Should I have a trust or will
I am 71. I am in moderate health. Collect social security and have a small part-time job. I have about 5,000 in checking and about $2,000 in savings. And an IRA of about 75,000. I have been divorced since 2010. One adult daughter. I own a condominium. There is a mortgage of about 3,800 and a car loan of $1,500. Car loan should be paid off by end of this year mortgage should be paid off by next year.
My question is if something happens to me where I need to be in a nursing home or Care facility should I have a special trust to protect the funds for my daughter. Also in the case of my death do I need to have a will since she is beneficiary on my IRA is listed as co-owner of the condo and is on my bank accounts.
I want to protect something for her future. What is your advice am I okay the way I am or should I have something set up like a trust or something like that. Thank you so much for all the information and all that you do did your website and WGN broadcasts. Thank you again for all of your help.
Terry Says
You definitely need an estate plan, but first you need an entire financial plan. I want you to meet with a FIDUCIARY fee-only financial planner — someone you can trust.
Here’s how to get started. Read this and watch the video: https://www.terrysavage.com/pam-krueger-wealthramp/
I think you’re missing out on a LOT of important things, including a healthcare power of attorney and a living will.
You’re also making some tax mistakes, because if you left the entire home to your daughter through a revocable living trust, there would be a higher cost basis for her, and less eventual taxes when she sells.
Please go through the Wealthramp process and have a few meetings with a planner who can set you on the right track, and refer you to an estate planning attorney to get this done correctly.
