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Revocable living trust questions

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bigbikerrick:
Hi Folks, I thought I would ask the group's opinion, as there are many folks here with alot of "life experience" . about 20 years ago  we had a trust created for us, since a guy we were using as a financial planner suggested. At this point we have to either update our trust since most things in it have changed.I only had 1 Guzzi when I had the trust made, and now there are another 2 in the stable, so they need to be added to the trust( Guzzi Content) Every year around tax time, It comes to mind that we need to update, redo or dissolve our trust. When we had the trust made ,the guy told us it was to protect from going through probate, in case my wife and I died. He also mentioned it would protect our home, etc. from being included in a lawsuit, I think.
We have a pretty simple personal financial picture, Im retired, wife still working for a few more years(mostly for health insurance) we have one son, 31 years old. my questions are, what are the group's opinions of revocable living trusts in general? Are they a good thing to have? Is it something we can re do ourselves, using something like legal zoom, or another type of service like that? Ive been tempted to attend one of those "trust seminars" that are offered in the paper, but have not gone, for fear its a hard sell deal, like one of those timeshare presentations, etc. where they hassle you to buy their services. Ive had some folks tell me all one needs is a will, and thats it. all advice, and opinions much appreciated, as I will soon be sitting down with my wife, and Turbotax, and the Trust thing will once again be discussed.
Thanks, Rick.

Lannis:

--- Quote from: bigbikerrick on January 21, 2015, 11:42:53 AM ---Hi Folks, I thought I would ask the group's opinion, as there are many folks here with alot of "life experience" . about 20 years ago  we had a trust created for us, since a guy we were using as a financial planner suggested. At this point we have to either update our trust since most things in it have changed.I only had 1 Guzzi when I had the trust made, and now there are another 2 in the stable, so they need to be added to the trust( Guzzi Content) Every year around tax time, It comes to mind that we need to update, redo or dissolve our trust. When we had the trust made ,the guy told us it was to protect from going through probate, in case my wife and I died. He also mentioned it would protect our home, etc. from being included in a lawsuit, I think.
We have a pretty simple personal financial picture, Im retired, wife still working for a few more years(mostly for health insurance) we have one son, 31 years old. my questions are, what are the group's opinions of revocable living trusts in general? Are they a good thing to have? Is it something we can re do ourselves, using something like legal zoom, or another type of service like that? Ive been tempted to attend one of those "trust seminars" that are offered in the paper, but have not gone, for fear its a hard sell deal, like one of those timeshare presentations, etc. where they hassle you to buy their services. Ive had some folks tell me all one needs is a will, and thats it. all advice, and opinions much appreciated, as I will soon be sitting down with my wife, and Turbotax, and the Trust thing will once again be discussed.
Thanks, Rick.

--- End quote ---

I have SOME life experience, I've paid attention to my financial planning, it's working so far, I update my will as necessary, have a good lawyer and financial adviser, etc.

But I've never heard any reason why I should have a "trust" of any sort?   I'm not in business so I don't need to limit liability with a corporation, my family affairs are not at all involved, my boys will get whatever I've got when I'm gone, and I don't have enough investment income to shelter it in Liechtenstein or the Cayman Islands.

So what are they for and why do you have one ..... ?   Must be some good reason I haven't thought about .... ?

Lannis

LowRyter:
 :pop

PirateDentist:
My understanding is that any assets in the trust are not something that can be touched if you are sued for some reason or other.  Our trusts, one for my wife and one for my self, will create trusts for the kids as the assets are transferred from us to them.  Again, I would suggest leaving those assets in their trusts because they are protected.  You are also not suppose to have to go through probate with a trust.  Because your trust is revocable you can change it at any time.  Hope this helps.  P.S.  We live in Illinois and some states my have different rules.

wrbix:
Major advantage is to avoid the inevitable delay and paperwork headaches of Probate for your successor(s). Protection of assets from law suits is variable

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