Deed, Trust, or LLC?

[waksupi]

Deed, Trust, or LLC?

I spent some time with my executor today, and he suggested I put my property on a deed including my family members, with power of attorney granted to me for all discretion on it's handling and disposal while I am living, to avoid some hassle whenever I die.

We also talked some of Trusts, and LLC.

What are your experiences on these things, and what are your recommendations? I have no wife of kids, and was originally planning on leaving most everything to the Shriner's Hospitals. To tell the truth, when I am dead, I really won't give a damn.

Any other ideas for retirement? I could probably sell the property for around $300,000, which is about the extent of my nest egg. Would I be better off getting an RV, and being a gypsy?

[Jr.]

You could always donate the property.to me and use it as a tax write off. :kidding:

But on a serious note if you were planning on leaving it to the hospital then a deed or trust would be the way to go.

[phonejack]

I have a trust which details distribution down thru grandchildren. Kids won't have to use courts at all.

[Gator 45/70]

Heck, I would get a large boat and cruise the coast line and rivers. Fish for food and be a boat hobo.

[Recluse]

Contact Shriners and ask them how to best set your affairs up in order for them to benefit. Most charitable/humanitarian organizations and associations have programs and trusts in place for just that purpose.

:coffee:

[MT Gianni]

My folks had a trust, both have passed on and it has worked well for the 4 of us kids. Find out how much it ties things up for the short term as you are too young to go soon.

[chambers]

I know some who have used a trust, takes more time if you have more property/money/investments but this way it will be exactly what you want and provides exact details. Our route will be a trust, just need to have the ambition to get everything started and finish it. This way everything is defined before you move on.

[rockrat]

I would say contact Shriners, if you are going to leave things to them. If family, then a trust would work. Its what I have in the works. That way, you, as trustee , have discretion on what happens now, and the family can decide what to do when you are gone.

Selling and buying a motorhome also has its appeal. You can see what you want, fish, take a few guns, and shoot. Put the rest in investements and live off the interest.

[schutzen]

One problem with the RV life style is as we get older we sometimes need assistance from others. With no close family, this winds up be home health agencies or other health care providers. These are somewhat difficult to obtain if you live on the road.

Just my $.02. Of course, my opinion and $3.00 will get you a cup of coffee..

[Smoke4320]

A trust Is by far the best way to go for your heirs .. No taxes to pay when you pass ..
You control it while living , you can add or subtract trustees as needed

[bangerjim]

A living trust! I have had one since I was 25. My wife has one too. It allows you to change & modify anything/everything easily. I have amended mine several times with simple documents and not involved legal garbage with lawyers. And you specify what happens when you depart the mortal coil. Not probate, no lawyers (mostly), and no courts.

Personally I have driving long distances so the RV thing sure would not be my choice!
banger

[starmac]

I have thought that a guy could buy several small pieces of property in different parts of the country you enjoy and have an rv when retired. One of my wifes Aunt and Uncle did it without actually buying property. They spent the summer months at the families mountain ranch property and then was a member of some sort of rv camp deal that had campgrounds on several lakes they liked to hang out on in the winter time. They did this till he passed at close to 90 and life was pretty good to them.

[PB234]

I suggest you consult a competent attorney and not take advice from armatures on a firearms message board. This is a great place to ask about cast boolits and a terrible place to get estate planning/financial advice.

My advice (for what ever it might be worth) is to shy away from asking Shriners or any other charity for a trust document. They want your assets and their documents might not be exactly be completely to your benefit. I just went through the estate planning effort and ended up creating revokable trusts which means that the assets (when I get done titling them correctly) will be distributed in accordance with the trust instructions that I can change and even revoke the trust. I have flexibility and the courts/government will mostly not have any say over my assets upon my death. It will also make it much easier fro my heirs.

I have a substantial financial education/ground and recognize that I am not an expert in estate planning. So I hired a good estate planning attorney. Don't be a do it yourself type or put your faith in charities being on the same path as you. A good attorney is a pleasure and a stinker awful.

I don't understand why one would even mention an LLC or what a deed is about. The LLC sounds nuts. The deed is completely new to me (it should not be if it is something useable), but I am on a different state (Illinois).

I am really good at this type of thing and my suggestion to get a good attorney (we can talk about how to figure out if he/she is good) is the best suggestion you will get. I suspect the attorney will cost a few thousand dollars which to protect $300,000 is a good investment.

I come here to learn about cast boolits and odd rifles from the past I want to get up and going again and to determine if I want a striker fired or external concealed carry pistol.

