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Your parents have called a family meeting. They are nearing retirement and are thinking about...

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Accounting

Your parents have called a family meeting. They are nearing retirement and are thinking about what will happen to their assets when they pass away. Their attorney told them he normally charges 2% if the value of the estate if probate is necessary. The estate is worth about $1,000,000, so that fee would be $20,000. The attorney said there were ways to avoid probate, including transferring the assets now and your parents retain a life estate, transfer the assets to a revocable living trust, transfer the assets to an irrevocable trust, passing the assets through will, or do nothing and pass the assets through intestacy. Discuss the various methods above, plus any more you might think of. You may make some assumptions, such as taxation, ease of transfer (avoiding probate) , cost, etc. What is your recommendation?

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