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Josh I think the 457/403b is safe from the creditors.
The problem is some of these Estate Planning Attorney are crooks they offer you a free dinner. The pitch is taxes estate taxes you gotta have a living trust, not a simple pour-over will. The probate will kill you! We got bamboozled for $2500 50 pages long hard to understand. The attorney's name is on every page. So we dissolved the trust completely when to a simple pour-over will.
In California, any asset of $150k or greater can not be transferred in a will. It must go through probate. Because it is highly likely that your house is worth more than $150k, then your house will end up in probate. Even if it is held in joint title.
To avoid this in California, then set up a living trust and put the house title in the name of the trust. The trust owns the house. Upon death, no probate is needed because the other spouse still owns the trust.
This is not hard to set up. Nor is it expensive. If you are a California homeowner, then this is a no-brainer. Do it immediately.
Make sure your heirs know there's a life insurance policy. Billions not paid out. Wow, thanks Josh. Kept thinking about putting real estate in trust. Attorneys will still do your paperwork even if it doesn't work.
RLTs are very useful to ensure children from a prior marriage are not disinherited by the surviving spouse.
When you are a single parent with minor children, I think not having a living trust is irresponsible. Now the kids are in college, but it lays out POA and medical POA along with trustee positions and an ombudsman for the children. You need to review your trust every couple of years. I actively think about it, investments, etc. Life insurance, et al are set to pay to the trust on my demise. Is it for everyone, no. But if you need it, you need it.
What about probate costs? Even with POD/TOD on appropriate accounts, here in CA, probate would still cost almost $20k. I'd rather that money go to my kids than to the blood-sucking government. They've already taxed everything I have.
Thanks Josh trust always confused me
Question: How long after my death and/or spouse dies, can assets stsy on the trust?