$300,000 can buy you a lot of necessary comfort when you get old and decrepit as we all will. DOn't tie it up by letting a charity have any control over it. If you want to be charitable provide for the charity in a trust document that you can easily change if you get less charitable in the future.

You just paid nothing for this advice. It n=might be worth ten times what you paid for it : ) .

You and all of us are getting older and when old age hits even those of us who are strong and healthy may have our heapth run out. When you get old and sick every penny you have helps to buy some comfort. Comfort might be paying someone to lift you out of bed or worse. Getting old is sure not pretty for many.

Forget the motor home is my conservative advice. It is consumption as the motor home will depreciate and your assets will have disappeared. The best thing I have figured out is to be one step ahead of where you expect to be. If it were me I would be thinking a small one story place to live with no debt and well maintained (because you will not maintain it as well when you get old) and easy to get services based there. Services like getting food, help, medical care, companionship, etc.

Others might just consider another solution for decrepit old age, but it is not something to look forward to and a depressing ending.

[Just Duke]

Deed, Trust, or LLC?

I spent some time with my executor today, and he suggested I put my property on a deed including my family members, with power of attorney granted to me for all discretion on it's handling and disposal while I am living, to avoid some hassle whenever I die.

We also talked some of Trusts, and LLC.

What are your experiences on these things, and what are your recommendations? I have no wife of kids, and was originally planning on leaving most everything to the Shriner's Hospitals. To tell the truth, when I am dead, I really won't give a damn.

Any other ideas for retirement? I could probably sell the property for around $300,000, which is about the extent of my nest egg. Would I be better off getting an RV, and being a gypsy?

Sir I would seriously consider selling and relocating to a more hospitable environment. You can buy a whole ranch in MO, AL, TN etc.... This would give you the opportunity to be active all year long. All have land owner hunting rights and some areas like NC have unlimited deer hunting. I'm around if you want to give me a jingle. BTW I was just showing a fella in the chat room last night a 100 acre ranch in AL with a 4000 sq ft log home/shop/barn for less than 300K.
DO NOT MAKE THE RV MISTAKE PLEASE. THIS IS FOR THE THE WEALTHY WITH DISPOSABLE INCOME.

[HollandNut]

My only advice is on the RV .. We had one , a darn good one , we bought used in excellent shape ..

'Kick a dawg when they are down' good deal ..

They are expensive to maintain and that's all I'll say about that ..

[Finster101]

The best advice you've been given is to talk to an attorney. I'll second it. When my Dad passed away two years ago the fact the he and Mom, with the help of an attorney had set up a trust was a godsend. My Mom still had access the their assets and no probate. If you have someplace in mind where you want your assets to go it is the best way to assure they get there.

James

[HollandNut]

to add to duke's post on Alabama ( God's Country ) , we have very low property taxes ..

[runfiverun]

Ric has nobody to leave anything to.
I'm in the burn it up and enjoy it camp.
what's gonna happen at the end [shrug] you still end up with nothing no matter how much you leave behind.

[Char-Gar]

I know a little something about the subject at hand. Unless you have an estate of more than $6,250,000.00 your estate will have no Federal Taxes to pay. All of these complex estate planning dodges are for people with large estates who are trying to find ways around death taxes. For ordinary folks, they often get wrapped around the axels with all of this legal rig-a-ma-roll. These things are complex and often have unintended consequences. Folks often outsmart themselves.

Always remember folks who deal with this stuff for a living often recommend the most complex way of doing things, as that is how they make the most money.

I have a straight Will and Testament. With a Will, you always have the option to change it anytime you want. It has no effect until after your death. Just toss it into the stove and it is gone. With trusts and other complex estate planning mechanisms you can end up being stuck and cannot change your mind. If you retain much control over the trust, the Feds will say you have not divested yourself of the property and it will be taxed by them anyway. You never know what twist and turns life may bring. I want to keep my options open.

On a small estate the probate costs are quite reasonable. In Texas it would take only about two weeks after the will is filed for probate for Letters Testamentary to be given to the Executor. Married folks can probate the will as a Munument of Title which is an abbreviated, cheaper and quicker process.

I don't understand the drive of some folks to want to avoid probate. Maybe it is the fear of the unknown, I don't know. The biggest assets most folks have is their home, which at some point will be sold by a family member. Nobody with a brain will buy real estate without a policy of title insurance. Title insurance companies will often not issue a policy on property title that is perfectly clear. They want zero changes somebody will come along with a claim of an interest in the property, so they just turn thumbs down. Lawyers make more money straightening out the title of property so it can be sold, than they do probating good wills.

