Comments on: Putting Together an Estate Plan http://www.fivecentnickel.com/2006/11/22/putting-together-an-estate-plan/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 22:51:28 -0500 http://wordpress.org/?v=abc hourly 1 By: Benson http://www.fivecentnickel.com/2006/11/22/putting-together-an-estate-plan/comment-page-1/#comment-113463 Benson Tue, 27 Nov 2007 15:55:30 +0000 http://www.fivecentnickel.com/2006/11/22/putting-together-an-estate-plan/#comment-113463 > ...so you didn't use the "$100 guy" -- how much did it cost for the better lawyer ?? >

…so you didn’t use the “$100 guy” — how much did it cost for the better lawyer ??

]]> By: moneysmartlife http://www.fivecentnickel.com/2006/11/22/putting-together-an-estate-plan/comment-page-1/#comment-40431 moneysmartlife Thu, 23 Nov 2006 02:31:19 +0000 http://www.fivecentnickel.com/2006/11/22/putting-together-an-estate-plan/#comment-40431 Great job getting that finished! I put off estate planning because of the cost but then I found a way for my wife and I to get a quality will for free! I wrote about it, http://www.moneysmartlife.com/2006/11/14/who-wants-free-estate-planning. Of course it was just a will, no trust involved like yours, but if you're a young couple and just starting out, free is a pretty good price! Great job getting that finished! I put off estate planning because of the cost but then I found a way for my wife and I to get a quality will for free! I wrote about it, http://www.moneysmartlife.com/.....e-planning.

Of course it was just a will, no trust involved like yours, but if you’re a young couple and just starting out, free is a pretty good price!

]]> By: Joe Taylor http://www.fivecentnickel.com/2006/11/22/putting-together-an-estate-plan/comment-page-1/#comment-40424 Joe Taylor Thu, 23 Nov 2006 02:06:51 +0000 http://www.fivecentnickel.com/2006/11/22/putting-together-an-estate-plan/#comment-40424 Be careful that the trust is a "see through" trust if you want to preserve the tax deferral on retirement plan assets for your children. Be careful that the trust is a “see through” trust if you want to preserve the tax deferral on retirement plan assets for your children.

]]> By: Frugal Frugalson http://www.fivecentnickel.com/2006/11/22/putting-together-an-estate-plan/comment-page-1/#comment-40286 Frugal Frugalson Wed, 22 Nov 2006 19:02:13 +0000 http://www.fivecentnickel.com/2006/11/22/putting-together-an-estate-plan/#comment-40286 We went through the same process three years ago, and it was a relief to finally have our plans in place. We ended up choosing one of my siblings to be the guardian of our children and another of my siblings to be the Trustee. I wasn't concerned about a conflict of interest as much as choosing the suitable person for the job. Basically, the childless sibling with good money management skills controls the money and the sibling who is a good parent (but married to a spender) will get the kids. In addition to the trusts and wills, our attorney also recommended drafting health care proxies, power of attorney, and Declaration of Homestead (state specific) as part of our Estate Plan. I'm embarrassed to say I still haven't named the Trust as a secondary beneficiary for all of our accounts though. We went through the same process three years ago, and it was a relief to finally have our plans in place. We ended up choosing one of my siblings to be the guardian of our children and another of my siblings to be the Trustee. I wasn’t concerned about a conflict of interest as much as choosing the suitable person for the job. Basically, the childless sibling with good money management skills controls the money and the sibling who is a good parent (but married to a spender) will get the kids.

In addition to the trusts and wills, our attorney also recommended drafting health care proxies, power of attorney, and Declaration of Homestead (state specific) as part of our Estate Plan.

I’m embarrassed to say I still haven’t named the Trust as a secondary beneficiary for all of our accounts though.

]]>