Parent's Will (Last Will &Testament) questions
- Thread starter Dave Hess
- Start date
- Status
Originally Posted By: Schmoe
Also, beware the State. Example: In Oklahoma, probate is mandatory UNLESS you have a trust. Doesn't matter if you have a will or not, it's just a State law. Seek a lawyer and make sure you find one your sister can't find out about or IT'S ON!!!!
I think most states are like that.
Definitely look into setting up a trust. They aren't always the best way to go but should always be considered.
Also, beware the State. Example: In Oklahoma, probate is mandatory UNLESS you have a trust. Doesn't matter if you have a will or not, it's just a State law. Seek a lawyer and make sure you find one your sister can't find out about or IT'S ON!!!!
I think most states are like that.
Definitely look into setting up a trust. They aren't always the best way to go but should always be considered.
Originally Posted By: oilyriser
I second that. It also avoids probate fees or whatever is out there. There may be tax implications depending on the local extortionists' policies. Capital gains stuff? Income tax from investments - different tax brackets. But it might be worth preventing a struggle later. It'll probably split the family, but that might be a good thing to get over with now by the sound of it, so it can be reconciled a bit when parents finally do pass.
The good news is all inherited money is exempt from taxation to recipients of the money. And basis for capital gains to the recipient is FMV at the time of inheritance so if you liquidate stocks and such, you won't pay capital gains. Generally, the good ol estate tax is where they get ya but it has to be a BIG estate to even get taxed.
However, most states WILL tax you directly on the inheritance.
My advice is to get a good............make that GREEEAAAAT lawyer NOW and a great CPA NOW, especially if the estate is of decent size. Like, TODAY.
I second that. It also avoids probate fees or whatever is out there. There may be tax implications depending on the local extortionists' policies. Capital gains stuff? Income tax from investments - different tax brackets. But it might be worth preventing a struggle later. It'll probably split the family, but that might be a good thing to get over with now by the sound of it, so it can be reconciled a bit when parents finally do pass.
The good news is all inherited money is exempt from taxation to recipients of the money. And basis for capital gains to the recipient is FMV at the time of inheritance so if you liquidate stocks and such, you won't pay capital gains. Generally, the good ol estate tax is where they get ya but it has to be a BIG estate to even get taxed.
However, most states WILL tax you directly on the inheritance.
My advice is to get a good............make that GREEEAAAAT lawyer NOW and a great CPA NOW, especially if the estate is of decent size. Like, TODAY.
If it's gifted now though while they are alive, basis for everything will be THEIR basis. So you'll end up potentially paying big capital gains (again though, the gift in general is excluded from federal income tax). The parents will be subject to the gift tax, reduced by the unified transfer credit (same thing that essentially erases the estate tax for the vast majority of folks - you'd have to have well over a million dollar estate).
A Trust. Find a good Lawyer and the fee will be money well spent.
Yea, a living trust done by the parents now will really seal the deal.
Yes; it is essentially legally stronger than a will as you likely will not have to go to probate court etc. Do a brief Google search on Trust vs Will in Florida.
Our lawyer said that in Arkansas we could leave everything to each other but in event of both of us dying we had to leave something to each of our children. If we only wanted to leave something to one grand child the other could not sue for anything. Each state is different and a good lawyer can save you a lot of headaches. Tony forgot to put my name on one account and I had to have the will probated and it took 8 months with no one contesting anything.
Where are G-man and ekpolk hiding?
- Joined
- Jun 2, 2003
- Messages
- 23,587
I guess they don't do pro bono work for forum members. And why should they?
- Joined
- Jun 2, 2003
- Messages
- 23,587
Originally Posted By: Julian
Maybe they like their jobs.
Lawyering as a vocation? I suppose it's possible in rare cases. Gerry Spence, old coot extraordinary, comes to mind. I recommend his books.
Maybe they like their jobs.
Lawyering as a vocation? I suppose it's possible in rare cases. Gerry Spence, old coot extraordinary, comes to mind. I recommend his books.
- Joined
- Jun 2, 2003
- Messages
- 23,587
Originally Posted By: LT4 Vette
I did not tell my brother or sisters that they are NOT listed anywhere on the Will.
They can't possibly find out on the internet.
I did not tell my brother or sisters that they are NOT listed anywhere on the Will.
They can't possibly find out on the internet.
JHZR2
Staff member
Originally Posted By: alreadygone
If you even consider advice given here, or any other computer forum, instead of hiring a GOOD lawyer,,,,you probably aren't estate executor material!
Bob
I dont trust lawyers. The "lawyer's monopoly" is just that, a money grabbing, squeeze-you-out, good old boys (and girls) system, that requires a piece of paper to be able to do specific things. And then what is found is that they either charge ridiculous amounts of money, or are worthless.
Unfortunately, most all lawyers Ive encountered are neither smart enough to really carry on a rational discourse regarding a situation, nor are they well read/written enough to properly construct their legal documents that they are paid so much for.
Theirs is a game of bleeding matches. You can't do things without them, so you are thus forced to pay them by default. And it is for situations like wills, estates, etc., as well, not just civil cases. The sister is going to do just that IMO... cause enough hassle that the parents, executor, etc. will either bleed out the whole estate in court fees, or give in. And then again... you need to either pay up or you can't use the system in reality.
It is an absolutely ridiculous situation. As such, I applaud the OP for trying to seek out what others have had to learn the expensive way, and try to glean as much useful information as possible so that when he has to pay the $200 an hour rate for boat payments... I mean legal advice, he knows what is going on, what his options are, and can ask informed questions.
Relying on the lawyer's monopoly is just asking for higher costs and marginal service.
Sorry if Ive offended any lawyers here, but I simply have a bad taste in my mouth that won't go away.
JMH
If you even consider advice given here, or any other computer forum, instead of hiring a GOOD lawyer,,,,you probably aren't estate executor material!
Bob
I dont trust lawyers. The "lawyer's monopoly" is just that, a money grabbing, squeeze-you-out, good old boys (and girls) system, that requires a piece of paper to be able to do specific things. And then what is found is that they either charge ridiculous amounts of money, or are worthless.
Unfortunately, most all lawyers Ive encountered are neither smart enough to really carry on a rational discourse regarding a situation, nor are they well read/written enough to properly construct their legal documents that they are paid so much for.
Theirs is a game of bleeding matches. You can't do things without them, so you are thus forced to pay them by default. And it is for situations like wills, estates, etc., as well, not just civil cases. The sister is going to do just that IMO... cause enough hassle that the parents, executor, etc. will either bleed out the whole estate in court fees, or give in. And then again... you need to either pay up or you can't use the system in reality.
It is an absolutely ridiculous situation. As such, I applaud the OP for trying to seek out what others have had to learn the expensive way, and try to glean as much useful information as possible so that when he has to pay the $200 an hour rate for boat payments... I mean legal advice, he knows what is going on, what his options are, and can ask informed questions.
Relying on the lawyer's monopoly is just asking for higher costs and marginal service.
Sorry if Ive offended any lawyers here, but I simply have a bad taste in my mouth that won't go away.
JMH
- Status
Similar threads
