Looking to speak with an estate planning attorney at some point soon. What are some things I should consider? Any experiences to share?

Married with 1 kid.

All you need a is a will based off of the info you gave.

song man said:

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Looking to speak with an estate planning attorney at some point soon. What are some things I should consider? Any experiences to share?

Married with 1 kid.

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There is no one size fits all as people have A) different amount of money they want to protect B) different amount people they need to consider C) And the lengths they want to go to guide their benefactors from beyond the grave.

Lets assume you're middle class with a few hundred k you are worth and one kid and one wife you love dearly who you want to inherit everything.

Your bare bones estate plan should have:
-Power of Attorney and Medical Directives over investment accounts and health matters between you and your spouse.
-Last Testament about how assets get divvied up in case you die, your spouse dies, you both die together. Who you want to get the kid if both of you pass. And how all of your assets are going to be split. If you die, do you want a 100% to go directly to your wife and she'll make the best decisions for the kid alone? Some held in a trust for a kid? Most assets in a trust with a benefactor with a bare minimum given to your kids? If both of you die at the same time, do you want all your assets in a trust? Who is going to be the trustee in charge to make sure the money is for the kid? Do you want it to pay out after 18? Put things in there about requiring them to graduate high school or college to receive the money? Does the trust auto pay out a 529 for your kids education?

They'll then dive off into tax vehicles and types of trusts to protect against taxes or wild spending habits. Do you have enough life insurance to ease the burden of y'all dying with young kids?

You probably don't need a trust. POA's, up-to-date will, accurate beneficiary info with TOD's and POD's on all your accounts.

Timely. Was going to ask for experience and insight in establishing trust payout requirements for ultra minor children. Guess I'll try here before clogging the board. Our 2 year old is worth several million should the unthinkable happen.

AlphaBean said:

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Timely. Was going to ask for experience and insight in establishing trust payout requirements for ultra minor children. Guess I'll try here before clogging the board. Our 2 year old is worth several million should the unthinkable happen.

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The funds would get placed into a UTMA account. Whoever you named in your will as guardian for your 2 year old would manage the funds for your child's benefit until they reached 18 (assuming you're in Texas). Once they reached 18, the money would be theirs to do with what they want.

The trust would be set up to control exactly when and how each dollar would get used, as well as how you want it invested if that's what you want

I do estate planning and probate work. Lots of folks in the 80s and 90s formed all kinds of trusts, QTIP trusts, marital trusts, bypass trusts, intentionally defective grantor trusts, etc. The exemption level was low and it was feasible they would have a taxable estate. Those guys are dying now and, we are signing family settlement agreements and releases and not forming those trusts. There just isn't a need. The high exemption sunsets in 2024, so it may drop a bit. Just something to keep an eye on.

The Wills I draft for a majority of people have a contingent trust provision. If a beneficiary is under x years of age (18, 25, 40 - your choice) then a trust would be established. If they are above the contingent age, no trust is ever formed. To me, it covers the main concern for lots of folks - taking care of the kids to a certain point - without over complicating things.

As said above, there is no "one size fits all" answer. Depends on your finances, situation and goals.

Alpha,

J is spot on.

You could also do a spendthrift trust that gives them a percent of the money at 18 and then doles out the rest for as long as you'd like. We have friends whose grandparents set theirs up to pay out to the grandkids a large amount, but the grand kids had to graduate with an undergrad degree from an ABET accredited university.

That instilled the drive in one screw-around grandkid to get their rear in gear.

I have two sons (not yet married) and have concerns over the potential crazy azz wife. Got that addressed in my estate planning.

I would anticipate that there are very few posters here who actually might need a trust. Standard will with a built in trust for minors plus your poa's (medical, statutory durable) and directive is all most of us will ever need.

We also own a home. From what I've read it seems to make sense to have a living trust in the event both me and my wife die simultaneously, then the house could be dealt with more quickly

2wealfth Man said:

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I have two sons (not yet married) and have concerns over the potential crazy azz wife. Got that addressed in my estate planning.

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I plan to have the following discussion with my children that was shared with me when I was in college and at the age to start bringing home the 'one.'

I was told the best way to not have to deal with a crazy ex wife in a divorce is to not marry crazy in the first place. My dad was not the type to say, 'don't stick your **** in crazy' so this was his way of getting the same point across.

And secondly, he said if you ever get any assets handed down to you after you are married, for the love of all that is holy do not casually dip into it to pay for routine living expenses. A divorce lawyer will get it declared co mingled funds that were used to support the family and take half. Go buy a boat, guns, or other toys with it and pay for childcare out of other expenses.

I don't know the legal truth behind that statement, but I've A) never had any money come across the table yet or B) thought my wife was going to leave me for greener pastures.