I've been procrastinating on this for a decade or so.........so I come to the T-man brain trust for info.....apparently a will doesn't do much, and I need to set up a trust. Does 1 trust cover all, or do I need a separate trust for real estate? From what I've read so far I want a revocable trust. Any and all info from yous is appreciated, Thank You

I went to an attorney that specializes in Estate Planning to set up all my stuff. On my Real Estate he did a "Transfer on Death Deed".

It really starts with what is your desired outcome, preserving the land for future generations, having money available for assisted living costs, leaving inheritance?

Understand the nuisances between each trust type available: With a revocable trust you have the ability to make changes to your assets and beneficiaries at any time as you control the outcome as the grantor. In an irrevocable trust, your assets are assigned to the beneficiaries and cannot be managed or changed by you, without consent of all beneficiaries and/or court action. The caution with a revocable trust is that it is not protected from Medicaid where an irrevocable trust is if you pass the 5-year look back period.
It depends on what your family relationships are, will you need the money available for your long-term care or do you want to protect your assets? Assisted living costs can eat into savings very fast.
Keep in mind that IRS gift giving guidelines are not the same as Medicaid looks at assets, under Medicaid and for simplicity in understanding it, anything with a title, house, car, land, vacation property, etc. and all financial assets must withstand the 5-year lookback, if you give a daughter/son 10,000, deplete your assets and apply for Medicaid 4 years later- you will be denied and they'll claw back for the dollars given.

We have our main residence in an irrevocable trust- my children basically own the home I'm living in, that works for us because of our family unity. All of my lake property and hunting land and buildings are in an LLC, an LLC affords me the opportunity to have an operating agreement in place to manage the future use, to my desired outcome, my goal is for future generations to enjoy what I created not profit from it. As I mentioned in a previous post, my goal isn't to rule from the grave but to protect my assets for future generations that enjoy the outdoors without financial burden or the risk of losing it. Properties can divide families and unfortunately when people want their money without an LLC in place, attorneys get involved, partition takes place and the property is sold off.

Start with what do you want and find the most appropriate tools to employ - there's no right or wrong choices but based on what you want to happen- there are Good and Bad choices.

You will want to speak with an attorney who is well versed in trusts and estate law. I'm currently going through this with my parents. They had nothing but a will, and when my dad became very ill last year it was too late to do a trust. With my dads passing, I am now working with my mom to get her affairs in order. It's a massive headache, and depending on how her remaining years go... it could just be a disaster.

Both my parents worked very hard to have the life they had and provide for us when we were kids, they want us to reap the benefit of that. But sadly, for as smart as they were/are, that will likely not happen.

At a minimum, make sure you have all the necessary documents for while you are alive (POA, healthcare proxy, advanced directives) and a will. Spend the money to protect your assets both while you are living and when you pass away. Every ones situation is different, and different plans work for different people, but spend the money now to do what you WANT to do and set things up how you want them so that down the road you avoid the headaches and disasters.

A trust is a good way of holding and passing on your accumulations. Trusts are good but not totally bullet proof.
Choose your executor or executors wisely.
Use a very good attorney, its a one shot deal.

Osky

Edited to add you can have both, a will and a trust.

Eagleye gives information consistent with my experience.

TOD's are a pretty easy way to avoid probate for real estate, vehicles, and bank accounts/IRA's. And they are easy to add to titles, deeds, and bank accounts. You die, the property transfers. easy peasy.

Trusts are good. A big thing to keep in mind though is that a lot of people set up trusts, and then do not go to the effort to put their property in them. So, when they die, the the property still has to be settled through probate if there is no will.

An Irrevocable Trust has the potential to protect assets from foreclosure/Medicaid(nursing home) providing the 5 year look back is met.

I handled my grandparent's irrevocable trust, will and was POA. I also am POA for my father and am now paying his bills and taking care of finances.
CJones is also spot on - get the paperwork done today to make it easier on those dealing with your failing health or left behind.

Finally, I have a Stuff-Hits-The-Fan file (in the event of our untimely or even timely demise) where my kids can find it. It outlines where to find life insurance policies, Wills, Deeds, safety deposit box, and various bank accounts.
Coming in after someone has passed and trying to figure out their finances and assets is a challenge to say the least...especially if they were secretive about their finances.

My 2 cents.

When I bought the farm it went into Trust. I called some attorneys we talked gave them the cash and they handed me my try. I'm not well informed about the options. I can make changes and sell the land move it out of the trust if I choose. But when I die my wife is in charge and when we both pass it goes to the kids.

I wanted the options of making changes becuse my kids were still young and at the time we may have had more to add. I also wanted to see how each kid grew and develop and the intrest and path they choose on life.

I don't believe in equal inheritance and here is why. Most of the time out od a family only one kid sticks around and helps with the farm. They don't have a yes or no say and always under the parents thumb. They don't have vacations, retirement plans ect like the other kids that didn't stick around . But when mom and dad are done the kids all come around with their hands out. Now the one that stayed home and keep the place going has to buy them out and can't afford it so the farm gets sold . Now he can't run a profitable farm with what's left to him and is screwed. There wouldn't have been a farm to sell off had he not bee there to run it. And this is often how farms get sold off.

It was very hard for me to buy my farm we looked for ground for 5.5 years in 3 states. It wis worse with today's prices. I want a place for my kids to always have to come back to. If none of them want to be on the farm maybe a grand kid or grate grandkid would. I like to think/hope I can my use my struggles and make it easier for my descendants that may be interested in a farm country lifestyle. Who knows maybe the kids will sell it off or split it up between them. That would be their choice but if I have one showing an interest and taking care of my wife and I as I age and the other have moved on guess who will get it all?

You really need to consider the rabbit effect when long-term estate planning- the cousin effect can present challenges. An attorney once told me- he usually sees issues among siblings and always sees issues among cousins. We don't know what we don't know. In an LLC, your operating agreement can be as granular as needed or as you want.

Thank you guys for the great info, I'm going to make a list of questions, and find an attorney

Blow it all while you are alive,dont leave anything.
Why work all your life to let someone else Pee it away on crap.

I don't own valuable real estate and I am choosing at my stage in life not to buy at these prices. For those with high value real estate assets such as large acreage of good crop land etc. Establishing a trust or a protection plan would be a good idea. This is especially true if the inheritors agree and are OK with that. Around here 20-300 acres can return 200-300 dollars per acre in rental income and you don't need to sell and 3-4 inheritors can share a very good, stable annual income. I have worked with families where there were wars on what to do with assets and those that were good with long term agreements and just about everything in between.
I have a diversified investment portfolio but the bulk of our assets are in securities, bonds, etc. I look back and wish I would have been willing to buy more tangible assets, but that is just hind sight today.

Bryce

If you want flexible control, a revocable trust could be a good choice. Whether you need separate trusts for real estate or other assets depends on how you want to manage them. But it's best to consult with a specialized lawyer for personalized advice, such as from a firm like Oberheiden P.C.

One question. I always heard if it's in an LLC (company) then the taxes are due when it changes hands. Might have mistaken what I was told. AS for it having to be sold. NOT if your will states it goes to someone and it's filed thru an attorney

This is my plan!

Don’t loose sleep. Trump is working on this very thing.

Me too.