died in ‘04 I had to go through probate just to get his last pay check. The rest just went seamlessly to me as every thing was joint accounts. But you should have a POD for your property in case something should happen to her. You can make it divisible by as many kids as you have that way. Still avoids probate.
death taxes are confiscatory by nature and in size.
Proper planning and insurance avoids the medical bills that take it all
Property in both your names is good.
Your situation doesn’t seem to be a problem as long as what you own isn’t tremendously valuable - as in millions of dollars valuable - you are probably OK.
anything held in both of your names will go to the survivor. When my husband passed, both of our names were on everything except a small account at the credit union. That account did pass to me after talking with the credit union cause the law in Michigan at the time was probate was not needed for any moneys under 5000 dollars, so I did not need to probate anything. It was quite a large (for me) amount.
anything held in both of your names will go to the survivor. When my husband passed, both of our names were on everything except a small account at the credit union. That account did pass to me after talking with the credit union cause the law in Michigan at the time was probate was not needed for any moneys under 5000 dollars, so I did not need to probate anything. It was quite a large (for me) amount.
Be sure any attorney you may go to has a specialty in wills, trusts, and power of attorney. You may want a P O A for medical problems. If you become ill and no one is designated as POA for medical decisions, you can get screwed. My POA for medical decisions spells specifically what is to be done if I become unable to make my own decisions and one son and one daughter are named to make that decision according to my written decision...including that I am not to be put on machines or IV medication that is used JUST to keep the body alive...
Check....did it about 5 years ago.
If a remember, it was done so any medical liens wouldn't apply since children are not responsible for their parents debt. BUT...I believe there is a look back under certain circumstances.
Most people stick the taxpayers with their debts nowdays by selling everything and hiding assests to claim poverty and go on Medicaid. It’s the ‘new normal’.
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