When Do We Need An Estate Planner For Our Will? | Mama Bear Legal Forms

[@brianjames9832]

Omg this question hurts my soul. So does Dave’s answer. Please, viewers, for your own good, please read below...licensed estate planning attorney, here: The A/B trust is how you double the exemption. The individual exemption is 11.4. Doubling that is 22.8. It doesn’t double it to 45.6. Also, the tax rate for federal estate tax is 40%, not 55%. Basic estate planning (will, power of attorney, medical directive) can be done for young couples with no children or single individuals over 18 who have limited assets for $250-750. More complex planning is needed as the following occurs: kids, asset accumulation, divorce/marriage, second marriage situations, his/hers/ours with children, owning or liquidating a business, receive a large inheritance, death in family, etc. More complex planning can cost $1500-8500 depending on if trusts are involved. Please, if you have the means, pay for a professional. VET the professional. Not all of them specialize in planning and know the ins and outs. Make sure this is what they do, day in and day out.

[@retiredmanager510]

Best advice I’ve seen on here👍

[@WaldenSpawn]

Confirmed Brian’s exemption amounts were accurate. No offense Brian, just took your advice and “VET the professional”

[@codenameexoliby6020]

I'm a 3rd year law student literally taking wills and trusts and estate planning right now. I was laughing at EVERYTHING he was saying. The stupidest and cheapest thing you can do is go with one of these standard form wills online companies. Wait until someone contests the will and it goes to probate. The decdent wont be alive to see the results but his intended beneficiaries sure will be sorry

[@BillDaBurgerEater]

Yes, completely agree with the comment. Ramsey is way off here (just like he was on gold/silver). I think he's sponsored by these form provider services. Anybody with real property should use a LAWYER for estate planning (at least in Southern California). Btw, I am a probate attorney.

[@LDLike]

Estate planning is not the same as “estate tax planning.” Just because you don’t have an estate tax issue doesn’t mean you don’t need a well qualified attorney. Many clients want to protect their loved ones inheritance against loss from creditors or a divorcing spouse. Also many older clients wish to do long term care planning to protect assets against the high cost of nursing home care. Who at mama bear will advise the client on their options and guide them on what works for their family? What if a child has a drug or alcohol issue? Maybe they don’t have $2m of assets but only $500k but they still love their child and want to protect him/her? Will mama bear advise on how to do this? And a will is only one part of a good estate plan. For many people a power of attorney may be much more important than a will.

[@jvolstad]

As a retired soldier, I used the JAG on base to create my Will. Most of my estate is going to charity.

[@martycech5844]

Thank You for your service to this Country❤️

[@jaehwan123]

Many states have something called simple probate, where if your total estate is less than something like 200 K, probate is fast and simple. If you’re over this, it makes more sense to get a trust rather than a will. Average probate is something like 18 months, which means that if you have a will, you are making your heirs burn lawyer fees for a whole year and a half.

[@NickPeitsch]

I would use every resource possible to accurately and intelligently plan my estate and will! This is important stuff you don’t wanna mess up... cause you won’t be there to fix a mistake!

[@elianah8803]

Investing Engineered great advice! It’s worth every penny to ensure it’s clear, legal and what you want. Surgeons, estate planner/attorneys and tax accountants are skills that I’m willing to pay for.

[@NickPeitsch]

@@elianah8803 Yes exactly - glad you agree :)

[@susansauls8902]

"Sally, you're the star of a reality show; you get nothing." 😂😂😂

[@bryanwilliams9701]

No, it's $22.8 million AFTER doubling for the marriage exemption... $11.4m if you're single. Also, it's only 40% tax rate (not 55%) above the thresholds.

[@brianjames9832]

Bryan Williams I’m glad someone else caught that...talking out of his a$$.

[@bryanwilliams9701]

@@brianjames9832 per usual. I like the financial advice but dont care for the factually-challenged reactionary propaganda.

[@DavidHanson-p4f]

I thought Dave was mistaken!

[@eemr8439]

For estate tax I believe is $11,400 mill for single and double for married couples but also people need to check their state tax since there are estate and inheritance tax involved that a Trust may help to reduce tax burden and avoid probate.

[@DavidHanson-p4f]

You're right!

[@philochristos]

How do you know whether your estate needs to be Probated or not? Should you name an administrator even if you don't expect that your estate will need to be probated?

[@mmp495]

My father has 5 properties all paid for that he has verbally stated he would like to divide evenly amongst the three of us upon his death. He has not created a will or estate planning. I have offered estate attorneys #’s and expressed the importance of having one….still nothing. I am not looking forward to probate and hammering out the details with my siblings and their wives. 😣😞☹️

[@alexiscruel4009]

What does he say is the reason he wont do it

[@hawaiithomson]

After I do a Will, what do I do with it? put it into a safe deposit box? record it?

[@books4739]

call up a lawyer and ask them about it.

