Hello 6speeders,

This is my first post so please take it easy. Although, I have been trolling the forum for a few months now. Went to a couple meets and have been enjoying the posts in the NW section. Decided to post because I wanted to get some feedback.

Recently my parents have been talking about retiring which has raised questions about setting up trust funds, wills, beneficiaries (sp ?). I've done some research and realized basic pitfalls such as probate and that "wills" are not always considered solid in court. Which varies depending on state laws.

I guess my question is, what is a good way to protect ones financial assets from anyone else other than those intended? Setting up a trust fund, LLC, will? Whether it's from probate, lawsuits, etc. I know that getting a lawyer is the best answer but would like to get info from others as lawyers do intimidate me. No offense to any lawyers on this forum . I just never had a need to speak to any lawyer up until now.

My wife has been watching the late ads on tv and told me to check suzeorman.com to DL a free "will" form, but i'm thinking that this is a general one size fits all. I'm pretty new to all this so any help would be greatly appreciated.

Cheers


JJ

 

Also would appreciate any recommendations to local lawyers who deal with trust funds and real estate. Thanks.

 

Wills are best when very specific. Person X gets Item 1, that kind of thing. I know a couple people that haven't spoken to their siblings in years, because their parents' will was somewhat vague and someone got greedy when money got involved.

I have no recommendations on lawyers, but the NW group here is very active and will no doubt be able to help you.

Welcome to the forum!

 

I highly recommend Brinette Rounds (nee Bobb). Setup "Crumney" trusts for me, wills and thorough estate planning. This is an area where "penny wise, pound-foolish" is to be avoided at all costs. She has significant experience in this area. Her details are available at her website:
http://www.oakstreetlaw.com

 

jsenjo,

Even though lawyers might intimidate you, you can get a free consultation meeting with many of them to at least hear how varied the options can be, and the best option would be very specific to your family's circumstances. I really recommend you talk to a couple of trust and estate lawyers. I do a fair amount of forensic work and expert witness testimonies in international courts regarding specific legal protection of asset structures, depending on country jurisdiction, etc. Many people want a piece of your family's money if they can get it, so it's a good idea to have it discussed with lawyers even if the ultimate solution is to set something up simply and by yourself. Just some thoughts from someone in the wealth management business.

 

http://www.omwlaw.com/Practice+Areas...n/default.aspx

 

I'd stay away from Suze Orman personally. She has some decent information, but she's not the end all be all expert that everyone touts her as.
Depending on how complicated your families estate is, it can be simple, or complicated. Definitely seek out some local lawyers/companies for advise in person.
Speaking personally, my grandmother just finished up a long legal battle with her former estate planner who stole hundreds of thousands from her. He's in prison now sleeping next to Bubba. Not trying to scare you, but just suggesting that you do some research on the firm or person you go with. I'm sure the recommendations of people here are a great place to start.

 

Re-reading my post I guess I come off as wanting to find the cheapest/alternate route. I was actually trying to get suggestions and possibly some first hand information from those who have gone through the process.

Gigharbor1
Do you have any suggestions or links to any consultations? Or is it as simple as opening the yellow pages?

Britblaster
I don't plan on cutting corners. Just don't want to be nickel-and-dimed like my parents were in the past. Never got the answers they wanted but got charged for every consultation.

Gramicci101
I want to avoid that as much as possible. My brother has already started to grow bitter about this. So I would hope that getting this resolved would help the situation.

PJS
Do you personally use this firm?

Thanks all for the suggestions...

JJ

 

Itrhybrid
Haha I hear you on Suze Orman. I was just trying to get my wife to get interested in some kind of financial planning. Since Suze was on tv and a female I thought that would be a good start. Hopefully this will help.

 

I have gone through it this past year with my father passing. Everything really comes down to how much your parents have and how things are setup in the long run.
My attorney is Rob hardy located in Burien. very nice guy and became a real family friend over the years. 206-244-1718

 

yes and Brit Blaster is right -- easy to be pennywise pound foolish... resist
it will seem like a lot of $ to set it up right... but you either keep it in the family via trusts/LLCs etc... or the government will get it. It is that simple.

The first step is acknowledging that you need a professional.
Sounds like you are there.
Now set some appointments and go talk... you will find what you are looking for.

We have used this firm and I would reccomend them to anyone that asked.

 

jsenjo, I believe it's always good to talk to people that have referred you to, as they have likely had prior experience with them. As for a referral from me, my personal local contacts are with attorneys that charge the most ($350 - 600/hr) and work with really complicated situations and/or big net worths ($50 million+), but that's just the nature of my profession. If you think you might be in that situation, let me know. So it would depend on how much of an asset base you're talking about here, you might not need that sort of pricey advice and implementation. But that's why I was originally recommending you speak with a couple of them under a free brief consultation and see if you get a consistent answer; you can call a few and ask if they provide that. Hope this is helpful.

 

How much do you want to spend? I personally know some great lawyers who specialize in trust & wills, but will set you back some $$, like $2-400 per hr, & no free console.

This is my fiancée's firm, they are one of the best in Washington.
http://www.lanepowell.com/