The first attorney I contacted wanted $3750 to set up a trust. My Fidelity representative recommended an attorney named Merilee Munther.
I called her and explained the simple situation: no previous spouses, no previous children, no property outside Idaho, less than the magic $5 million border where inheritance taxes become an issue. She responded that Idaho probate is so simple that a trust almost never makes sense. Turning down a chance to make money. If you need a lawyer, I think I would try her first.
Well done. A trust almost never makes sense. Who cares if your legatees are identified.
ReplyDeleteOther reasons for a trust include avoiding the costs and delay of probate, which, if your legatees get along well is not necessary, and preventing a property tax reassessment, which can be a problem for retaining the property, a big problem in a heavy property-tax state like California
DeleteCalifornia allowed certain heirs to keep the decedent's property tax assessment, including children and grandchildren. There's paperwork to be filled, but I think it's no worse than the paperwork you'd have to file if the property is held in a trust.
DeleteProperty tax assessments in Idaho are not a guarantee of future taxes as they are in California.
DeleteJust a thought: Invite her over for a star party.
ReplyDeleteI told a man once that it was against my religion to pay more in taxes than I had to. When he caught his breath again, after laughing so hard he almost rolled out of his chair, he said, "We go to the same church."
ReplyDelete