In the end...

Originally posted by @eladar
Dollar amount please.

Yeah, stick to useless currencies nobody gives a toss about.

Originally posted by @eladar
Lol you certainly do not like answering direct questions. In your opinion what would be the net worth of an estate you described in your original remark. You know, the one that had enough money for surviving spouse to live easily for 20 years then have money left over for beneficiaries.

Obviously that's an impossible question to answer, as it depends on myriads of factors such as cost of living in the area, family size and how the people plan to live.

Moreover, it's completely irrelevant to the point of the conversation, as I have clearly demonstrated.

Originally posted by @sh76
Obviously that's an impossible question to answer, as it depends on myriads of factors such as cost of living in the area, family size and how the people plan to live.

Moreover, it's completely irrelevant to the point of the conversation, as I have clearly demonstrated.

Well what is the typical size estate that you deal with? Median? Low end vs top end?

Originally posted by @eladar
Well what is the typical size estate that you deal with? Median? Low end vs top end?

I don't do that any more, but when I did...

Low end: No liquid assets but a house with a couple of hundred grand in equity.

High end: Probably about $30 million. Richer than that, and they'd go to these huge or boutique NYC firms that charge 10 times as much for the same services, but have really nice conference rooms, great views of Rockefeller Center and high-end coffee.

Median: Impossible to say, but as a "typical" guesstimate, I'd say a house with a few hundred thousand in equity, a life insurance policy with a 6 or 7 figure death benefit and savings plus retirement assets in the neighborhood of 300-500k.

Originally posted by @sh76
I don't do that any more, but when I did...

Low end: No liquid assets but a house with a couple of hundred grand in equity.

High end: Probably about $30 million. Richer than that, and they'd go to these huge or boutique NYC firms that charge 10 times as much for the same services, but have really nice conference rooms, great views of Rockefeller Center a ...[text shortened]... 6 or 7 figure death benefit and savings plus retirement assets in the neighborhood of 300-500k.

Wow house and no liquid assets and they can set up cash flow for their surviving wife plus have money set aside for others?

I think you are blowing smoke.

Originally posted by @eladar
Wow house and no liquid assets and they can set up cash flow for their surviving wife plus have money set aside for others?

I think you are blowing smoke.

I guess you haven't been paying attention.

It's not just about the cash flow. It's also about the right to live in the house.

Your thesis (amended multiple times) in this thread is thread now seems to be that people should suck up to mom who will control the disposition of the family home (since there are no other assets) at her death because she'll be the second-to-die. I keep explaining how this can be avoided with some simple estate planning, but you're not buying it.

Okay, so let's be very simple and take your case. Man and wife live in house. No income but social security and maybe a small pension. Maybe a few bucks in the bank but nothing significant.

Problem: We don't want the kids to have to suck up to Mom to get a piece of the house when the old batalax kicks.

Solution: While man and wife are alive, put the house into a trust that says both spouses have the right to live in the house until death and then the house is split equally among the children at the second death.

If there's cash too, then sure, put the bulk of that in the trust. Otherwise, don't.

Any questions?

Originally posted by @sh76
I guess you haven't been paying attention.

It's not just about the cash flow. It's also about the right to live in the house.

Your thesis (amended multiple times) in this thread is thread now seems to be that people should suck up to mom who will control the disposition of the family home (since there are no other assets) at her death because she'll be t ...[text shortened]... re's cash too, then sure, put the bulk of that in the trust. Otherwise, don't.

Any questions?

"Solution: While man and wife are alive, put the house into a trust that says both spouses have the right to live in the house until death and then the house is split equally among the children at the second death."


Question...

can a living trust be revoked?

Originally posted by @mott-the-hoople
"Solution: While man and wife are alive, put the house into a trust that says both spouses have the right to live in the house until death and then the house is split equally among the children at the second death."


Question...

can a living trust be revoked?

There are both types: revocable and irrevocable.

The one in this sort of plan would either be irrevocable from the outset or revocable until the first death (or perhaps until one spouse becomes incompetent). After the first death, it would have to be irrevocable for the plan to work.

Originally posted by @sh76
I guess you haven't been paying attention.

It's not just about the cash flow. It's also about the right to live in the house.

Your thesis (amended multiple times) in this thread is thread now seems to be that people should suck up to mom who will control the disposition of the family home (since there are no other assets) at her death because she'll be t ...[text shortened]... re's cash too, then sure, put the bulk of that in the trust. Otherwise, don't.

Any questions?

I was responding to your first reply numbnuts.

I guess the wife is not the owner of the property even if her name is on it. If she is unwilling to put the property in the trust then your plan is out the wondow.

Originally posted by @eladar
I was responding to your first reply numbnuts.

I guess the wife is not the owner of the property even if her name is on it. If she is unwilling to put the property in the trust then your plan is out the wondow.

Ummm, yeah. Estate planning is a voluntary process.

I don't know the kind of people you deal with, but most couples I deal with are willing to work together to protect their children.

Originally posted by @sh76
Ummm, yeah. Estate planning is a voluntary process.

I don't know the kind of people you deal with, but most couples I deal with are willing to work together to protect their children.

Protect their children from their mother?

You hang around some pretty controlling men.

Originally posted by @eladar
Protect their children from their mother?

You hang around some pretty controlling men.

I give up. I'm not being paid enough to educate you.

Enjoy living in your ignorant bliss.

Originally posted by @sh76
I give up. I'm not being paid enough to educate you.

Enjoy living in your ignorant bliss.

Lol establishment lap dog.