The misinformation contained in Dave Ramsey’s column “Do I need a will or a trust” is staggering.
The misinformation contained in Dave Ramsey’s column “Do I need a will or a trust” is staggering. He parroted the same old arguments used by probate lawyers in the mid-1960s when they were trying (unsuccessfully) to convince people that probate was actually a good thing. He called living trust planning “more of a gimmick than anything else.” He should tell that to the clients who just saved over $1,500,000 in death taxes using a living trust. Ramsey says living with a living trust is a “pain in the butt.” Wrong again. There are absolutely no restrictions on your living trust assets: you are as free to sell them, give them away, or spend them as you are if you don’t have a trust. A properly designed living trust can protect your surviving spouse from losing the children’s inheritance to a gold-digger, give you and your children protection from law suits, divorces and bankruptcies, completely eliminate taxes and probate costs generation after generation, pass your valuable IRA and retirement plan tax deferral feature to children and grandchildren, and provide protection for disabled beneficiaries.
Dave Ramsey should stay within his realm of expertise, which is telling debt-ridden people to pay down their credit cards and open a savings account. I could agree with him on that.
Joseph D. Welch, Attorney, Hannibal