Passing It On: Estate Planning for Families

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com #onthisday it is important to find a trust, making sure we put things inside of the trust. without putting real estate, financial assets, and personal property inside of a trust either while you are alive or as a beneficiary when you pass away, the living trust has no power. ##EstatePlanning##LivingTrust##FillThatBucket##Pevney##financialfreedom##orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Property Taxes Do NOT Go Up If You Put Your Home In A Trust

LEARN MORE: https://www.ocestateplanlawyer.com What happens to your assets if you pass away without any form of estate plan—no will, no trust, nothing? In this video, we delve into the complexities of dying without an estate plan, especially in California. We'll guide you through the legal process that unfolds when someone passes away without any plans in place. Whether you're married, single, or have children, the state has specific rules that determine how your property is divided. We explore key concepts like community property versus separate property, and how these distinctions affect what your spouse or children will inherit. You'll also learn about the state's "table of consanguinity," which dictates how distant relatives, like third cousins, might end up with your assets if no closer family members are found. But there's a better way to ensure your wishes are honored. We discuss why having an estate plan—especially a revocable living trust—can avoid the costly and time-consuming probate process, maintain privacy, and give you control over who inherits your estate. From avoiding probate to safeguarding your legacy, we cover the essential steps you need to take to protect your loved ones and your assets. If you're in California and ready to secure your future, we invite you to schedule a free consultation through the link in the description. Don't forget to like, subscribe, and follow us for more expert insights on estate planning! FREE ESTATE PLANNING STRATEGY SESSION: https://calendly.com/mpevney/strategy... Email Us: [email protected] Call Us: (949) 377-2996 https://calendly.com/mpevney/strategy... SUBSCRIBE & TURN ON NOTIFICATIONS FOR MOE VIDEOS LIKE THIS: ⭐⭐⭐⭐⭐ CHECK OUT OUR GOOGLE REVIEWS: https://goo.gl/maps/8tS3Jset7EfPmaLe7 ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ Follow Pevney Estate Planning On Social Media: YouTube: / @estateplanlawyer Facebook: / ocestateplanlawyer Instagram: / estateplanlawyer TikTok: / estateplanlawyer Disclaimer: this video and content is for general information only. The information presented should not be construed to the formal legal advice nor the formation of an attorney/client relationship. Nothing hearing is intended to nor constitutes an guarantee, warranty or prediction regarding the outcome of your legal matter. ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ Free Estate Planning Strategy Session For California Residents: https://calendly.com/mpevney/strategy...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com retirement accounts cannot go inside of a trust while you are alive. Sometimes they can be inherited by a trust if the trust is a beneficiary of those accounts. #401(k) #Pension #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com rental property should often go inside of an LLC. As long as that LLC is completely owned by you, it can go inside of your revocable living trust. Most of my clients need a revocable trust because it retains control over all of your assets. And protects them from going through costly probate. #LLC #RentalProperty #PassiveIncome #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Castillo in California it may not be a legal requirement to notarize a trust, it is always a good idea to do so. Try showing a trust to a bank and trying to open an account or start controlling an account made in the name of that trust. Trust our private documents and do not have to be filed with any government agency. ##EstatePlanning##LivingTrust##FillThatBucket##Pevney##financialfreedom##orangecounty

