I've reviewed previous messages from the forum on this topic and I know it's been covered ad nauseum, but I'm hoping I can solicit some informed thoughts on our situation.
My wife and I are in our early 40s. We have two kids under the age of 5, including one with severe cognitive and physical disabilities. We've reached out to several estate planning attorneys and have chosen one that is well-versed in special needs planning. I'm certainly no attorney and have no plans to do this without one, but I like to think I'm reasonably well educated on the topic of estate planning and special needs trusts, having read a few books, including most recently Jim Lange's great book Retire Secure for Parents of a Child with a Disability (highly recommend for parents of a child or children with disabilities).
Our assets are pretty straightforward. Most of our assets are in retirements accounts (Roth, traditional 401k/IRA) and brokerage/bank accounts. We own our home and do carry a mortgage. We have no debt aside from our mortgage.
We plan to set up a third party trust for our child with a disability. Our attorney recommends we use a will rather than joint revocable living trust, as the only titled assets we have are our home and vehicles. He says probating a will in our state (Georgia) isn't costly or difficult. Additionally, on our deed, my wife and I are listed as joint tenants with right of survivorship, so if one of us passes, the home should transfer without going through probate. It's also my understanding that since July, the state of Georgia now recognizes transfer-on-death deeds, another way we can avoid probate upon both of our deaths.
I'm a big believe on simplifying life and finances, but I also want to make sure I'm not missing any important considerations of using a joint revocable living trust over a will for our situation. We've been quoted from three different attorneys for around $8,000 to set up a revocable living trust and I'm just not sure the cost and added complexity is worth it for our situation.
Interested to hear what others think.
My wife and I are in our early 40s. We have two kids under the age of 5, including one with severe cognitive and physical disabilities. We've reached out to several estate planning attorneys and have chosen one that is well-versed in special needs planning. I'm certainly no attorney and have no plans to do this without one, but I like to think I'm reasonably well educated on the topic of estate planning and special needs trusts, having read a few books, including most recently Jim Lange's great book Retire Secure for Parents of a Child with a Disability (highly recommend for parents of a child or children with disabilities).
Our assets are pretty straightforward. Most of our assets are in retirements accounts (Roth, traditional 401k/IRA) and brokerage/bank accounts. We own our home and do carry a mortgage. We have no debt aside from our mortgage.
We plan to set up a third party trust for our child with a disability. Our attorney recommends we use a will rather than joint revocable living trust, as the only titled assets we have are our home and vehicles. He says probating a will in our state (Georgia) isn't costly or difficult. Additionally, on our deed, my wife and I are listed as joint tenants with right of survivorship, so if one of us passes, the home should transfer without going through probate. It's also my understanding that since July, the state of Georgia now recognizes transfer-on-death deeds, another way we can avoid probate upon both of our deaths.
I'm a big believe on simplifying life and finances, but I also want to make sure I'm not missing any important considerations of using a joint revocable living trust over a will for our situation. We've been quoted from three different attorneys for around $8,000 to set up a revocable living trust and I'm just not sure the cost and added complexity is worth it for our situation.
Interested to hear what others think.
Statistics: Posted by Invest_Wisely — Sat Sep 14, 2024 4:00 pm — Replies 1 — Views 59