23 Jan
2010
23 Jan
'10
8:11 p.m.
Probate where there is no will can take a very long
time (read:
years). Even with a will, probate can take months in some
jurisdictions.
The prudent thing to do as you settle into your golden years is to
transfer title to your assets to the person or entity that you
intend. Arrange a lease-back to you for, oh, $1 per year.
Even with such planning, it can take quite a while. My dad
passed away last January. His estate was finally closed in
November. For us, similar planning made some things better
and some more troublesome. But all in all, it was a good
move.
One last thing. If you do transfer the title that way and
it's not to a spouse, be prepared to pay gift taxes on it.
I think the limit before gift taxes kick in is $10K per
recipient per year. Of course, keeping this on topic, if
you have so much classic computer equipment that $10K
per year won't get it all distributed, then I'll be glad to
take $10K in computers per year off your hands. Can
we start with a Straight-8? :)
BLS