LEARN MORE: https://www.ocestateplanlawyer.com Please comment with your estate planning question. I am usually able to respond with an answer and sometimes. . . even a video! FREE ESTATE PLANNING STRATEGY SESSION: https://calendly.com/mpevney/strategysession Email Us: [email protected] Call Us: (949) 377-2996 Estate planning is for EVERYBODY. Not just the very wealthy. I started this law firm after practicing law for a number of years and realizing how important estate planning is, and how few people actually have an estate plan. You would be SHOCKED how many lawyers don't even have a basic plan set up. You are not alone. In as few as three hours of your time, you can set up a complete estate plan with the help of a qualified estate planning lawyer. Step one is to make an appointment for a free estate planning strategy session. https://calendly.com/mpevney/strategysession Most estate plans are centered around either a will or a trust. For most people in California and either own a home or have children, plan is built around a revocable living trust. But that is not the only estate planning document. There are several documents that are in effect while somebody is still alive: such as an Advance Healthcare Directive and a Financial Power of Attorney SUBSCRIBE & TURN ON NOTIFICATIONS FOR MOE VIDEOS LIKE THIS: ⭐⭐⭐⭐⭐ CHECK OUT OUR GOOGLE REVIEWS: https://goo.gl/maps/8tS3Jset7EfPmaLe7 ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ Follow Pevney Estate Planning On Social Media: YouTube: https://www.youtube.com/channel/UC-AIMR1l2WpTVchMiVqjTqQ Facebook: https://www.facebook.com/ocestateplanlawyer Instagram: https://www.instagram.com/estateplanlawyer/ TikTok: https://www.tiktok.com/@estateplanlawyer Disclaimer: this video and content is for general information only. The information presented should not be construed to the formal legal advice nor the formation of an attorney/client relationship. Nothing hearing is intended to nor constitutes an guarantee, warranty or prediction regarding the outcome of your legal matter. ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ Free Estate Planning Strategy Session For California Residents: https://calendly.com/mpevney/strategysession

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com the probate process is time-consuming and expensive, especially in California. Going through it is a real hassle and a slog avoided by setting up a complete estate plan often times with a living trust involved. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

LEARN MORE: https://www.ocestateplanlawyer.com Please comment with your estate planning question. I am usually able to respond with an answer and sometimes. . . even a video! FREE ESTATE PLANNING STRATEGY SESSION: https://calendly.com/mpevney/strategysession Email Us: [email protected] Call Us: (949) 377-2996 Estate planning is for EVERYBODY. Not just the very wealthy. I started this law firm after practicing law for a number of years and realizing how important estate planning is, and how few people actually have an estate plan. You would be SHOCKED how many lawyers don't even have a basic plan set up. You are not alone. In as few as three hours of your time, you can set up a complete estate plan with the help of a qualified estate planning lawyer. Step one is to make an appointment for a free estate planning strategy session. https://calendly.com/mpevney/strategysession Most estate plans are centered around either a will or a trust. For most people in California and either own a home or have children, plan is built around a revocable living trust. But that is not the only estate planning document. There are several documents that are in effect while somebody is still alive: such as an Advance Healthcare Directive and a Financial Power of Attorney SUBSCRIBE & TURN ON NOTIFICATIONS FOR MOE VIDEOS LIKE THIS: ⭐⭐⭐⭐⭐ CHECK OUT OUR GOOGLE REVIEWS: https://goo.gl/maps/8tS3Jset7EfPmaLe7 ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ Follow Pevney Estate Planning On Social Media: YouTube: https://www.youtube.com/channel/UC-AIMR1l2WpTVchMiVqjTqQ Facebook: https://www.facebook.com/ocestateplanlawyer Instagram: https://www.instagram.com/estateplanlawyer/ TikTok: https://www.tiktok.com/@estateplanlawyer Disclaimer: this video and content is for general information only. The information presented should not be construed to the formal legal advice nor the formation of an attorney/client relationship. Nothing hearing is intended to nor constitutes an guarantee, warranty or prediction regarding the outcome of your legal matter. ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ Free Estate Planning Strategy Session For California Residents: https://calendly.com/mpevney/strategysession

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a trust should not be handwritten. Yes, maybe that can be a legal document, but try taking that to a bank and opening a bank account in the name of of that trust. Make sure it is of course typed and made in conjunction with a qualified state, planning, lawyer. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Complete Estate Planning is more than just a will or a trust. There are a couple of documents that are important while you are still alive. A power of attorney document lets people take over your finances and an advance healthcare directive, sometimes known as a living will let people know what your end of life decisions are #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com by Poodledoo what happens when there are co-trustees that don't agree on what to happen with a piece of property? The simplest thing is always going to be to sell it, otherwise one is going to have to buy the other out, and there is always the option of severing, the lot in some way. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #Twins #IdenticalTwins

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com if you own property, you don't need permission from anybody to decide where it goes when you pass away, with a few exceptions. Children do not need to be told or consulted when you decide to put your own home inside of a trust. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com create custom scrub caps property taxes on California investment properties stay low by putting them into a revocable living trust. I can't necessarily speak for homes out of state, but in California, let's keep those property taxes, low #Propertytax #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com #onthisday a business can go inside of a trust, just like a house can. It helps that business avoid probate. If most small businesses have to go through probate with without a proper estate plan, and that business inside of a trust, that business shrivel up and dies.

