legal advice for the day

[BuffyMars]

let me tell everyone. and this is mainly me talking out loud so bare with me...but...

real property and personal property are two different things.

if your mom or dad has real estate and/or mineral rights, please talk to them about a life estate, and have it recorded in the county courthouse where the property is located.

i cannot tell you how awful it is to tell people that a death certificate just won't cut it.

and probate can be very costly, and ugly if there is a lot of money involved.

my advice is to have the parents give it all away with a deed or an assignment (depending on the property), and reserve a life estate, which is a fancy term that means "they get to reap the benefits until they pass away."

at that point in time...all you need to do is record a death certificate and the rights are now yours (according to the language of the deed.)

i don't make the law...i just abide by it. and people hate me for it! each states has different statutes, but be sure if you have property in other states, that you handle your business, because each state governs their own property and their own minerals. and you have to abide by their rules.

also, a good alternative is a Trust. Deed everything you have to that sucker, and set forth your own rules and regulations. Your beneficiaries have to abide by your terms, so they can't just dilly dally with your money illegally. They have to divvy it according to your terms.

if you want 50% to go to the hobo's down by the bridge, well they have to give it to them.

ok, im done. ;)

[BuffyMars]

sorry...i either need another imitrex or i need a drink. maybe both. :hairpunk:

[ronwx5x]

If you have a small estate, say a vehicle, a home, savings account and checking account, it will probably cost more to hire an attorney to write a trust than what probate costs. Probate in Texas is relatively simple and the cost is minimal, most likely less than $400. Savings accounts and checking accounts should be titled in both names as joint tenants with rights of survivorship and will not be subject to probate.

When my Mother passed away, my sister probated the will for $126. My mother-in-law put everything in joint name with my wife and there was no probate to be done.

[BuffyMars]

Originally posted by ronwx5x
If you have a small estate, say a vehicle, a home, savings account and checking account, it will probably cost more to hire an attorney to write a trust than what probate costs. Probate in Texas is relatively simple and the cost is minimal, most likely less than $400. Savings accounts and checking accounts should be titled in both names as joint tenants with rights of survivorship and will not be subject to probate.

When my Mother passed away, my sister probated the will for $126. My mother-in-law put everything in joint name with my wife and there was no probate to be done.

that is exactly what i am talking about. she handled things accordingly.

joint tenancy is always an easy affordable option. however, if you have more than 5 kids (per se)....sometimes having multiple people on one account can dwindle the share...which is why the life estate is awesome.

[pirate4state]

Originally posted by ronwx5x
If you have a small estate, say a vehicle, a home, savings account and checking account, it will probably cost more to hire an attorney to write a trust than what probate costs. Probate in Texas is relatively simple and the cost is minimal, most likely less than $400. Savings accounts and checking accounts should be titled in both names as joint tenants with rights of survivorship and will not be subject to probate.

When my Mother passed away, my sister probated the will for $126. My mother-in-law put everything in joint name with my wife and there was no probate to be done.

If you can find an attorney to handle a probate for less than $400, more power to you!

Probate can be very simple, but I've been involved in way too many that have not been. It's amazing what money does to people. Tragic indeed!

$126 :eek: that doesn't even cover the court fees in our county!! What year did your mom pass away?

[ronwx5x]

Originally posted by pirate4state
If you can find an attorney to handle a probate for less than $400, more power to you!

Probate can be very simple, but I've been involved in way too many that have not been. It's amazing what money does to people. Tragic indeed!

$126 :eek: that doesn't even cover the court fees in our county!! What year did your mom pass away?

Didn't use an attorney. My sister made copies of other probate papers on file, then made her own, submitted it, and paid the fees. Lubbock County, 2002.

A Living Trust works well , and not many $ to draw up. A "frugal" person can go to Office Depot and buy a kit that has the documents. Do-it-yourself trust.

[STANG RED]

Originally posted by ronwx5x
Didn't use an attorney. My sister made copies of other probate papers on file, then made her own, submitted it, and paid the fees. Lubbock County, 2002.

A Living Trust works well , and not many $ to draw up. A "frugal" person can go to Office Depot and buy a kit that has the documents. Do-it-yourself trust.

This is all very good information, and something I will have to be dealing with in the not too distant future. Do you know of a good online service where I can download the documents I need, and simple instructions on how to fill them out and file them?
My parents own 240 acres, with mineral rights. We have had small discussion on how we need handle things soon, but have just never taken the time to get it done. I really need to get on the ball soon, and get this taken care of. I really apprciate the info in this thread, maybe now I'll get off my butt and get this taken care of.

[ronwx5x]

Originally posted by STANG RED
This is all very good information, and something I will have to be dealing with in the not too distant future. Do you know of a good online service where I can download the documents I need, and simple instructions on how to fill them out and file them?
My parents own 240 acres, with mineral rights. We have had small discussion on how we need handle things soon, but have just never taken the time to get it done. I really need to get on the ball soon, and get this taken care of. I really apprciate the info in this thread, maybe now I'll get off my butt and get this taken care of.

The best advice I can offer when land and mineral rights are involved, hire an attorney to write up the documents. A Living Trust really only works well if you have a will and should probably be used between spouses, not children. If you are not an only child, hiring an attorney is especially important. This will spell out your parents wishes and stop any potential quarelling.

Good luck. My in-laws sold their land and did seller financing before they died. We were fortunate to finally collect all that was owed and then only because the buyer was honest. My father-in-law kept terrible records. Good luck and do it right for your own sake!

[Ranger Mom]

Originally posted by BuffyMars
let me tell everyone. and this is mainly me talking out loud so bare with me...

