Letters to the Editor
Editor:
Our legal advisors recommend all residents of Mutual 1 create a trust because:
• In California, if the value of your estate is less than $166,250, a will is all that is required to distribute assets to your heirs quickly.
• As a resident of Leisure World, your estate value is greater than that.
• Your estate must go through the “probate’’ court process. Having a will does not do what you likely intended it to do.
• Probate in California currently takes about 22 months. The courts are backlogged, particularly after the pandemic.
• Legal probate fees vary with the value of your estate. They are typically between $10K and $15K, sometimes more.
Get the picture? Real estate taxes, landscaping fees, water fees, amenities fees and all the other Leisure World fees continue to accumulate, to be deducted from the estate’s value when probate is finally complete. Your heirs receive nothing for months; your estate value continues to erode dramatically. Your unit remains locked up, unoccupied.
Trusts make distribution much faster and less expensive overall. Yes, the cost of a will typically is less than a trust, typically $400-$700 for a will. In the current edition of the Leisure World paper, one lawyer advertises a simple trust cost is $699 for a single; $899 for a couple. It can be more. Browsing one web page article, expect between $2,000-$4,000.
The evidence is clear. Do yourself a favor; call an estate attorney and ask. It’s to your (and your heirs) benefit.
Dan Weber Mutual 1 Editor:
I, as well as others, have noticed there were no veteran’s banners up for Memorial Day weekend. Usually, these banners would be up for the weekend, through Flag Day, to the Fourth of July.
When I asked why, I was told that the banners purchased by shareholders and their families to honor our military would now only be displayed for Veterans Day. No veteran’s banners will be going up for Memorial Day, Flag Day or the Fourth of July.
I can only hope this was a mistake. Otherwise, this is a myopic and egregious error in decision-making. Think, the youngest shareholders in Leisure World either participated in the Iran-Iraq War or had a family member who was part of it.
Memorial Day, Flag Day and the Fourth of July are about the brave military men and women who fought, bled and died for this country. To not take every opportunity to recognize their sacrifice is easily perceived as stinging ingratitude. I can gaurantee that this unfortunate decision is not appreciated by the overwhelming majority of Leisure Worlders who have lived most of their lives watching the USA go through wars, and who understand the impact of previous wars being fought to protect and support the freedoms of this country. “All gave some, some gave all.” Ted Green Mutual 4 USAF veteran, son of Buffalo Soldier Editor’s Note: At the May 1 meeting of the GRF Recreation Committee, a motion was passed to display veterans banners for Veterans Day and four weeks afterward. Veterans Day commemorates the service of all U.S. veterans, while Memorial Day honors those who have died while in military service. The Recreation Committee recognized the sanctity and distinction between these holidays when members determined the banner schedule. Logistically, the wear and tear on the mountings and the banners themselves coupled with the expense to raise and remove them four times yearly was also a consideration in the committee’s decision.