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com when an out-of-state home was owned by two people, and both of them have died, we have to figure out who passed away first and what would have happened with their share of the property, and then figure out what happens with the survivors share. Ultimately, it means going through the probate system in the state or the real estate was. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a trust can be funded years after it is set up. It is a matter of making sure that things are titled in the name of the trust properly and that there is a proper tax ID number, which is often your own Social Security number

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com T the right of survivorship with real estate means that the last person standing so to speak owns the home. Then they get to decide what happens with it after they die. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Paul can an out-of-state home go inside of my trust? Yes. Trusts are recognized across state lines. I have plenty of clients that put their primary residence in California inside of their trust as well as a rental property in another state like Texas, Florida, Tennessee, or any other state.#EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com If you set up an estate plan while married and have since been divorced, it likely needs to be Chandler in full or in part. Do you want your ex making your healthcare decisions for you? In control of your money after you die? Probably not #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #onthisday

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com #onthisday a trust control property that is inside of the trust. If we don't title that property in the name of the trust or make it a beneficiary of accounts when we pass away, the trust is completely powerless. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Luna Chavez dad is on the deed to grandma's house, but dad passed away. What happened to the house now? The answer, probate. The court supervised government controlled and judge approved asset distribution system that happens after somebody passes away without in the state plan. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com #onthisday can you buy out the other beneficiaries of a trust if they are named beneficiaries? Unfortunately, the answer is a lawyers answer. It depends. Often times though one beneficiary can buy another beneficiary when it comes to real estate. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Trucker most trust do not need any sort of a credit rating because they are not borrowing money. Most revocable living trust involve the credit worthiness of the people that set the trust up. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com sometimes we want to name a trust as a beneficiary of certain financial accounts, but sometimes we might want to name a trust as that beneficiary. When it comes to retirement investments, speak to your estate, planning, lawyer, your financial advisor, and your accountant about how best to title those beneficiaries. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com putting a home inside of a trust is often as simple as signing a new deed and filing that deed with the local county office. The more important thing is that a trust exists in the first place and the trust clearly states what your wishes are with your property when you have passed away. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a home going inside of a trust is not going to affect your property taxes or your mortgage. As long as it is your primary residence. Rental homes, could be a different story.

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com wyliee cryptocurrency can go inside of a trust, just like any other type of asset, but make sure that it is accessible by the trustee that comes after you making sure that they are able to get to it and distribute it properly. That may mean, having it means of getting access to whatever wallet you are using otherwise it's like burying gold in the desert without a treasure map

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com please don't hand write a will. It is a recipe for disaster. Yes it is legally allowed in some states, but many states also have forms where you can create your own will that are later either witness or notarized.

