View Full Version : Estate Planning, Wills & Trusts etc. software
Does anyone have any experience with software that is available for estate planning and executing a trust or will? I've done a little researching and keep coming back to Quicken Lawyer 2003 (Personal edition). Has anyone used this program? My wife and I need to start this process mainly because we have two young kids and so far we haven't done much to address their future should something happen to us.
We have taken steps to address their education. When each of our kids was born we opened up UGMA accounts and contribute monthly. In addition, last year we opened up 529 plans for each kid and we contribute monthly to those funds as well. We will eventually consolidate the UGMA's into the 529's.
We have also taken steps to establish guardianship for the kids.
We still need to address the balance of our "estate"....
It looks like we need to set an A-B Bypass Trust inside a Living Trust for the kids. My research has led me to believe that much of the language used is boilerplate and I can't see spending $1000+ with a lawyer is we can do this by ourselves.
Does anyone have any experience with this? Thanks in advance.
Best Regards,
FJH
Daveb
02-25-2003, 10:06 AM
I worked in Trust for 5 years. I have zero experience w/ software, but you can email me any questions that you might have. Just let me know your email address and I can contact you. I no longer work w/ estate planning-so I can only give recommendations, I am not pitching any business.
FJH,
I can't help you with software or advice, but I can commend you on starting the planning now. You are doing your kids a huge favor, and doing yourself a huge favor that pay off big time down the road. If anybody else with kids reads this, I would urge them to consider doing the same. You don't have to be rich to start putting a little bit away the right way - the way to saves you money while you are at it. Much better than just slapping it in a saving account.
Good luck,
-Box
JohnF
02-25-2003, 10:40 AM
Daveb,
What a great offer you are making. I myself might wish to take you up on this. I just wanted to point something out though, you are asking FJH1 to reveal his identity to the unregistered masses. Since I am registered I can email FJH1 as he has made this information available to registered users. Feel free to register, you can even go incognito so that people don't know who Daveb is should you choose. Then you could see his email information too!
The other choice would be to make your email address public here in this thread, although with such a great offer I could imagine you being a very busy person indeed!
Sincerely,
John Flaherty
Thanks Box, I agree. Our oldest is 6 years old. When she was born we started the UGMA. It's amazing how much it has grown in these six years. We did the same for our 3 year old when she was born. Then we started to do more research and learned about the 529 plans - Wow! Anyone who has kids and thinks they might go to college or technical school you owe yourself (and them) a favor by opening up a 529 plan. Since ownership of an UGMA passes to the child at 18 years of age (not necessarily the best thing to give an 18 year old access to potentially tens of thousands of dollars :-)) we've decided to flip the UGMA's into the kids 529's (another benefit of a 529) so we can maintain control of the funds.
My wife and I both went to a small private liberal arts college. If our kids want to go there (I would love it if they did - good fishing!) I want to be prepared. The tuition is just over $25,000 per year right now. I can't imagine where it will be in 13 years when our oldest is ready to go. My parents did some financial planning for my education, but nothing compared to what my wife and I are doing for our kids. The bottom line is that it's not expensive at all to start these things, it's just a matter of buckling down and doing it.
Now I have to wade my way through the muddy waters of estate planning :-).
Best Regards,
FJH
Leo Kam
02-25-2003, 09:17 PM
FJH, I used that software program about 8-10 years ago and didn't like it. Left too many questions unanswered and too many variables hanging in the air. Finally hired a Trust lawyer and yes it did cost close to $1000, but well worth it for the peace of mind. Remember, when either you or your spouse passes away, the IRS is going to be a major player.
I believe from previous posts you're from Illinois. Try the software package. It might work for you. If it doesn't and you live within driving distance of Chicago, e-mail me and I can send you her phone number. She's very competent and thorough. Also contact me if you decide to go ahead and use the software application. I can get you started in the right direction with the basics.
LK
Uncle Walleye
02-25-2003, 10:26 PM
I'm in sales, I am not an attorney nor do I get paid by an attorney or firm at any time. In my job I help my clients with risk management. Part of my work is helping my clients get done what you are trying to do. My Full Disclosure done.
Now, I read you don't want to pay an attorney to do this work. Then do you also not want to pay your doctor for making your family well? I could go on, but I think you get my point.
I work with several specialized Estate attorneys. They belong to an Association with members that do this kind of work. Not all attorneys can properly do this. My parents had an Estate Plan done by the local attorney and thank god nothing happened since the plan wouldn't have worked the way they intended. He used a boiler plate computor program.
The attorneys I work with gather all the pertinent info, have you write down what you want to have happen, and put together some options for you. THE FIRST MEETING WITH THEM IS FREE AND NON-COMMITTAL. They give you a price,during the meeting, to get your plan accomplished and you decide whether you want to continue or not. Simple as that.
Keep in mind that the estate laws and tax laws change constantly!! The computor programs don't necessarily address the tax and transfer laws.
My suggestion would be to do a search for the National Association of Estate Planning Attorneys. It doesn't cost anything to call member close to you and see if they would do the samething I described above.
Good Luck!
