
 |
The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014
Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology
John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain
The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious
April 14, 2014
Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time
Eric Schulzke: First degree: How America really recovered from a murder epidemic
Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships
Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin
Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate
Justin Caba: Eating Watermelon Can Help Control High Blood Pressure
April 11, 2014
Rabbi Hillel Goldberg: Silence is much more than golden
Susan Swann: How to value a child for who he is, not just what he does
Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer
Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You
April 9, 2014
Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?
Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau
Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau
Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease
April 8, 2014
Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease
Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear
April 4, 2014
Amy Peterson: A life of love: How to build lasting relationships with your children
John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet
John Ericson: Why 50 million Americans will still have spring allergies after taking meds
Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves
April 2, 2014
Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?
Frank Clayton: Get happy: 20 scientifically proven happiness activities
Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene
|
| |
Jewish World Review
Why you don't need a living trust
By
Sandra Block
| 
|
|
|
| |
|
Living trusts are typically marketed as a way to avoid the cost and hassles of probate, the legal process used to determine that a will is valid and that your property is distributed according to your wishes. All too often, though, they're sold to people who don't need them, says Sally Hurme, a project adviser for AARP. An estate plan that includes a trust costs $1,000 to $3,000, versus $300 or less for a simple will. What a living-trust promoter may not tell you:
•
You don't need a trust to protect assets from probate. You can arrange for most of your valuable assets to go to your heirs outside of probate. A home or other property that's owned jointly with the right of survivorship goes directly to the joint owner when you die. Likewise, pensions, retirement accounts and life insurance policies automatically transfer to the beneficiary. You can keep bank accounts out of probate by setting up payable-on-death accounts, which give the recipient immediate access to the money. More than a dozen states allow transfer-on-death deeds for real estate, says Mary Randolph, author of The Executor's Guide, by Nolo.
• Probate doesn't have to be a nightmare. Many states have streamlined probate for small estates. In California, for example, inheritors of estates valued at up to $150,000, excluding property that passes directly to beneficiaries, can skip probate.
• You must transfer property to a trust. For example, if you want your home to be included, you need to record a new deed transferring ownership to the trust. This can be a hassle, but if you overlook this step, the living trust is a "worthless piece of paper," Hurme says.
| FREE SUBSCRIPTION TO INFLUENTIAL NEWSLETTER | | Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". In addition to INSPIRING stories, HUNDREDS of columnists and cartoonists regularly appear. Sign up for the daily update. It's free. Just click here. | |
• There may be unforeseen consequences. When you create a trust, you name yourself as trustee so you have control of the assets. Most married people name their spouse as joint or successor trustee. This could create problems if you become incapacitated and your spouse develops, say, dementia. Randolph recommends naming another successor, such as an adult child, as trustee. Finally, don't believe anyone who says a living trust will make it easier to qualify for Medicaid. Assets in a living trust are "countable" for purposes of Medicaid eligibility.
Sometimes a living trust makes sense. For example, if you own out-of-state property, such as a vacation home, putting it in a living trust will save your heirs from probate in that state. And Danielle Mayoras, an elder-law lawyer, recommends living trusts to clients who want to leave more to one child than the others.
Sign up for the daily JWR update. It's free. Just click here.
Interested in a private Judaic studies instructor for free? Let us know by clicking here.
Comment by clicking here. Sandra Block is a senior associate editor at Kiplinger's Personal Finance magazine.
All contents copyright 2013 Kiplinger's Personal Finance Distributed by Tribune Media Services. All rights reserved.
|