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Trusts are private documents. The only people entitled to see them after the person that set up the trust, dies, or the beneficiaries or people that otherwise would've inherited that person's estate if they died without an estate plan, typically. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com how to create a trust by keeping children protected by a divorce. Make the child, the beneficiary of the trust, and use a trusted third-party to administer that trust as the successor trustee. #Divorce #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com trust are private documents, to a point. They are typically not filed with any government agency, but when the person who creates the trust passes away, typically children of that person have the right to see the trust. #Privacy #Trustee #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a trust is usually better than a will, for passing along real estate for four reasons. Cost, control, privacy, waste of time.#EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com you might be able to transfer real estate using a power of attorney document, if that power of attorney specifically allows you to engage in real estate transactions and estate planning. Powers of attorney are very important, estate planning documents, and must be written very carefully and understood by all parties. #Power of attorney #Realestate #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com #onthisday avoid probate with a living trust. Probate is expensive, putting property inside of trust, avoids that cost. You have a lot of control from beyond the grave with a trust that you do not with a will or worse, no estate plan at all. Time and hassle. Probate often takes 18 months to two years to get through. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com inheritances are separate property, even if you live in a community property state like California. The very smart thing to do would be to sign a postnuptial agreement making clear what property is separate property. However, an inheritance could be kept a secret as long as it is kept completely separate and never commingled with community property, #PostUp #Prenup #Inheritance #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Lynn Young a home with a mortgage, if it's your primary residence can go inside of a trust. This is based on a federal law that was passed over 40 years ago. And guess what, the bank can't force you to pay back the entire loan. #Mortgage #Loan #Real estate #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com property inside of a revocable living trust can be used as a collateral on a loan because you have complete control of everything inside of that trust if it is written the right way. The bank, or whoever is loaning you the money it might need to see a copy of that trust before giving you the loan though.#Collateral #Loan #Mortgage #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Life insurance is an important part of any estate plan. As part of that plan, you might wanna consider making a trust the beneficiary instead of an individual. This provides more protections for the ultimate beneficiaries, and make sure that that money is used in a responsible way, and protected from predators and creditors #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com sometimes it can be good idea to make a living trust the beneficiary of a life insurance policy because of the protections it provides the beneficiaries. Protections like making bad decisions, bankruptcy, lawsuits, and even divorce. #Insurance #Beneficiary #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com rental properties should typically go inside of a trust just like a primary residence. It receives the same benefits of a trust. First, it avoids the cost of probate. Second, you have a lot of control over what happens to it after you are dead. Third, trusts are private probate is public. Fourth, it avoids the time and hassle of probate. Probate can easily take a year and a half where I practice in California. #RentalProperty #Probate #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com in California, your property taxes will not be recessed reassessed after putting your primary home in a revocable living trust. That is one of those exceptions. Also, you will not have to qualify for your mortgage that is according to federal law. Most of the trust that I set up, include homes with mortgages in them, #Mortgage #Propertytax #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com How to title property in the name of a trust. A trust has to have a name, you can pretty much name it whenever you want as long as it has a word trust in it. I trust will also have a date associated with it, which is typically the date was created. Also, there will be a tax ID number, depending on the type of trust it is the tax ID number will be its own EIN, or it will be your own Social Security number. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Where do you keep your estate planning documents. Remember, trusts are private documents, and we don't ever file them with any government agency which means that they have to be kept safe, but also accessible. This means typically no bank safe deposit boxes, and we always want digital copies on hand. #Privacy #DigitalMedia #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Make sure the kids don't fight and squabble over the family home after you are gone. The better decision is to put the home inside of a living tust with the kids, the beneficiaries and specify exactly what you want to Happen to that home after you are gone. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Sometimes it's not responsible for kids to inherit hundreds of thousands of dollars or more as soon as they turn 18 with no restrictions on that money. He living trust is great way to make sure that that money is put to good use and kept away from younger people, when they might be more likely to make bad decisions with it. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Factors isn't about when choosing a guardian for your kids, if you pass away. First, geography. Where do they live, your kids are likely going to move in with them. Second, age and level of health, how old are the guardians going to be when your youngest comes of age. Third and most important, do they love the kids? Choosing a guardian is an important part for every parent creating an estate plan #Guardian, #Kids #Guardianship #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Estate planning documents that every parent needs. A revocable, living trust to make sure that kids inherit things responsibly. A financial power of attorney to make sure someone can make financial decisions for you if you can't. In advance, healthcare directive to make sure healthcare decisions are what you want them to be. Of course nominating a guardian if those kids are under 18. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com debt cannot be inherited by somebody that never agreed to pay in the first place. Somebody that holds a car note cannot force the people you leave behind to pay the loan. They can't of course, close on the Det and repossess the car, but they can't force kids or parents to pay back the loan. #Debt #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #DaveRamsey

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com joint ownership of property can help avoid probate. But what happens after the first joint owner passes away, without an estate plan? They need some sort of way of getting that property to the ones that they want to leave behind. Typically this means using a revocable living trust to pass that property on while avoiding the scourge of probate. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #California #OrangeCounty #RevocableTrust #MissionViejo #AlisoViejo.