What is the best Will to avoid probate, avoid taxation by Fed and State and ....?

Question

to keep things simple and relatively less expensive for the purposes of writing the will.
I have signifigant assets beyond a mil and only want to leave it to one person. No strings really. Just, I'm dead take over my assets and $$$$$$. What is the best vehicle for this? A revokable living trust or? How much is a reasonable amount to pay for a Revocable Living Trust in say, California? Any legal beagals out there have thoughts on how to best prepare to pass on what a person has accumulated in their life? Thanx for your input.

Answer 1

I used to do this for a living and because of that, I know enough not to answer your question. You need to find an attorney and a CPA. Any attorney can write a will, they actually use standardized forms. Unless you have a special request, there are probably only a handful of will forms in use in any state.

You do sound like you are largely a "generic" case of a special problem. The reason for a CPA is that it is uncommon for an attorney to have sufficient relevant knowledge of the tax code to make the best decisions, unless they are a tax attorney instead of a probate law attorney. The reason for the attorney rather than a financial planner is that they usually don't have a vested interest in your death. Further, each state has specific unique laws that sometimes are not useful in "standard form wills." My own state has a unique provision that money left to an estate in a life insurance policy is unattachable by creditors as if the policy had been payable to the beneficiaries directly. That won't show up in a standard will. You need an attorney to be aware of that.

I would start with an experienced CPA, particularly one with additional certifications. Do not use a tax preparer.

As to how much, it really shouldn't be much for either. Unless you have unusual assets, or the current fluctuations in the estate tax code impact you in an unusual way, it should be one of the least expensive types of transactions possible.

One thing to think about if the person receiving the assets is not skilled to manage them or probate the estate, consider hiring a Trust Company to manage the estate for the benefit. In my area of the country I would recommend WesBanco. They do a better job than most trust companies. I don't know what is available in California.

Answer 2

I have a very simple answer for you. You want an irrevocable living trust for your property. Even with a trust, the estate will be tied up for a little while. I know in WA state they cost about $3000 to get set up. As for your cash/liquid assets their are only two investments that avoid all probate. They are life insurance and Fixed Annuities. You name your beneficiary and they receive a check with taxes taken out (if they wish) 7 - 10 days after you pass away. Not public record, no lawyers, no one can contest, or find out that this money was left to your beneficiary. I do this every day for my clients. Great estate planning tools. Money is safe, guaranteed, and we are paying 7% right now. Not bad! If you are fairly healthy, you can turn that money into TAX FREE money for your beneficary by using a Single Premium Life Insurance Policy. You can turn your money into almost double tax free depending on your age and health. Let me know. I'd be happy to help. These accounts are also tax deferred, so you do not have to claim them on your taxes, unless you take the money out. We do these policies every day and I do about 3 million every year Sounds like you are the perfect candidate for a fixed annuity

Answer 3

You could put that person on all your assets. It might be the same as husband and wife. If one dies the other automatically inherits. That's a little risky. I think that person would have to sign every thing and then the said person would know they would be the one to inherit. Maybe a trust. You really need to see a lawyer. Talk to more than one. Some don't really get it.

Answer 4

i'm no longer an Atheist, yet I understand the place that are coming from while it includes Christians. Christians have this concept that Atheist do no longer stay by a ethical code and it okay to do what you desire on account which you will no longer answer for the failings you do. untrue! Christianity has the shadiest previous of any modern faith. each and every thing Christians do this is deemed undesirable is justified interior the call of God, while its sturdy its justified interior the call of Jesus. finished doubt customary interior the experience that they are think to be one and the comparable. appear destiny is one occasion and the ever prevalent difficulty that each and every physique is bored with, slavery is yet another. Jim Crowe rules and Segregation have been all justified interior the call of God. look what Christians did to Mormons. on account that Popes are elected by a team of his friends, how is he greater Catholic or closer to God then you certainly? this is like asserting a president is closer to God basically because of the fact he/she is interior the white domicile. i'm no longer asserting we could constantly no longer have rules and that i do no longer think they're all religiously pushed, yet element in faith and Christianity takes a front seat everytime.

Answer 5

Consult a Legal attorney to get the best answer for this. Or perhaps your Tax Accountant?

They know best on what is the best option for you to take and give you and that person a sound mind when you are gone.

Answer 6

If it's revokable, you aren't going to avoid taxes.

The best way to avoid taxes? Give it to them now! Sooner or later, you will pay taxes.

Talk to an Estate Planning attorney and lay out what you want.

Answer 7

My mother is in this process right now and she is thinking of transferring her property (real estate) into my brother's and my names with her having lifetime tenancy. (It will be our property but we can do nothing to it until she passes. She still pays the prop. taxes and upkeep.) And her personal investments are set up as a "transfer on death" option. I am not a "legal beagle," just my personal experience!