Estate advice

[savemart55]

What is the name of your state? Tx
This forum is showing me that I should do some estate planning. I will probably need a new body in a few years but my life insurance agent advised me against having an attorney handle my estate. He says that he has seen many estates charged exhorbitant fees by attorneys leaving little for the heirs. I will have an attorney do a will for me anyway but is there any way to limit the fees charged other than just the statutory limits? What is the preferred planning method these days? A living will? The estate will be over the $650K IRS limit.

 

[gowest]

You are referring to a "Revocable Living Trust" which, when set up correctly, avoids "Probate". Start by doing a simple search on the internet (google.com). Learn some correct terminology... A "Living Will" is great but it pertains to who will make medical decisions for you should you (while living) be unable to do such. While researching, you'll also find that estate taxes now start at one million and will be changing over the next ten years.

The "preferred planning method" these days is probably "no plan"... as most people prefer to put these things off.

This topic is way too broad for someone here to give you advice on. Trust me, research will give you the knowledge you need to make intelligent decisions.

Good luck... enjoy the knowledge!

 

[Dandy Don]

That is what estate planners (professionals) are for. Look in your yellow pages directory to try to find a certified one, or contact any local financial planner or the trust department of any large bank can recommend someone for you. The planners can work the numbers for you so you can see exactly how much savings you would achieve. You may also want to visit your local library and look at 1-2 books about the subject of estate planning so you can educate yourself a little bit about the various options and terminology used.

DANDY DON

 

[curb1]

From my experience, if you just turn your estate over to an attorney to handlel, you will lose quite a bit(or maximum allowable) of assets. They know every way to max out the fees, all of which are probably legal.

 

[savemart55]

Thank you folks for your responses. It was much appreciated.