Yesterday saw an elder law attorney for the first free 30min consultation. Made an appt. for two weeks from now for Revokable Trust. Thought I was clear that that is the way for us to go but last night started feeling a bit confused again. She didn't actually recommend that Trust. She seemed to be first focusing on a Special Needs Trust even after I told her we had Long Term Health Ins. Then I think she said maybe simple wills (package together with the DPA and PA for Health, Hippa, Living Will) would be enough.
My concern is to make sure DH is provided for if I die before him. My assumption is that with DH's pension and our savings together with the LTC insurance, that should be enough to provide for him in the event of my death. I just want to make sure the monies are protected and targeted for his care. Then she explained the Revokable Trust and our plan as I left it with her is to go with setting up a Revokable Trust now with me as Trustee and then if I die the Trust would go jointly to the son DH and I have together with his son as joint Trustees.
Her flat fee for the simple wills package is $500. It will be $2500 for that together with Revokable Trust.
$2500 sounds quite reasonable. At least that is what everyone told me when I paid that price.
To those of us who are not lawyers, I find all of it beyond confusing. My lawyer was not that patient with me, and when she answered a question, she got annoyed if I asked it again because I didn't know what the heck she was talking about.
My suggestion to you would be to write down a list of questions before you go. Write questions as he/she is talking to you, and keep at it until you understand exactly what everything means. Then write that down, and keep it with the paperwork. I didn't do that, and I am sorry now.
Hi Joan, I sorta did that but didn't know the questions I would have LATER. Our next appt. is to REVIEW which means I will get her the information and she will prepare a draft I think for us to go over. It's clear I have some more questions though before we start that so think I better e-mail her.
So did you set up a Revokable Trust and are you now the Trustee? I'd like to hear from anyone who set up that situation and why.
If you are concerned about pre-deceasing your impaired family member, you need a trust so that some person can take charge of the money and use it to support them. If you have a simple will, and leave that money to the spouse, who will make those decisions as to how to spend it, etc? then you end up with a court-appointed guardian -- not a good situation.
People who are not in the situation of having to assure someone's continued care, can set things up for their heirs by making their bank accounts, stock accounts, CDs, etc. "POD" (Payable On Death) to their heirs, and making sure the beneficiaries are correct for any life insurance. Don't forget about IRA's and 401K's. Then they can get by with a simple will for the remaining "stuff" like furniture, etc.
When you get all the legal work done don't be surprised if you get triple of everything to sign. Seems everyone want an original and thus the "original" triples. Don't ever part with the last one of them.
Terry, Our ELA set ours up with a Special Needs Trust. We don't have any children or relatives to take care of anything so we have a Fidicuary who will take care of bills etc. for DH if I should die first.
No, I don't have a revocable trust. We no longer have any assets to worry about disbursing. My main concern was for Sid's care if I die first. I have what is called a "special needs will". Every state is different, but here in Florida, it is mandatory that a certain percentage (I think it's 20%, but I could be wrong on that) go to the care of the person who is disabled. I have life insurance, and I believe I mandated that 20% go to my son, and the rest go to Sid's care. I need to make a lot of changes in all of the paperwork. It's been 2 years since we did it, and all of our circumstances have changed.
TJ, I'm not an attorney, just worked in the real estate area for attorneys for 30 years! Not sure about Tx. Law either. Generally: Does she have a will? Executor and Alternate Executor in case first one (probably you) is not able to serve? If all that is in place, the executor probably can sell the real estate - as long as the Will gives the Executor the power to do so. If no named executor can serve (may be deceased, etc), then the probate court will appoint one and authorize him/her to sell the real estate. Another important question I would think for you (and all of us) would be that you have your own DPOA set up, Will, etc.
Terry, I said to myself I would not post advice anymore when some folks felt that wrong advice was being given and that was not needed here. I am not posting advice to you just something for you to think about. If I am reading and understanding you correctly you say that you left it that a Revocable Trust would be draw with you as trustee and then if you die the Trust would go jointly to the sons, I may not be understanding this as I read but ARE you leaving the trust to the Son???? Are you naming your husband as the person the trust is suppose to benefit???? Your primary concern is that the money be saved for your husband so be very sure about that. Is the Trust to belong to the Son or is the son just the trustee to make sure the funds are spent on your husband??????????
Shantuse has the best and easiest approach for most things and that is POD and make sure she has a trusted person to handle the money for her. That way the money goes to your spouse, and must be used for her care under her Durable Power Of Attorney.
Remember I am no lawyer, I do not claim to be a specialist of any kind whatsoever, just giving you some things to think about. What you do is up to you.
Aye, there's the rub, Vickie, I did not get her to sign a DPOA before becoming incompetent, because it all happened too fast at the time. Now, the only out is guardianship, which is expensive and cumbersome to administer, so I have not done that. This is why I was asking. We do have wills, but I'm going to have to review them to see about executor having the power to sell property. Thanks!
Jane, thank you for entering once more into the breach, dear friend (-: It's good to see you posting again. Your suggestions (not advice!) are always sound and reliable.
Jane! i knew this topic would bring you into the light again?? arent those sweet delightful words- medicare-trusts-wills-etc just like gold jingling in your ears???
my special calls are 'poop, incontinence, gag reflex... :) good to see you post. divvi
Jane, thank you. I was hoping you'd get here. Yes, I believe the way we left it is that we will have the attorney draw up a will package incl. DPOA, etc. AND a Revokable trust with me as Trustee. She said all our accounts would be transferred into the Trust now. If I predecease my husband the sons would be named co-trustees of the Trust which would be for the SOLE PURPOSE OF PROVIDING FOR THEIR FATHER (DH). There could also be specific bequests outside the trust.
I thought (but need to get confirmation) that she said that this would avoid Probate. Also it would avoid having a Guardian named and a smoother quicker transition.
Shanteus is saying that the trust would be the way to go if my primary concern is the care of my husband shold I predecease him.
It is also my understanding that the Special Needs trust is to protect assets should there not be the income to pay for long term care. We wouln't need this even without assets he has a monthly pension plus Long Term Health Insurance.
Terry, this sounds ok, as long as you feel you will never need to apply for Medicaid. I was concerned that you were directing the trust to the sons and wanted to be sure that they were just to be the trustees. Sounds like you should be fine.