Lawyers love for folks to shy away from them, because at some point they will get to straighten out the costly mistakes that people make trying to stay out of lawyers offices.

[shooter93]

Big decision Ric and a hard one. I'm in a similar situation with it just being Colleen and I. You will have to find out what your state allows also. Here the is NO avoiding probate period. Living wills etc. don't matter. As mentioned it's painless and not expensive much less so than a lawyer will charge. I'll be the odd man out about a trust. Two relatives of mine left their assets in a trust and both had virtually all of it embezzled. Neither mentioned the "disappearing funds" mostly because they were elderly but it did happen. If you feel like moving Ric...move but I've always had the feeling you like it where you're at. Our hope is that remain healthy to keep our property till we die. It's not all that unlikely Ric so you may just be able to stay right where you're at and will you stuff to whom ever you choose. I'm like you with the once we're gone who ever gets what I have is 100% profit to them and it will matter not a bit to us. Give it a tremendous amount of thought Ric.....and don't listen to any of us here....every situation is different and your concern should be YOUR quality of life and happiness living where you are.

[smokeywolf]

Although I don't feel confident enough to give advice, I do know enough to recognize good info when I see it. Went through this as executor of my mother and father's "living trust". From what I've learned from my own research and from several consultations with an attorney specializing in estate planning/legalities, Char-Gar's information is current and sensible.

[Just Duke]

Surely though you have friend. Can't you just leave it him/her unbeknownst to him/her?
We will be leaving all to the wifes GF's unbeknownst to them.

[MaryB]

I agree with the one story well maintained home wherever you prefer to live. A paid for place close enough to needed medical care but away from the city is what I did(but 2 story, have to address the steps issue soon). Depending on state laws on estates go with something that leaves you in control until the end. My dad recently died and mom inherited everything as she should. But all of us kids are listed as part owners of everything with her having control until she dies or has to go into long term care. At that point we take over ownership so the nursing home can't claw it all away from her.

[Wis. Tom]

With Obamacare laws, that appear and raise their ugly heads, year after year, from now on, I don't think any of us with have anything to give away, when it's all through. Your healthcare coverage, and how the govt. recoups your hospital cost, will be the deciding factor on what is left in the end. Get a lawyer that has read up on the parts of the bill we haven't even seen yet.

[waksupi]

I'm sure I will contact a lawyer when I get some more input of what has, and what hasn't worked.
Something that got me thinking of relocating, we just has one damn tough winter up here in the mountains. I found some of the necessary tasks very difficult to handle, as my back is getting worse every year.
No way could I live in a town, I'd be arrested in a week for either peeing or shooting off the porch.
I know it won't matter to me once I'm gone, just would like to do some good for someone when I do leave. The men in my family tend to not live to ripe old ages, so am just trying to herd things together a bit.

[gon2shoot]

After living in an RV for work the past 30 years or so I wouldn't encourage that. I don't like being crowded.

As far as disposal of your fortune, contacting the Shriners is a good idea, it at least gives you a place to start.

[MaryB]

My ideal house would be on a south facing hillside, built in so partly earth sheltered. All one floor for easy access. Solar power, wood heat via a pellet stove with a regular wood stove backup. But I have my small paid for house on the edge of a tiny town. Pretty much rural with only 1 neighbor, farm fields 2 sides and a horse pasture across the street.

[Char-Gar]

I would always advise people seeking to relocate to a more temperate climate to consider Texas. The Panhandle and North Texas will have more cold and a little snow and ice, but it doesn't last long when it comes. Most other parts of Texas have little or no snow and ice. There is enough geographic diversity for folks to find the kind of country they like. We are gun friendly, have sensible laws, generally conservative, have no income tax and are in the main independent and self reliant people, if you avoid the major cities which have an abundance of nuts, freaks and welfare types.

[JonB_in_Glencoe]

snip...
Any other ideas for retirement? I could probably sell the property for around $300,000, which is about the extent of my nest egg. Would I be better off getting an RV, and being a gypsy?


I have thought that a guy could buy several small pieces of property in different parts of the country you enjoy and have an rv when retired. One of my wifes Aunt and Uncle did it without actually buying property. They spent the summer months at the families mountain ranch property and then was a member of some sort of rv camp deal that had campgrounds on several lakes they liked to hang out on in the winter time. They did this till he passed at close to 90 and life was pretty good to them.


