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Old 10-01-2007, 08:20 AM
Tom Bare
Senior MemberCaptains Club Member
Join Date: Mar 2002
Location: NC
Posts: 1,033
Default Re: Last will and testament or living trust

The common belief out there is that we will get 3-5MM for "free" before the IRS whacks us at 55% [estate taxes]

Make sure you get:
durable poa
healthcare poa
executor [hopefully a close friend not wife]
poa=power of attorney

I own a financial planning firm and create estate plans every day. Guardianship issues are the hardest for parents [who raises minor kids]. You can also give your $ to your kids however you want to-it is literally a blank sheet of paper. Careful w/ executor, they can "earn" 5% for providing the service.

Family Trust, Credit Shelter Trust, A/B...Bypass.....all are used every day and are simple to implement. If you have in excess of 2MM in assets including any life insurance that is not in an irrevocable trust, you should start carving out assets from you and your wife. You can pass 1MM each for free right now. If you die w/out doing it, you only get 1MM total.

Estate planning will cost $500-$1500 depending on how complicated.
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