Q: My wife is likely to pass soon due to cancer. Is there any benefit to getting a Trust in place for tax purposes?
We don't have a Will at present.
It is imperative that you hire an attorney to put a trust in place immediately, in order to avoid unnecessary tax implications, and to avoid the time and expense of Probate court.
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A: If your wife and/or you have assets that total $166,250 or more, you almost certainly need a trust or your family will have to go through the 12-24 month long court process called probate. People who have trusts, and who have placed appropriate assets in the trust, can avoid probate, so they can distribute assets without any court intervention (assuming there are no challenges or contests to the trust.) Please see an estate planning attorney ASAP. Many will make house calls for those who are physically unable to travel. I wish you all the best.
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