Due to the way the capital gains law is structured, you should try to avoid listing a joint owner (non-spousal) of RE assets that have appreciated. I don't believe they get the critical full "step-up" basis that an inherited asset would receive. For those with larger estates, it's crucial to pay attention to the changing limits on Federal Estate Taxes. The limit is $3.5M in 2009. In 2010 there is NO limit (your state of domicile may still have estate taxes due, however). If Congress does nothing the Federal Estate Tax limit reverts to $1M in 2011. Although there is talk they will keep the 2009 limits, NOTHING has been actually decided. I've been the executor of a will and the trustee of a Trust. There is no contest - a trust is easier to close than a will. That said, I mean a **properly done trust** - not a boilerplate document created on the cheap by someone who couldn't be bothered to ask the necessary questions before creating the trust. Our MIL's trust, and our own RLT, was created by an excellent attorney for $2500 flat fee (apiece). This included over seven hours of pre-trust meetings to establish what each trust needed to be, creating not only the two trusts but also the necessary additional documents: pourover wills, financial power of attorney, durable healthcare power of attorney. The attorney also filed the trusts and RE deeds in court to transfer the largest assets to the trusts (we were responsible for transferring the bank checking/savings and brokerage accounts). Neither us nor my MIL have what I'd consider complex financial situations. Nonetheless, the attorney took a great deal of time to clarify goals and customize each trust so that we're fully confident they reflect our individual preferences. I apologize for drifting OT, but for us, a trust will make settling our estate infinitely easier for our heirs.

The place I saw that I would like to go back to was about a block from the beach was originally a school for young ladies to prepare them for life, according to the step on guide. He said a woman designed it. It taught single women how to get a job, live alone and take care of themselves, back when women didn't live alone. Later they opened it to the public. I asked about the rates and it was around $80. a night. Someone said at those rates it may be dormitories, instead of private rooms. It would be fun to stay a few days, rent a bike and explore that area.

First: Why do people want to handle legal affairs without the benefit of good legal counsel? (lawyers can do a lot of the detail work for one thing.) Legal fees come out of the estate before it's distributed anyway. Second: Are you sure it's an IRREVOCABLE trust as opposed to the REVOCABLE Living Trust? Be good to find out. Third: Opening an Estate account is a must for paying bills and final expenses and pouring in any liquid assets. Is there a house involved or any real property? Are the assets - CDs, shares of stock going to be easily divisible into thirds? I'm sure you'll be juggling. Make sure you have an adequate number of death certificates - you will be needing them to deal with banks and the CDs and stocks. The executor/trix must get a taxpayer ID number for the irrevocable trust and file an annual trust income tax return. Like any tax return, this requires some work. You must keep separate records for the irrevocable trust property. My advice is to contact the lawyer who drew up the trust and will in the first place. He'll get you started on the right foot.

Correct me if I am wrong... It sounds like dad bought the house himself with a mortgage, then transferred the house via quitclaim deed to mom. He did not notify the lender. Now you want to put the house into a living trust and not notify the lender. So ownership will have changed hands twice and the lender doesn't know. Both transfers will likely violate the due on sale clause of the mortgage since mom and dad are no longer married. The lender can likely foreclose as soon as the find out, if they want to. If dad dies or stops paying, the lender can take the house. Please see an attorney, you are in the process of making a big mess that will cost a lot more money to fix after mom's death than it will to do it properly now. You don't say what the motivation is for the living trust, probate avoidance or medicaid planning. Either way the title is going to be very confusing and your goals may well be frustrated by that confusion.