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Jun 27, 2024
12:45:41pm
BYUMizzou Truly Addicted User
It depends. There are 1000 different things it depends on, but some of the most
common things are:

-Do you live in a state where it's possible to set up automatic transfer on death beneficiary designations for ALL your assets. If so, it's less likely you need a trust.

-Do you still have minor children? If so, it's more likely that you would want a trust

-How stable are your children's marriages? The less stable they are, the more likely a trust would be desired to protect your children's inheritance from a potential divorcing spouse.

-Do any of your children have substance abuse issues or are terrible/irresponsible with money? If so, a trust is likely the only way to prevent that child from snorting their inheritance from you up their nose or blowing everything in 6 months.

-Is your net worth over roughly $1M to $1.5M? If so, then it's more likely that the cost/benefit analysis leans more heavily towards doing a trust

-Do you live in a state that recognizes tenancy by the entireties for married couples, and does your state extend that to joint marital trusts (often called qualified spousal trusts)? If so, you're more likely to use a trust to ensure protection from creditors after the death of the first spouse.
BYUMizzou
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Mark Harlan
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BYUMizzou
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Jun 27, 12:38pm

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