Thursday, August 22, 2002

Ok, I have one piece of advice to give today. If your parents are still both alive and well and they own more than $100,000 (especially in land), make absolutely sure that they: 1) have a living trust set up, and 2) that the trust is set up correctly with the titles of everything your parents own (from checking account to land title/deeds under the trust's ownership. I cannot stress the importance of these two factors. Find a really good estate planning attorney, one who will explain the process to you, set up a HUGE folder for you with all the titles of your parents' assets with tabs/dividers organized neatly that show that all of your parents' assets are under the trust. Whatever you do, don't go cheap on this. If it costs you more to get a good attorney, than so be it. That said, my Mom just found out something that I pretty much knew and I warned her about....that our estate planning attorney screwed up and that she and my Dad in turn, also screwed up. So now, I have to shift my focus a little bit away from the LSAT and back to my Dad's estate issues as we need to find a way to avoid probate. My life just got a whole lot more complicated.

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