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I live in California and have 2 kids from a previous relationship--planning to get married in a few years and buy a property. The house I own now is in a revocable trust and the trust is the beneficiary of my bank accounts, retirement accounts, etc. We decided that when either of us die the new property would be sold and split, my half going to my kids and the other half to whoever they like. I read about a qtip trust and I don't think that is what I need because I don't want either of us to be forced to live in the property and be unable to sell. What options are there in terms of trusts should I look into? Like should my spouse set up a trust as well and we buy the house in the name of our respective trusts (is this a thing)? I plan to see a lawyer for advice as well but I kind of want to have an idea of what I should focus on. Thank you
This isn't completely responsive to your post, but do yourself a favor and tell the lawyer what your goals are as opposed to telling the lawyer you think you need this or that type of trust. We spend far too much (billable) time correcting clients who have done some internet research and decided what specific estate planning technique they need. For example, a QTIP trust wouldn't necessarily force you to live in a property and be unable to sell. And a QTIP trust should not even come into the discussion until your estate exceeds the estate and gift lifetime exclusion amount, which is currently $13.1 million (although it's set to drop to around $7 million).
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I'm glad I didn't come off as an ass. It will cost you less if you just let the lawyer suggest a course of action.
Oh, and research the lawyer. See if they are a lawyer who specializes in estate planning. A lot of lawyers think estate planning is easy and so they will dabble in it. You don't want a "dabbler."