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Posted by jIM on December 18, 2007, 12:06 am
My wife and I are meeting with an estate planning attorney this week.
Primary issue is getting a will done. Will and living will to be
specific. We also have some estate planning questions. I'd like to
bounce 3 questions off the board, and look for issues I don't know
about yet.
Lokking for both questions an attorney will ask us (I assume accounts
and other) and questions we should ask attorney. In an effort to go
in prepared, here are questions we are asking. If you know answers,
or what additional information is needed to ask a better question,
please let me know. State of Ohio, if that matters.
FYI- I have legal insurance through my employer which expires Dec 31.
There is a need to get some things done quickly. And my wife is
preganant with twins due in June.
1) We have life insurance monies+401k+IRA+house equity with other
spouse as beneficiary. In event both of us pass, we have discussed
who gets this money between now and June. In June, what is best way
to pass this money to children (to their new guardian, trust or other)
1a) we are unsure if we can write beneficiaries in which are not alive
yet. We are also unsure if we can create a trust now for kids which
are not born yet.
2) If the money in #1 suggests that penalties will be incurred, the
legal insurance does not constitute tax planning. Could someone shed
some light on if this issue is coming into play? What is "estate
planning" and how is that different from "tax planning"?
3) In general, when are trusts used, and is their a recomended asset
size for the trust? If both wife and I pass at same time, the estate
size would be ~750k including 2 life insurance policies being paid,
plus retirement accounts for both spouses. Remember we are having
twins, so that money gets split in half...
thx
jIM
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