:eek: We have to get naked????:eek: :eek:




Sorry...I just couldn't resist!!:D

[BuffyMars]

Originally posted by Ranger Mom
:eek: We have to get naked????:eek: :eek:




Sorry...I just couldn't resist!!:D

lol.

[Farmersfan]

If I understand correctly, a Living trust should be used if the estate is sizable to avoid estate taxes. If no living trust exists and one parent passes away then ALL assets go to the surviving parent who then can only leave about 1million when they pass away before a ton of taxes hit the estate. A living trust allows the deceased parent to also leave up to the max (I think about a million) to the heirs. The surviving parent has control of the money as long as they are alive but the money is in trust for the heirs. There are other benefits to this but that is the crux of it. Correct me if you know I am wrong.

[ronwx5x]

Originally posted by Farmersfan
If I understand correctly, a Living trust should be used if the estate is sizable to avoid estate taxes. If no living trust exists and one parent passes away then ALL assets go to the surviving parent who then can only leave about 1million when they pass away before a ton of taxes hit the estate. A living trust allows the deceased parent to also leave up to the max (I think about a million) to the heirs. The surviving parent has control of the money as long as they are alive but the money is in trust for the heirs. There are other benefits to this but that is the crux of it. Correct me if you know I am wrong.

A Living Trust, just as its name implies, ceases when the trustee passes away, so it will do nothing to avoid estate taxes. For that one needs a buypass trust which must be part of a will and drawn by an attorney. A Living Trust can be used to funnel funds into a buypass trust at death, but again a "Living" trust ceases to exist at the trustees death.

The estate tax exemption for 2009 is $3.5 million. In 2010 it is unlimited, however in 2011, unless a new law is written, it defaults to $1 million. The answer is, if you have a large estate, die in 2010!

The part about one spouse leaving everything to the other spouse is only true if titled properly or if a will exists. Otherwise, anything in single name only will be passed one-half to the spouse and the other half equally to surviving children. Thus the surviving spouse would receive three fourths of everything and the children one fourth. This happened to my mother when my father died with no valid will.

I am not an attorney and this is not legal advice. I am simply stating what I believe to be true based on study and experience.

[catdaddy]

Here's some more legal advice for those with kids 8th grade and below. If you are concerned that they will struggle because of a learning disability and wish to retain them, DO NOT let them enter the 9th grade for even a day. This a copy of my letter to the jerk at the UIL. I guess I'm willing to face the wrath of the moderators since I will no longer be following 3A football. Mods, if you wish to strike the colorful adjectives I would ask that you at least leave the letter up so that others will not have to go through the agony that we have endured.


Mr. Wolski,

While it is a very rare circumstance that I feel compelled to brush off language long ago left behind, I would like to congratulate you on being the biggest p*#!k I've ever had the privilege of coming across. I am grieved for the parents and kids in this state where you are in the position of having the power you wield so carelessly. I assumed (incorrectly) that the rules of the UIL we're in place to ensure fair com
petition, not to enforce rules pharisaically. Why does that rule exist? Is it not so that parents won't hold their kids back for an athletic advantage? How could one remotely assume Gage was held back for athletic purposes when he had no interest in athletics at the time we requested his retention?
I found it interesting how you could remain so arrogant and insolent while my son's life was being turned upside down. This coming as a result of listening to our school district. It amuses me that you, as well as the other ignorant a$$*$ that agreed with your decision, could truly believe that we should have adhered to the recommendations of a principal and a new counselor that had no prior association with Gage over the advice of a medical specialist in neurology. (on a disability they had no knowledge of)
I am utterly astonished that you would be willing to deny a young man a final year of eligibility and the memories that last a lifetime all for an inconsequential two week period where no UIL competitions occurred and having made our intentions known to the middle school before he left the 8th grade. It pains me to admit that nothing would please me more than to hear of tragedy and ruin become an a$$**le like you.

Jay Greer

[44INAROW]

:eek:

[BuffyMars]

Originally posted by catdaddy
Here's some more legal advice for those with kids 8th grade and below. If you are concerned that they will struggle because of a learning disability and wish to retain them, DO NOT let them enter the 9th grade for even a day. This a copy of my letter to the jerk at the UIL. I guess I'm willing to face the wrath of the moderators since I will no longer be following 3A football. Mods, if you wish to strike the colorful adjectives I would ask that you at least leave the letter up so that others will not have to go through the agony that we have endured.


Mr. Wolski,

While it is a very rare circumstance that I feel compelled to brush off language long ago left behind, I would like to congratulate you on being the biggest p*#!k I've ever had the privilege of coming across. I am grieved for the parents and kids in this state where you are in the position of having the power you wield so carelessly. I assumed (incorrectly) that the rules of the UIL we're in place to ensure fair com
petition, not to enforce rules pharisaically. Why does that rule exist? Is it not so that parents won't hold their kids back for an athletic advantage? How could one remotely assume Gage was held back for athletic purposes when he had no interest in athletics at the time we requested his retention?
I found it interesting how you could remain so arrogant and insolent while my son's life was being turned upside down. This coming as a result of listening to our school district. It amuses me that you, as well as the other ignorant a$$*$ that agreed with your decision, could truly believe that we should have adhered to the recommendations of a principal and a new counselor that had no prior association with Gage over the advice of a medical specialist in neurology. (on a disability they had no knowledge of)
I am utterly astonished that you would be willing to deny a young man a final year of eligibility and the memories that last a lifetime all for an inconsequential two week period where no UIL competitions occurred and having made our intentions known to the middle school before he left the 8th grade. It pains me to admit that nothing would please me more than to hear of tragedy and ruin become an a$$**le like you.

Jay Greer

this irks me good. parents should have that right, and i agree with you! kudos for trying!

[catdaddy]

It's a complete monopoly and there is no recourse with the UIL.