[@texasfly8865]

Gosh I love Dave! I totally disagree with him politically, but he's so endearing even in his anti-socialism rantings. 🙉🥰 You help a lot of people Dave! Thanks for doing you 🕊

[@rickm6076]

Well it’s not earned wealth for the kids and cousin Jim. That’s why it’s taxed again. I’m worth 12 mil currently, so doesn’t apply to me [today], I know. But still. My kids aren’t getting a penny until I’m gone AND assuming they don’t develop addictions etc while I’m here.

[@kaizenborntowin]

Thank you for the information!

[@bjkarana]

We set up a living trust + pour-over will for about $1,000 when our baby girl arrived so we can avoid probate and have a clear plan if the worst case ever happened. We were the only 30 year olds in the law office. Don't wait. Get it done.

[@elizabethlamboy-wilson7335]

If one only has like a few 100 K, a home and property that is in reverse mortgage, wouldn't it be better to have a living Trust as opposed to a living will? All wills are subject to probate thereby leaving your beneficiaries in the dust until PROBATE is finalized. Probate can take years and any balances can be eaten up by attorneys and time.

[@DonteeWeaver]

Thanks!

[@billyrayband]

In some states most all titled property (real estate, vehicles) and things like IRAs can have defined beneficiaries so most of your assets are covered, along with a simple will. Likely the value of most peoples assets will not cause you to create a trust, but family drama might if you want more control over the asset distribution. The Will just transfers the asset.

[@retiredmanager510]

The sad part is many people never title their accounts with a beneficiary or pay for trusts and never spend the time transferring the title into the trust. Even homeowners and auto insurance can be used to cover the trust. Also a personal liability umbrella insurance plan should be titled for the trust.

[@codenameexoliby6020]

That's not necessarily true

[@Cubanblkpapi]

Leaving any kind of money towards family is not starting with nothing. Remember that!

[@retiredmanager510]

This does not work for every person in every state. If you only have a will, you will usually have attorney and court fees that may take a large portion of your assets. Even though cars aren’t usually added to trusts you can talk to your states dmv for terms for the cars title. Such as Joe S. T.O.D. Jane D. T.O.D. Is transfer on death. I just did this at a California DMV a couple weeks ago. No attorney or probate

[@sewandembmom12]

If you put your house into a trust and you move and purchase a new home, do you need to write a new trust?

[@ImVeryBrad]

taxed to death even after death

[@millsathn]

As it should. It’s extra income for the people getting the money.

[@rickm6076]

My kids didn’t earn my money, thank you very much. They won’t get a penny from me even in death either if they develop any addictions or other bad habits before I die.

[@millsathn]

No but it would be new income for them. Therefore should be taxed. Tax follows the person, not the money. Inheritance tax should have a much lower threshold.

[@oneshotonekill2997]

@@millsathn taxation is theft

[@yayyareaa2997]

God I need to leave Commiefornia. So much brain washing here it’s insane

[@multistack1502]

Yayy Areaa California is great! Except for the over whelming illegal population and a state legislations leaders that cater to them and charge the citizens for that.

[@MayaKanaKa]

It’s crazy! I want to leave CA but I have a stable job with great benefits. However, I hate the fact that they more I earn they more they take out of my paycheck.... I think that I will have to invest & retire in another State.. Other than the weather in CA nothing else is great anymore....

[@matthewharrigan3568]

A huge amount of wealth was not taxed. Step up in basis at death. Disappointed DR distorted the facts to support his viewpoint.

[@newaccount5172]

I love credit cards!

[@teeduck]

Is their probate tax on wills

[@DavidHanson-p4f]

Yes.

[@robertspencer5219]

It's not really all earned income, which helps them build their wealth. Which I think is a good thing. Employees have the government's hands deep into your wallet, very sad.

[@miriambertram2448]

They need a trust...

[@noalarmsplease5872]

The tax is being paid by the people who are inheriting the money, which is new, unearned money for them.

[@millsathn]

Finally, someone who gets it

[@skipdegraff6547]

Should be considered a gift. Money received that's already been fully taxed. Do you pay tax on your Christmas gifts? No

[@professorhojo7205]

I'm leaving nothing to my kids i earned it i spend it

[@HAMID___]

Dxwhy boo hoo trust fund bum

[@DJLOUIE1000]

Even in Death uncle Sam wants his cut......🤦🏽‍♂️

[@Ausnapify]

Did this help anyone

[@cutehumor]

When I listen to this, Dave is talking about his wealth. who cares about avoiding estates taxes over 22 million? AB trust avoid estate taxes over 44 million?? who is dave talking to? any listeners with over 22 million bucks in the bank?

[@HAMID___]

cutehumor exactly. People can be so gullible

[@Linruat]

So presumptuous

[@truellas]

No one lol

[@robinrubendunst869]

Dave, share the wealth! Bible says it’s mighty hard for a rich man to get into heaven. Pay a T&E professional to do your estate plan. Peace of mind !!

[@dete503]

He does share his wealth...

[@dete503]

If you read the next few verses, Jesus also says through God anything is possible.