I would always advise people seeking to relocate to a more temperate climate to consider Texas. The Panhandle and North Texas will have more cold and a little snow and ice, but it doesn't last long when it comes. Most other parts of Texas have little or no snow and ice. There is enough geographic diversity for folks to find the kind of country they like. We are gun friendly, have sensible laws, generally conservative, have no income tax and are in the main independent and self reliant people, if you avoid the major cities which have an abundance of nuts, freaks and welfare types.

starmac and Char-Gar have kind of put into words what my folks did when they retired.

My folks retired in 1985, previously they had bought a RV lot in a campground (yes a real campground) in Northern MN for staying at in the Minnesota summer. They were gonna travel the South during the winter, but my Mom put an end to that, as she didn't like to travel all the time. A couple years later they found a RV Park (NOT a campground) with a RV lot to buy in Old D'hanis, TX to live at during the winter. They did that til 2005, til their health didn't allow the RV lifestyle. They have sold out everything and now live in a assisted living apartment now.

But, if you like being alone and like the country type of lifestyle and couldn't imagine living in a small town...Then a RV Park or Campground isn't probably the choice for you. The lots are small, neighbors are close. No peeing off the deck, unless you keep your pants on :shock: LOL :razz:

[onceabull]

Char-gar ,per usual, talks sense...and here is a site specific recommendation,----Alpine,Tx.----Onceabull

[jaysouth]

I set up my own trusts (after paying a lawyer to set up the first one) to hold individual rental properties and have the trusts owned by an LLC. I would not, however, give you any advice because of the differences in state laws. Find a lawyer and seek his/her advice.

I do like trusts because they give you a lot of flexibility in disposing of the property or interests therein, and they protect your other assets if something goes bad in one property. If selling to a sophisticated buyer, we can close the deal in ten minutes with one piece of paper and a notary stamp. There will be no public notice of the transfer and the buyer gets the title insurance that the trust acquired when the property was acquired. In my state. I can also divide interest in a trust. I can assign equity interest to another party(my grandchilden) and keep the income rights for the rest of my life, and then my wife's life. This simple device keeps the property out of my estate. It may not work in your state however.

As a caviat, I would not recommend doing what I am doing with out an extensive background in taxation, accounting and real estate and a well grounded understanding of how the world works in my little corner of it.

Follow the good advice of many others above and get a good lawyer.

[starmac]

Char-gar ,per usual, talks sense...and here is a site specific recommendation,----Alpine,Tx.----Onceabull

I can't imagine a guy that likes and lives in the mountains of Montana, giving Alpine any consideration at all. lol I did get some good mexican food there though.

[onceabull]

Alpine,Tx, would be far from my first choice,but it would be first choice in Texas..(Because anything within 75 Miles of Kerrville is now priced for the Canadian Market..Onceabull

[Char-Gar]

I graduated from Sul Ross State Univ. in Alpine Texas and really like the town. I would move there in a heart beat, but my wife is not so inclined.

[waksupi]

You guys may be surprised at where I would most likely end up. That isn't a huge consideration at the time. Disposal of the property once I'm dead is the main gist of the question.

[starmac]

We may be surprised at where you wind up, but I have watched people move to a retirement dream, and be totally miserable until they could move back many times. I had a friend in the yukon that was originally from Florida, but had been in the yukon since the mid 60's. When he was in his mid 70's he decided to close up shop and move back to Florida. I told him he wouldn't be able to live there, but he said that was where he was from and he owned property there. He was back in 6 months, he moved to white horse instead of back to his place and lived until he passed on. I knew a guy from louisana that had been up here since the late 70's, and decided to sell out and go back to lowsyanna. I had told him the same thing, he was back with a much lighter wallet in less than a year. Just last year a gal I know bought a place in Florida. She is only in her 30's, but was raised here. I didn't count the months, but she was back in around 6 months give or take. Some moves sound great, but the change is just too much. For me The move from the mountains to some place like south Texas would be just too much, and I'm from Texas. lol

[Just Duke]

Here you go. Buy a place cash. Take out a reverse mortgage. That way you'll have cash until you croak.

[Charlie, AKA The Deacon]

You could move to Eureka, and leave me your land! They say it is the Banana belt.I could help you find a rental or just buy a school bus. :-) I am here to help Ric!

[waksupi]

You could move to Eureka, and leave me your land! They say it is the Banana belt.I could help you find a rental or just buy a school bus. :-) I am here to help Ric!


I know I can always rely on you, Deacon. Going to see you this coming weekend?