Don’t Be a Turkey – Thompson Von Tungeln

Every November, a few turkeys wander into our office. Nice people, good intentions, and one of these five lines:
“I’ve got a will.” Good. A will is your ticket to and instruction sheet for probate court. In California, probate on a $1 million home can run about $46,000 in statutory attorney and executor fees, calculated on the full value, not your equity. It can easily take two years or more and is public record. A properly funded trust avoids all of it.
“I’ll just get a cheap trust or buy a form.” A trust only works if it’s properly drafted and “funded” with your home and other assets. The “cheap trusts” we’ve seen are poorly drafted, incomplete, generic and unfunded which means probate court.
“I’ll put the kids on the deed.” It feels and sounds simple but it means loss of control, a big capital gains bill for them upon sale, and exposure to their creditors, divorce and lawsuits.
“My old trust is fine.” Is it? Tax and probate laws have changed substantially over the years and many older trusts can literally and emotionally cost you and your loved ones dearly. In addition, other documents like your power of attorney may no longer be honored.
“What do I care? I’ll be dead!” True. But your kids won’t be, and they will remember whether you left them a plan or a mess.
The good news: We’re here to help and we make the process easy! Thanksgiving is the perfect time to start the conversation. Join us at one of our free estate planning seminars in Santa Clarita. Bring your questions and a friend. We’ll have the answers. Seating is limited.
Call 661-945-5868 or visit TrustTVT.com. Don’t wing it!