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Putting kids on a deed

uscav8r

TUG Review Crew: Expert
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Yes, if you really want to make sure they get the timeshare when you pass on, put it in your family trust. but be sure they would want it.
and it is very doubtful that they would pay estate taxes on your death, with a marital trust you can leave about ten million without paying an estate tax

Many thoughts on this and other threads regarding trusts talk about a family with a single revocable trust. I have not read/seen anything regarding a dual trust set up in which normal assets (home, IRA, etc.) are kept in a traditional trust, and a separate trust set up for vacation assets.

I see a possible value in a revocable vacation trust, especially for those of us with TS properties in a multitude of states. I've read on another thread on TUG how probate can be a pain in the behind, especially if the property is in a distant state from where the decedent lived. The question is, how bad is dealing with probate in a distant state? And then multiply that by 2x, 5x, whatever...

I've considered this dual trust route, though I haven't put THAT much thought into it yet as my kids are still very young, but I do have some developer benefits I don't want to just go POOF! if I were to pass away at an unexpected age.

What are the goods/others of this strategy?

Any idea how much it costs to get a trust set up (not including the re-deeding, but just considering setup and maintenance)? What if one uses a self-service thing like LegalZoom or NOLO, and then just have it reviewed by an attorney afterwards?


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pacodemountainside

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Originally my Trust with ex cost about $1,800 and included five legal transfers into and A and B sub trusts, etc. Circa 1996 estate taxes started at $600K so big tax savings. Also, gave me affidavit stating 70% of fee was tax deductible

Not a problem as I just contacted mutual funds, broker, DMV, etc. and did quit claim deeds on real estate.

After divorce cost about $700 to revise.

Also, charges optional $300 yearly for up to two hours consultation and making minor revisions.

Based on posts here and talking with attorney out of state probate could easily cost over $1K.

Need to ask next time what happens if out of state TSs are not probated. Can estate be closed without doing if necessary! Or, does it hang in limbo with no assets?

The more well organized info you give attorney should keep fee to a minimum!

IMHO with notarizing, witnesses, possible challenges, etc. not DIY.
 
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