Go to Jeff Salisbury LWGate Home Page.From: <DukeoW@aol.com>
Subject: WILLS, WON'TS AND TRUSTS
Date: Tue, 18 Aug 1998 16:31:38 EDT
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Wife and I just got thru second round of wills. This one required a trust for a disabled son. These things aren't a hundred or two each anymore. On subject of insurance. I have dropped all mine except one paid up policy and a free one that followed me into retirement. Adding coverage of a years pay would cost over 2k a year and would go to uncle sam as the unified credit isn't big enough. Group policies are difficult to have ownership in someone elses name. To me insurance is not required when everything is paid for and significant assets are in place. Pensions pay costs, income from investments pays for travel and other needs. A reserve for medical expenses can't require too much over basic medicarea/HMO complete coverage. I would love to be able to tax shelter a couple K a year each in a MSA for nursing/home care expenses later on. Not yet on horizion. Jointly owned property is a big bugaboo too. The passage to the survivor is OK and tax exempt, but the wasted credit of the first death is gone forever. Divided ownership and establishment of a Trust bypass and or revocable living trusts get around this mess. And make the lawyers rich!! But it avoids the 37 to 55% estate taxes. My assets seem to be increasing faster than the unified credit. Another problem for those (not me) who have expensive houses and a big loan. It is valued in the estate at the house value and not net of loan. A real bummer. Dunno if same for investment accounts with margin loans, but I'd bet it similar. duke - -
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