[@bryanwilliams9701]

A power to dispose of estates for ever is manifestly absurd. The earth and the fulness of it belongs to every generation, and the preceding one can have no right to bind it up from posterity. Such extension of property is quite unnatural. -- Adam Smith

[@Jenniferde2007]

To have such a problem!

[@medviation]

I finally got my first credit card, despite after listening to Dave for years. I still live with my parents at 27. No one would let me finance a home (my savings has not yet reached the point where I can buy a small property with cash, and I have been saving 50-60% of my income in almost 10 years of working). No one would even let me rent an apartment because I don't have a credit history. I don't have a car, I don't need a car. I will be disciplined though, and I realize I would be playing with fire. So, I will use my credit card for a portion of my parent's expenses, so I won't jeopardize my own money. Yes, it is under my name so I am liable, but my parents are good people and I trust them. And if they make a mistake, I will cut that card so fast. I will continue to pay for my own expenses in cash. That way I still build a credit score without being "practically" in debt. Thanks for your advice Dave!

[@butucpaul88]

You say no one would rent you an apart for lack of credit history: well I rented the apartment i live in with No credit history at all at age higher than yours! I bought a great, reliable 2010 japanese compact car with 100k miles on it for 4k $ and i plan to use for maybe another 10 yrs as it makes me no problems and it’s fun to drive. What is your income? Saving 55% of it for 10 yrs as you stated, assuming making only 30k/yr would mean you saved 165000 $ , plenty for a starter home in most of the country! And you aren’t obliged to buy in an expensive area, you can commute. And also: Dave doesn’t recommend waiting and renting until you have 100% of the amount to buy your 1st home but financing it in a safe way for economic downturns (emergency fund in place, no other debts, 1/4 of your take-home pay). And he even advertises for one of the lenders doing manual underwriting.

[@siglandoe3913]

I’m sorry, but I would not get advice on wills and trusts from our good friend Dave. There are plenty attorneys that could educate you properly for free, before you spend the money. Dave can help what he calls stupid people to clean up debt problems. I don’t think a $100 will kit is the answer, even if Dave gets paid to sponsor it.

[@richard9827]

Yes they paid taxes on the principle, not on the appreciation. You are mistaking the facts. Shame

[@slateedwards3123]

First

[@SuperM4000]

They paid taxes but the people inheriting the money did not. Transfers of wealth are taxable and those inheriting the wealth should be taxed.

[@kevinyoung947]

Matthew Ward sounds nice until the government gives it to tobacco farming corporations or to see if chimpanzees gamble differently after consuming alcohol

[@FrostyTheSnowman12321]

Should be taxed TWICE!? GTFOH! What has this government done for you!? *SHOULDN’T be taxed AT ALL*

[@clarifyingquestions]

hahahahah It is their money - not yours, you didn't do anything:) Exactly! Dave is Dad!

[@anthonykence9954]

Dave would look better if he wore a toupee

[@franklinhunt-gonzalez5249]

Not when its windy.

[@c.blakewestestateplanninga8917]

Almost all of this legal advice from a non-lawyer is WRONG. Go to an estate planning attorney if you own a house. Use a trust and not a will, to avoid probate.

[@aCleverFishingPun]

Oh the poor rich people ☹️ I feel so bad for them

[@ballinhardaf]

Spanky McTickleballs u jealous brah ?

[@retiredmanager510]

It’s not just rich people. I was talking to my attorney and one of the most common issues is people leaving something as simple as a car. No WILL guess what it usually has to go through court to find who is the new rightful owner. If two family members are fighting over it. The court costs will be more than the car is worth much of the time.

[@narcslayer425]

Majority of "rich people" worked and saved. You should try it... and less time spanking your tickleballs.

[@InvestingEducation]

No wills r quite simple for most ppl. Just write it on a piece of paper and get some witnesses

[@brianjames9832]

Holographic (handwritten) wills are only admissible in most circumstances and under most state’s laws if prepared overseas during deployment...

[@InvestingEducation]

some good advice here. The holographic will is permissible where i live but may not be in other places. Point noted.

[@franklinhunt-gonzalez5249]

Handwritten is admissible in a few states but estate planning is very state-specific and statute-based. Everyone would be best served to get a few FREE consultations with different attorneys to verify whatever information has been given to you while planning. Many states have a very specific form that wills must follow to be legal. My state, FL does not have a specific will form, but it does have several requirements for a valid will which are not likely to be found in a quick scratched out note. Children from other relationships not being included in a will can complicate things as some states have statutes requiring how certain percentages of the estate can be distributed when this is the case. Portions of the will could be deemed invalid if you don't follow statutes. (Ex: trying to leave everything to a spouse when you have a child from another relationship when statutes require 50/50 split of estate)

[@mtnbikesownu]

When you pass with that much money, the money in your estate is all gains/growth, so no. There was not tax paid on growth/gains. Especially with nontaxable profits and gains. So sad for people as rich as Dave...

[@HAMID___]

Estate tax should be 90% after $10 million. Of course if was a millionaire like Dave I wouldn’t want that