What is the name of your state? AZ
I am an elderly, divorced man. I have a mature daughter and grandchildren. Roughly, my possessions include: house, car, brokerage account, bank accounts, and miscellaneous (old, basic furniture; handyman tools; etc.). Both my house and car are in my name only but my brokerage account and bank accounts both carry the name of my daughter (TOD, ITF, resp.). If I were to add my daughter's name to both my house and car titles, leaving only misc. property of relatively little value solely in my name. would there be any justification for going to the trouble & expense of setting up a Living Trust? My house, purchased 30 yrs. ago for $40k, is now worth approx. $225k. The total value of my entire estate is well under the $2 mil. inheritance limit now in effect. TIA.
I am an elderly, divorced man. I have a mature daughter and grandchildren. Roughly, my possessions include: house, car, brokerage account, bank accounts, and miscellaneous (old, basic furniture; handyman tools; etc.). Both my house and car are in my name only but my brokerage account and bank accounts both carry the name of my daughter (TOD, ITF, resp.). If I were to add my daughter's name to both my house and car titles, leaving only misc. property of relatively little value solely in my name. would there be any justification for going to the trouble & expense of setting up a Living Trust? My house, purchased 30 yrs. ago for $40k, is now worth approx. $225k. The total value of my entire estate is well under the $2 mil. inheritance limit now in effect. TIA.