Passing It On: Estate Planning for Families
237 episodes — Page 4 of 5
Trusts are private. One of the best benefits of putting property in trust is that it is not open to prying eyes
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Trusts are private. One of the best benefits of putting property in trust is that it is not open to public record. If kids or people that are unsophisticated with money, that could leave them open to predatory "investment, advisors" and people that you don't want to know that they have money. #Probate #InvestmentAdvisor. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Special Needs provisions are part of the versatility of revocable living trusts.
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com special-needs trusts are part of the versatility of revocable living trusts. They can care for beneficiaries with special needs, due to important things. First, making sure the beneficiary doesn't make bad decisions with their inheritance. second, making sure that they keep any government benefits that they are otherwise entitled to. ##SpecialNeeds##EstatePlanning##LivingTrust##FillThatBucket##Pevney##California
Make sure that the kids can't sell the house or the business by using a living trust.
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Mayne make sure that the kids can't sell the house or the business by using a living trust. A living trust gives you control of those assets even after death. If you want children or other beneficiaries to get the income from a rental property or a business after you're gone, that can be specified in the trust, and make sure that the income flows into the trust, and that the property itself is not sold.#RentalProperty #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Three reasons not to give your house to your kids.
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Aleman655 three reasons not to give your house to your kids. One, it now belongs to them. They can sell it without your permission. Too, the home is not protected from your children's predators or creditors. Three, they are going to pay a lot in capital gains tax, much more than they should. The better solution, put that house while they are alive inside of a revocable, living trust making the children in the beneficiaries. #Parents #Kids #CapitalGains #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Make sure kids don't fight over your family home after you pass away.
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Make sure kids don't fight over your family home after you pass away. Bring the home inside of a living trust and you a lot of control over what happens to the home after you are gone, in addition to a lot of other benefits, like avoiding the probate process, which can be very expensive and time-consuming. #Kids #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Be Careful About How To Take Title On A Deed To A Property
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com the way that our property deed is written, can sometimes control what happens to the property after one of the owners dies. However, a married couple does not automatically leave their share of their home to the other spouse, especially if it was owned by the other spouse before they were married as separate property. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
A House With A Mortgage Can Go Inside A Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a house with one, two, three mortgages can still go inside of a trust. If your name is on the deed to the home, you own the home, and it can go inside of a trust. It does not, however, relieve you from the obligation, legal obligation, to pay back that mortgage there are plenty of good reasons for putting homes with mortgages on them inside of a trust. The biggest one, avoiding probate, and giving you control over what happens to the Home after you're gone. #Mortgage #Lien #ReverseMortgage #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Do not keep your estate plan documents in a safe deposit box
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Do not keep your estate plan documents, the revocable living trust, and an advanced healthcare directive inside of a bank safe deposit box. You can only access those items when the bank is open and that can make for difficult situations like if somebody is in the hospital. #SafeDepositBox #SafetyDepositBox #Banks #Privacy #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Without A Trust, In Can Take 28 Months To 2 Years To Sell A Home After A Death
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com it can take 18 months to two years to get a home sold after the owner passes away. Unless, of course, that Home is inside of a living trust. Property inside of a living, trust, avoids probate which means that it does not have to go through the court system, and it does not ever have to be approved of by a judge. Get that house in a trust #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
4 Reasons A Trust Is Better Than A Will
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com trusts are better than Wills for four reasons. Cost, save up to $50,000 in probate fees. Control, make sure your beneficiaries are protected from both creditors and predators. Privacy, make sure that the prying eyes of the public don't get to see what's inside of your trust. time and hassle, the probate system can easily take a year and a half to two years where as a trust things can be distributed within a couple of months. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
How To Cut Your Kids Out Of Your Estate
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com estate planning, sometimes means, leaving nothing to your children. In most places in the country, you are simply allowed to do this. Your property belongs to you, and you can leave it in your trust or your will to whoever you want. Best to mention the fact that you have children, and the fact that they are getting nothing. This can be a good way to possibly avoid a lawsuit and a messy situation after somebody passes away. #Disinherit #Kids #EvilStepmom #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Three Ways To Transfer A Home To A Child
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a house gets in a child's name three typical ways. First, the parents put the child's name on the deed before the parents pass away. I think this is a bad idea. Second, the parents leave it to the child and will meaning it goes through probate, and eventually the child is put on the date to the home. Third, the parents put the home in new living trust with the child as a beneficiary. This both avoids the time and cost of probate, and make sure that, there is a benefit when it comes to property taxes down the road. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #Probate #Deed #Death
Protect Children From Creditors And Creditors With A Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Protect your children, in the future, from predators and predators. The best way to do this is not for them to inherit money directly, but by way of a trust, typically a revocable living trust, I can make sure that the money is used responsibly, and cannot be separate to bankruptcy or abusive spouses.#Divorce #RevocableTrust #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
If Your Parents Leave You Their Home, You Can Usually Take Over Their Mortgage
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com if your parents pass away and you take over the mortgage to their home with the bank, and you should be entitled to any tax deductions that you would otherwise be entitled to if you take, took out the mortgage yourself initially in your own name. #Mortgage #TaxDeduction #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Funding A Trust Means Putting Things Into That Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Funding a trust means putting things into that trust. That might mean opening, titling, retitling, or making beneficiary, designations of financial accounts, like IRAs, 401(k), checking accounts, saving accounts and life insurance policies. It often means filing a new deed for real estate, placing it inside of the trust, and also signing a document, putting all of your personal property into that trust. #TrustFunding #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
A Trust Is Better Than A Will In Most Cases
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A trust is better than a will, in most cases, because it avoids the cost, often times the very high cost of probate. Especially if you own real estate. Another great reason to have a trust instead of a will. Probate also takes a very long time, 18 months to two years if you live in the state of California. Best to invest in a complete estate plan built around a revocable living trust. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Probate Is The Court Run Judge Approved Asset Distribution Program
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Thompson probate is the court run asset distribution program that property has to go through when somebody passes away without that property inside of a trust. Unfortunately, it can be time-consuming and expensive. Typically this much simpler and cheaper way to do this is by setting up a living trust and placing home into the trust.
