Wills vs Trusts | Which do you need? 

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Hi Bruce, it'll depend on your estate. Not everyone needs both, but if you have a decent estate and want to ensure assets go where you want upon death, both could be something to look into. Thank you for watching!

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We have some exciting estate planning videos coming! Stay tuned :)

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This is what my mom and sister did! Fixing that :)

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You will want to talk to an attorney in the state where you reside. A trust can state that if a child dies before they receive their share (upon your death) either goes to their spouse, children, or siblings. In terms of your husband's mom, your trust can't control whether she leaves an inheritance to your son. She would have to do her own estate plan. In her estate plan, she would need to decide what happens to your husband's (currently unvested) part of the estate plan. She would have the options outlined above (either to you as his spouse, to your children, or to her other children). Again, you'll want to talk to am attorney inbyour state though. Hope that helps!

Hi Art! Thank you for watching and commenting. The non-attorney is managing RU-vid comments so I've passed this along and as soon as I get an answer, I'll send it along. Thank you so much!

Hi Art, Thank you for your patience. Here is what Greg said: You should talk to an attorney in your state, as the answer depends on how you hold title and on state law. Most married couples are joint tenants, which means that if one of you dies the other keeps owning the property. Some couple hold title as tenants in common (which would mean the survivor of you would have to go the court to get the remainder of the house). I have not looked at this issue for some time, but the last I looked, the Garn-St Germain Depository Institutions Act of 1982 allows a relative of a deceased borrower inheriting the borrower's home to keep the home and the mortgage on the home in the deceased borrower's name. Now that being said, it would be a good idea to get a trust in place because (even if you can't avoid probate on the first death) when the second person dies, the house would still go to probate. I would talk to a lawyer in your state to get advice and to plan your estate.

Thanks for watching. A transfer on death deed is an option in some states. It is my understanding that it could help avoid probate but may have some other drawbacks. I would talk to an attorney in your state to verify that it makes sense in your situation.

Want you to know that we will answer this :) The attorney is out with family this week. As soon as he is back in the office, we'll get him to answer this for you. Thank you for your patience and thank you for watching and adding your comment!

Hi Rony, just got the response from Greg who does the video. We are located in Utah and he is licensed under Utah law so that will affect what he can and cannot advise, especially over RU-vid, so: "Thank you for your question. The scenario you raise is highly fact dependent and state law specific. I am licensed under Utah law. You will need to hire a Texas attorney to review the documents and give you advice." I know it doesn't give you the answer you're looking for, but with legal advice, they are under different regulations on what he can and cannot say. Thank you for watching and adding your insight!

Yes you can! 🙂

Hi Anthony 👋 Erik here. I talk about Medicare stuff in the other videos on the channel. Thank you for watching!

@@Theretirementnerds Thanks Erik. I just found your channel recently and think it’s so well done. You clearly know your stuff and care about helping people. I’m not 90 days from retirement, but at 63, it’s on my mind. 😊 As I get closer to it, I’ll not only be binge watching your videos, but reaching out to you for guidance, if you’re able to assist Minnesota clients. Please keep up the outstanding work!

@@anthonygardner400 appreciate you watching! 🙏 I am not personally licensed in Minnesota, but I have partners who are and we'd be more than happy to help when the time comes

Hi Danielle, are you referring to the cost to do a will and a trust?

@@Theretirementnerds yes, sorry this got buried in my email.. thank you

A trust helps prevent assets being held up in court. With your second marriage and only your daughter on the will, if you are wanting your current spouse to receive assets upon your passing, at the very least, you’ll want to revisit the will. A trust will give your beneficiaries less headache and you more control around passing assets how you want upon death. We’d recommend sitting down with an attorney in your area to discuss which options may make the most sense.

Hi Oliver, Thank you for the question. Yes, if a person is on Medicaid, the government could come after the person’s house. Medicaid is basically the government’s welfare system for healthcare. It’s paying to provide care for those who are low income and can’t provide for themselves. So, if they own a home and have been getting Medicaid, the government could come back and get a portion of that house to get refunded for the amount paid on the person's behalf. Now that being said, there are attorneys that specialize in Medicaid planning (I am not one of them). You could talk to any attorney in your area (I would just Google the term “Medicaid attorney”) to figure out if there is a way for you to avoid this scenario. A Medicaid attorney can walk you through the risks of divesting yourself of your current assets to avoid a potential future costs. Thank you for watching and commenting! Sorry for the delayed response!