House
Hi Terry
What is the best option when it comes to setting up a trust fund
What I want to do is make sure if something happens to my Wife and I that my Son receives the house and retirement and Saving
I want to make sure he gets everything
Terry Says
You need to find an estate planning attorney in your state, and create a Revocable Living Trust (which mostly takes the place of a will). Then you must re-title your house and your investment accounts in the name of this trust. That’s actually pretty easy to do and there is no tax consequence for doing it. YOur lawyer will walk you through it. Find a lawyer to do this at www.FindLaw.com, by inputting your zipcode.
Your retirement accounts don’t go into the trust. You just name your spouse as your primary beneficiary, and your son as secondary if something happens to your spouse.
And use this as a checklist for planning.
