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  • Legalzone for estate planning

    Thinking of estate planning

    Did anyone use lawdepot or legal zone?

    I can do the entire package for my spouse and I for few hundred dollars

    Thanks

     

  • #2
    Do you mean document preparation for the estate plan that you already have made?
    Power of attorney (financial and health) forms most likely are free from your state.
    Transfer on Death deeds too.
    That leaves a will.
    Fill in the blank forms it’s probably okay.

    If you want legal and tax advice and a plan, you will need pay an attorney. You get the point I am sure. No offense intended. Good luck.

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    • #3
      personally I'd leave this up to the lawyers. If you're thinking just a will then sure you it online. But if you're really talking about estate planning where you're setting up trusts and also constructing it in a way to minimize the government taking taxes upon death, you really should have an attorney who is familiar with your state laws set that up. It's a bit complicated and definitely something you want to be 100% done correctly. We're finally doing this ourselves now. Setting it up will probably cost you anywhere from $1000-$3000. That's a lot of money for a resident I know but in your case you probably don't have a complicated situation now and you're probably young so I'd just set up a will. Once you're an attending, fork over the bucks to do a trust

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      • #4
        Tim and JBME

        Thanks a lot for your opinion

        I agree that I will need a lawyer for that!

         

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        • #5
          What's your current situation? Any kids? Any assets? What state? When do you finish training?
          Financial planning, investment management and CPA services for medical professionals | 270-247-6087

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          • #6
            I would rather take my chances with a $200 attorney-prepared will than a $200 set of internet forms.

             

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            • #7
              Has anyone heard of a problem with a will "due to incorrect language or wording"?

              The only thing I have heard of is "people battling" over the financial remains upon demise. That battle would occur regardless. For example, A gets $10.00 and B, C each get 50/50% of the remainder. An attorney would say that is preferable because it clearly states A gets no more. So what? A will raise a stink anyways.

              BTW, don't plan on leaving an annuity for your kids in a tax deferred vehicle like an IRA!

              Comment


              • #8


                Has anyone heard of a problem with a will “due to incorrect language or wording”?
                Click to expand...


                Yes - do a Google search ;-). In very simple situations, such as a resident with negative net worth and no kids, I have recommended that some of our "DIY"-inclined clients use Quicken Willmaker Plus. Of course, in those situations, I am giving the draft copies a second set of eyeballs and making sure other doc's are in place. This will is just a placeholder to have intentions documented until the situation becomes more complex (net worth growth, real estate in multiple states, etc.) and a professionally-prepared set of documents are called for.

                Even a negative-net-worth resident with children needs a LWT to determine guardianship of the children in the event of both parents' demise. If it is a choice between dragging your feet on shelling out several thousand dollars for an attorney and no LWT, I'll recommend a DIY using Quicken. It's easy to overlook the fact that, while "poor", residents can afford and may have multi-million dollar term policies that could make guardianship of their children rather lucrative. You don't want the court system to make that call among battling relatives in the sad event that the kids are orphaned.
                Financial planning, investment management and CPA services for medical professionals | 270-247-6087

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                • #9
                  @Johanna,
                  You brought up another solution and a really really complicated issue with children. Match “best” for raising with “best” for financial capacity, “best” for making wise decisions managing the estate funds is no simple task.
                  I call that Life Planning. The decision process alone needs guidance. Your “looking it over” is valuable.
                  Great point.

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                  • #10




                    @Johanna,
                    You brought up another solution and a really really complicated issue with children. Match “best” for raising with “best” for financial capacity, “best” for making wise decisions managing the estate funds is no simple task.
                    I call that Life Planning. The decision process alone needs guidance. Your “looking it over” is valuable.
                    Great point.
                    Click to expand...


                    Interesting you said that. I happen to be a Registered Life Planner, just don't advertise it much any more.

                    Typically best to separate the "guardianship" from the "conservatorship", but not always done. Not even sure if it is usually done.
                    Financial planning, investment management and CPA services for medical professionals | 270-247-6087

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                    • #11
                      I apologize for hijacking this thread but as I mentioned we're setting up a trust finally with an attorney. She in general seem to know what she's doing. She does specialize in estate planning and I've found I've learned a few things. But I just got this response in an email to her and before I start to question her knowledge I want to make sure it's not me who is wrong. She writes "As such, you would name your spouse as primary beneficiary and your kids as secondary beneficiaries on any 401ks and IRAs. The plan would be that if both spouses are not surviving, yours kids would roll the retirement assets over into their own retirement account to avoid any early withdrawal penalty."

                      That last sentence is concerning me....you cannot roll retirement account monies into the accounts of someone who is not your generation (or I think more than 10 years younger than you). My kids would be forced to take RMDs because these are inherited IRAs/401ks, and there's not early withdrawal penalty for them because, well, that's simply not applicable here. The lawyer is totally wrong with that last sentence, right?

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                      • #12
                        @Johanna,
                        So it’s not your first rodeo? Years ago we visited to estate attorneys. One said, here is my recommendation.
                        It was all tax planning. The other pulled out a sheet with about 20 questions and said, “As soon as you can answer at least a few of these I can help you.”
                        Simple things, like “At what age do you want your children to be able to spend it all? Must be over 18.”
                        “Are funds to be allowed for food and housing?”
                        There are so many scenarios that can go wrong, but real hardships if you make it too restrictive. He said, the most important thing is delegate responsibilities to someone you trust to make good decisions for your children. We needed awhile to even reach agreement between ourselves. 100% certain, when we met the next time he showed us why we needed to change. It’s not easy. I think he mentioned the Life Planner term. But he was an attorney. The best part, money down the drain. We are still kicking and none of those things happened.
                        Your clients are fortunate. Mom or Dad or bother or sister rarely checks all of the boxes.
                        Enjoy the rodeo.

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                        • #13


                          That last sentence is concerning me….you cannot roll retirement account monies into the accounts of someone who is not your generation (or I think more than 10 years younger than you). My kids would be forced to take RMDs because these are inherited IRAs/401ks, and there’s not early withdrawal penalty for them because, well, that’s simply not applicable here. The lawyer is totally wrong with that last sentence, right?
                          Click to expand...


                          They would be required to roll the IRA over into an inherited IRA account. It absolutely cannot be commingled with their own retirement accounts. There also are no early withdrawal penalties.

                          Surprise (not). You know more than your estate planning attorney. Sadly, not unusual in the world of estate planning "specialists". It's why I review clients' docs.
                          Financial planning, investment management and CPA services for medical professionals | 270-247-6087

                          Comment


                          • #14




                            Has anyone heard of a problem with a will “due to incorrect language or wording”?
                            Click to expand...


                            Yeah.  This is the reason you get a local attorney to prepare your will.  

                            Johanna points out substantive issues, but virtually all jurisdictions require technical details be met as well.

                            In my state, for example, if your testament does not follow the strict guidelines of the law, your testament is invalid and has no effect.

                            In some cases, having a will declared invalid, or having portions of a will declared invalid, can be worse than having no will at all.

                             

                            For anyone preparing a will, consult a qualified attorney in your area. 

                            Comment


                            • #15
                              @JBME,
                              What age are your children?
                              Inherited Pretax accounts currently have RMD’s based on their age.
                              RED FLAG, RMD’s for your kids are likely to disappear soon. Assuming anything get done by Congress.
                              Kids will have an “inherited IRA”, this is not the same as their own. Different set of rules for withdrawals.

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