A Home Gets Out Of A Trust By Using A Deed
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com #onthisday a home gets out of a trust after you're gone by way of a deed. You basically need a death certificate along with a copy of the trust in order to make the new trustee in charge of that piece of real estate. If it is a revocable trust, you still have complete control over the home while you're alive. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Be Careful About Buying A Home With A Partner You're Not Married To
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Be careful about buying that home with somebody that you're not married to, especially if you don't have an estate plan set up. If you pass away, may not end up where you want them to go. #EstatePlan #LivingTrust #FillThatBucket #Voice #Pevney #MissionViejo
The Successor Trustee Can Take Over If You Are Incapacitated But Not Dead
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com The next trustee can take over not only when you're dead, but also when you're medically incapacitated. This gives them power over the property inside of the trust, but it typically has to be used for your benefit before you pass away. A trustee like this can often work hand-in-hand with a Power of Attorney, in fact, sometimes they are the same person. #LivingTrust #PowerOfAttorney #EstatePlan #EstatePlanningLawyer #LivingTrust.
A Home Gets In A Trust By Filing A Deed At The Appropriate County Office
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A home is put inside of a living trust by drawing up a new deed to the home. The home is transferred from the owners, typically to the owners as trustees of the trust. Make sure that the trust already exists. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Make A Living Trust Very Official By Getting It Notarized
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com technically a trust does not have to be notarized, however, this would be a foolish mistake. Try and go to a bank and set up a trust bank account. No dice. #EstatePlanning #LivingTrust #Notary #FillThatBucket #Pevney #RevocableLivingTrust #Fraud #Banking.
The Essential Reasons To Get Real Estate Inside A Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Putting real estate inside of a living trust is so important for the following reasons. First, it keeps your home out of probate. Depending on the state you live in probate, can be very expensive in time consuming. Where I live, in California, and often takes up to two years to get your home through probate and costs around $50,000. That $50,000 could have gone to your kids, other beneficiaries, or charities. Instead, it gets eaten up by lawyers in the Court system. The much better solution, put that house in the living. Trust and make sure it gets distributed to your beneficiaries in the way that you wanted it to. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
A Home With A Reverse Mortgage Can Go Inside Of A Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A reverse mortgage is in many ways like any other mortgage. A loan that you owe that is secured debt. Yes, a home with the reverse mortgage can go inside of a trust. If it is a revocable living trust, the mortgage company has no say in whether it goes into that trust or not.#EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #ReverseMortgage
A Home With A Mortgage Can Still Go Inside A Living Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com if your home has a mortgage on it, it can still go inside of a living trust. There is specific federal law that says that a home with a mortgage on it, if it is your personal residence, can go inside of a living trust. The large majority of homes that I help clients put inside of their trust have mortgages on them.
An LLC Can Protect Your Personal Assets From Lawsuits, And They Can Go Inside A Living Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com An LLC can give you asset protection from lawsuits, if you own a business. By the way, rental properties are a business. And a trust and protect you from the time, cost, hassle probate, which takes a long time and is very expensive. So from both lawsuits and probate Put in an LLC, and LLC owned by a Trust #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #llc #assetprotection
A Living Trust Leaves You In Control Of The Real Estate You Put Inside It.
