Beaverstate

Just 1.2 million in LA.
2733 El Caminito, La Crescenta, CA 91214 | MLS #317001201 | Zillow

dc koop

It would make sense to put in place instructions beforehand while still of sound mind and designate someone to make the decisions when and if that situation arises. I think you can do that with a living trust

ddsrph

In Tennesee they would be lucky to get the 199,000.

mrken30

I was just thinking there are probably States where house maintenance costs are a lot less. In PNW we have moss and mold issues that probably means roof don't last as long, and potential issues with damp coming into basements etc. This is probably not so much of a problem in AZ or TX.

Tarkak9

We are one, too. It was on the ballot last November.

I was originally thinking on the lines of ol' mr. taxman - estate and inheritance tax ...

dc koop

A living trust is the best way to go. When we are both gone my daughter will automatically inherit our property and other assets and the house wont go thru probate, a process than can cost the inheritor a few thousand dollars,
As for inheritance tax it only applies to those who leave a few million bucks... hardly my situation

mrken30

Something to think about, estate tax in Oregon is only $1mn. No inheritance tax in Oregon since 2012

jkeller

Still haven't seen anyone volunteering to go to Minot!

Tarkak9

that is what I was alluding to .... its an area which people typically don't like to talk and think about (for both fed and state levels); and often stung with a big bill unnecessarily.

morpeth

What is difference between estate tax and inheritance tax ?

morpeth

Good point. Besides cost, just the time involved in probate is quite bothersome.

dc koop

Probate periods can vary. Some properties are in probate for years some relatively short

Prior to taking out a living trust we made a straightforward will leaving everything, house, cars, personal property, bank accounts, investments to our daughter however there would still be probate involved and we didn't see why she should have to pay a few thousand dollars to some lawyer whose already stinky rich. All she has to do now is go to the bank, credit unions, LA county records and present the death certificate and everything automatically passes to her.

Doing the living trust cost us around $1,700.00 but I certainly believe it was worth the cost

Another good idea worth thinking about is to buy a burial plot and leave instructions for the funeral. It's hard enough for family members to have to deal with the grief without having to arrange funerals along with all the cost involved. That I learned from personal experience

morpeth

One state in which I had to deal with probate had minimum percentage of assets set as fee lawyer would get- supposedly to control probate costs , but for any estate that involved a house etc ends up being pretty expensive on that basis. Living trust certainly a good option and worth the expense. Agree about funerals, a lot easier if plot already purchased, and funeral plans either prepaid or somewhat worked out in advance as different family members may have different ideas what is appropriate.