Homer
02-26-2003, 10:36 AM
I haven't used Quicken Lawyer 2003, but I see that they are using the software from the same people who made Willmaker. I used Willmaker to make my will a couple of years ago, and was very impressed with it. The newer version contains more detailed Estate Planning information, but I don't know much about it.
I'll bet you any amount of money the software does not guarantee results, does not indemnify you in the event your will is worthless or you execute the wrong documents, etc. In fact I'll be you any amount of money there are plenty of disclaimers to the effect you are on your own. IT IS TOTALLY FOOLISH not to consult an attorney licensed in your state on these matters. On the other hand, lawyers love the self-lawyers. In the long run they make a lot more money off of people fumbling around who think they are saving some money on legal bills.
Wow! Calm down a little - please. I only asked a question as to if anyone used any of the available programs. Thanks for your dissertation though...so I take it that you have never used a program?
Best Regards,
FJH
Peanut
02-26-2003, 02:21 PM
FJH - first off, you and your wife should be commended for taking this step - it is an important and responsible one that too few prople think about until it is too late.
I am a commercial lawyer that spends the majority of my time as in-house counsel for a company that specializes in business succession, estate planning and wealth transfer. I say this so you know my perspective on this up-front.
As well, we are based in Canada, and our only work in the US is with Canadians who happen to become US residents for a period of time (such as professional athletes working in the US), so I am NOT attempting to drum up business - it would not be possible for us to work for you.
With those qualifiers out of the way, we get asked this question, or variations thereon, often.
I guess if I could offer any advice, it would be to not focus solely on the up-front cost of doing an estate plan, but look at that cost in light of the savings you are anticipating (especially tax savings). An example we use is if we have a $1,000,000 estate, all taxable at death, here that results in about $400,000 in tax. If an estate plan can serve to cut that tax in half, you've saved $200,000. In that light, is spending $1,000 now worth it? Is whether you spend $1,000 or $500 even a significant factor?
What you get for your money with a professionally-designed plan is something that is not only guaranteed to work as advertised, but you also get the planner's professional liability insurance backstopping you if he screws up. I pay over $2,000 a year for my license and insurance. Which means if I botch your plan, you (or your estate) have some meaningful recourse. You don't with do-it-yourself software, it's that simple.
When you buy software, you do save up-front, for sure. But, what risks do you assume in exchange for these savings? Do you know it's done right? How do you know you've minimized the estate tax payable, for example? How do you know whether changes in the law affect your plan?
Are these risks worth the money you save in initial fees? Only you can say.
One final note, many insurance planners have estate planning people as well, many of which are pretty good. If part of your estate plan requires the purchase of life insurance, some of these companies will not even charge you for the planning part, as they are paid through the sale of the policies, which may present another option for you.
Anyway, yours was about the closest any question here on WC has come to my actual line of work, so I felt compelled to throw in my two cents. And, as I said, please don't think any strings are attached.
If you have follow-up questions and would like to take this offline, feel free to send me an email or private message. My particulars are listed in my profile.
Whatever you decide, I wish you the best of luck.
derrek.
"It's the weaseling out of things that sets us apart from the animals.... Except the weasel."
- H.J. Simpson
I've never used the program either. I have worked with enough clients (I'm not a lawyer either) who have had substantial tax and estate problems through "reputable" professionals, so I can only imagine what may happen with a computer program. I'm not bashing you in any way and I do believe you are doing your family a huge service, I would just urge you to at least take advantage of the free consultation and see what you think.
Good luck either way!
NC
Dave in Mpls
02-26-2003, 03:25 PM
Howdy, Jamie!
Can't hwlp with software, etc, but I do have a question....Can I have your boat and Boxster when you get it :)
Hope all is well!
Regards
Dave,
Rudy put dibs on the boat already :-(. The Box is another story, I'm getting the screws put to me about the "two seater"..., so I've switched gears and now it looks like the new Infiniti G35 Coupe (which she does like) :-). However, for you my up-north friend, I do have a complete set of fine Mille Lacs ReelBottom lake maps - I haven't forgotten! I've been slowly putting in most of the GPS points. You'll get 'em eventually!
Best Regards,
Jamie
Thanks Peanut, I really appreciate the comments! If I have any questions I'll be sure to take you up on the generous offer, thanks again.
Best Regards,
FJH
Dave in Mpls
02-26-2003, 04:05 PM
Don't sweat it - still mucho ice up here!
I'm patiently waiting for my ReelBottom MMC chip for the LMS-320! Remind me to tell you the story some time!
Regards
No, your post indicates you want to save money by not using a lawyer and that you have researched this and find "boilerplate" and are thinking of setting up a bypass trust inside a living trust. Unless you have studied and practiced in estate planning in your state, you are not even remotely qualified to make these telling statements. Please see a lawyer tomorrow. You need wills and a responsible estate plan. I get excited because of the statements in your post and if my previous post seems a bit hyped, it's because I'm trying to alert you and hoping your wife will see it so she doesn't have to be explaining to people after you are gone that the problems she and the kids are facing are because you saved on those lawyer fees back in '03. I only holler because I care.