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Re: Will/Estate Rant
[Re: coldtrail]
#4008012
10/31/23 05:23 PM
10/31/23 05:23 PM
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Joined: Jul 2011
Posts: 37,661
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 37,661
Boxes Cove
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I am going to do a revocable living trust for just these reasons. Makes it a whole lot easier if something happens, but also for the kids when we die. Not having to probate is huge. A revocable trust does make probate easy but it will not protect assets from a nursing home debt or creditors. You would have to have an irrevocable trust for that. Even with an irrevocable trust then there is a 5 year look back period that you have to take into account. Correct , if you want to fix property and assets to remain protected and keep them in the family in the future, irrevocable is the way to go. I believe 99 years is the limit in Alabama.
"Why do you ask"?
Always vote the slowest path to socialism.
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