A group of lawyers and accountants met at the Naugas Resort last week. They were trust attorneys, who specialize in legal trusts. Kind of like wills and living trusts, legal stuff like that.
They told me that everybody needs a legal will prepared by a lawyer, even single people with no dependents. They said that folks with larger estates need trusts like asset protection trusts and bypass trusts, which are legal devices to protect assets from the taxman and lawsuits by greedy persons.
I asked about wills that you can get for almost free, online. Being attorneys, they all said “Not a good idea!”
When I get into the high-income bracket, I will definitely investigate legal trusts. In the meantime, I think I will have ramen noodles for supper.