On Thu, 24 Jun 2010 14:46:22 -0400, brooklyn1 wrote:

> On Thu, 24 Jun 2010 13:25:44 -0500, Janet Wilder
> > wrote:
>
>>
>>> Christine Dabney wrote:
>>
>>>> The chaplain said that in CA, if you don't have a living trust, the
>>>> state will take a good portion of it. Don't know what other states
>>>> do.
>>
>>
>>I strongly suggest that you consider the chaplain to be correct in
>>matters other than estates and trusts. Not having a Living Trust, does
>>not escheat a "good portion" of your estate to the state of California.
>>
>>The only time a state takes a decedent's assets is if the beneficiaries
>>can't be found and there is no will or the will has no provisions for
>>such a situation. The only time I have seen this happen when someone had
>>a will was when it was not professionally prepared.
>>
>>A living trust avoids probate. Probate is *not* a tax or duty, it is a
>>process. A will goes through the probate process and some states require
>>high fees. If the estate is large enough, the state might require the
>>executor to do an accounting and this can be costly. Appraisals would
>>also be costly.
>>
>>A living trust bypasses the probate process by distributing your
>>property outside of the jurisdiction of the state. Unless the property
>>placed in the trust is put there irrevocably, that means you can never
>>take it back once you fund the trust, it does not avoid taxation.
>>
>>In states that have inheritance taxes on non-relatives or degrees of
>>relatives, the executor will have to file a tax document (some places
>>call them a return other places call them an "affidavit")and the
>>property in the living trust, unless it is irrevocable, will be subject
>>to taxation or duty. If the property is subject to tax or duty, the
>>taxing authority will require the appraisals, so it's not going to save
>>anything.
>>
>>If your estate is very large and you live in a state that had a
>>difficult and expensive probate process, like Florida, you should
>>consider a Living Trust. It does not supersede having a Last Will and
>>Testament. Generally both documents work in conjunction with each other.
>>
>>Please don't do anything until you have consulted an attorney who
>>specializes in such matters. It would be worth the consultation fee to
>>learn that you could be 1) throwing your money away getting all of these
>>documents drafted and executed and 2)having the consequences of the
>>documents (will and trust) not be what you want for those whom you want
>>to get your possessions.
>>
>>You don't go to the dentist for brain surgery, do you?
>
> Well obviously your dentist removed all your wisdom teeth.

what did your dentist remove?

blake