Living Trust or No Living Trust?

My mom and dad (in their 80's) were told by his attorney that he doesn't need a living trust; that they can accomplish the same things through a will.

Reading here, I see lengthy probate for their home in Texas, farm and mineral rights in Oklahoma.

Heirs after my mom would be my brother & his wife (no children) and myself and husband (4 children and 2 grandchildren). Dad's goal is that after my brother & wife and my husband and I are gone the farm and mineral rights in Oklahoma would follow blood lines. And, of course, he is particularly interested in avoiding taxes.

Any advice?

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Jun 14, 2010
Think about a legacy trust or dynasty trust
by: Mo Johnson

Interesting, I'm just working on articles right now about legacy and dynasty trusts. The names are often used interchangeably but essentially one of the goals (along with saving taxes) is to do what you father apparently wants to do -- keep assets in the family line through multiple generations.

So, rather than repeating it all here, check out these articles (will be updated tomorrow -- 6/15/10).

Legacy Trust and dynasty trust.

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