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com After putting real estate inside of a living trust, you still have complete control over that real estate or home. That means you can sell it, rent it out, take out a second mortgage, use it as an Airbnb, everything that you could do before it was in a trust. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Avoid High Capital Gains Taxes: Keep Your Kid's Name Off The Deed To The House
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a step up in basis, has to do with capital gains taxes. When a home is passed on to a child, typically there is a step up in basis meaning that it is as if the child bought the home for what the home is worth when the parent passes away. This can save those kids a lot of money on capital gains taxes, this is also one of the reasons why it is typically a bad idea to put kids on the deed to the parents home before the parents passed away. The better solution, get that home inside of a living trust and make the kids the beneficiaries, this way they will benefit from getting the home without it, having to go through probate and get a step up in basis for capital gains purposes. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty ##Taxes##Capitalgains ##stepupinbasis
Beneficiary Designations: An Important Part Of Estate Planning
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Beneficiary designations are an important part of estate planning. Don't forget about them. Make sure your ex spouse or your parents aren't. The people who are going to inherit your 401(k) if you want it to go to your spouse and or children, and or trust. Better yet, in some cases, make a living trust, a beneficiary. #onthisday #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Living Trusts Are Flexible And Let You Add Property To Them After Setting Up The Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Trust are very flexible. Most living trust let you put new property that you buy or acquire after the trust was initially set up. Trust also give you a lot of control about how the assets are distributed to your kids after you're gone. Want to wait until they're 30 or 40, no problem. Put it in the trust.
Estate Planning Is Essential For Real Estate Investors. Here's Why
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Investing in rental properties? 🏢 Concerned about asset protection and avoiding probate? 💼 Here's a powerful strategy: place your rental property inside an LLC for liability protection, and then put that LLC inside a trust for seamless estate planning. 🤯📜 This double-layered approach shields your assets from personal liabilities and ensures a smooth transition for your heirs without probate court hassles. 🛡️🔒 Plus, it simplifies your estate plan, making it a win-win for landlords and investors. 📈✨ Learn more about this game-changing tactic! 💡💰 #RentalPropertyInvesting #AssetProtection #EstatePlanningWins #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
The Top 4 Reasons A Home Should Go Inside A Living Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Put your home inside of a living trust for the following reasons. 1. cost. Probate is extremely expensive, especially if you live in California. 2. Control, control what happens to your stuff from byomd the grave. Three. Privacy, outside of probate nobody gets to see where your stuff is going 4. Time and hassle Save your heirs a year and a half to 2 years of court hearings even for a simple estates #onthisday #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
A Joint Tenancy With RIght Of Survivorship Usually Means The Last Person Living Completely Owns The Home
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com joint tenancy with right of survivorship means that the last person living completely owns the home. Tenancy in common means that each person owns a percentage of that home. Be very careful about how the deed to your home is titled. Better yet, put that home inside of a living trust giving you complete control over the home while you're alive, and then controlling exactly what happens to it after you are gone. #LivingTrust #RevocableTrust #EstatePlan #EstatePlanning #CaliforniaEstatePlanning #OrangeCounty #Parents #California #SoCal #Norcal
$46,000 To Put A House Through Probate? Avoid It By Using A Living Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com the cost of an average Southern California home to go through probate: $46,000 that money goes to lawyers, and other court costs, and not to the people you leave behind. Make sure that that Home avoids probate by putting the home in a revocable living trust#EstatePlanning #LivingTrust #FillThatBucket #Probate #California #OrangeCounty #MissionViejo
Estate Planning Is Always Important, But It's Not Always Urgent.
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Estate planning is a crucial aspect of securing your family's future, but it doesn't always demand immediate action. While it's never too early to start planning, the urgency may vary depending on your life stage and circumstances. In this short blog post, we explore the nuances of estate planning, emphasizing the perpetual importance it holds in safeguarding your assets and loved ones. Join us as we navigate the delicate balance between recognizing the significance of estate planning and understanding when the timing aligns with your unique life journey. Learn why staying informed and proactive can make all the difference in achieving lasting peace of mind. #EstatePlanning #LivingTrust #Pevney #FillThatBucket #OrangeCounty #Death
Californians Keep Their Property Taxes LOW By Putting Their Home In A Living Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com In this brief yet insightful discussion, we delve into the strategic advantages of incorporating a living trust into your estate plan. Discover how California residents can navigate property tax regulations, ensuring a sustained advantage for homeowners. Join us as we demystify the process and explore the financial benefits that come with thoughtful estate planning. Tune in for essential insights into preserving your property taxes and securing a sound financial future #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Avoid Costly And Expensive Probate By Using A Trust For Estate Planning
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Unlock the secrets to a seamless and cost-effective estate plan in our latest podcast episode, 'Avoid Costly and Expensive Probate by Using a Trust.' Join us as we delve into the world of estate planning, demystifying the complexities and unveiling the strategic advantages of incorporating a trust into your financial blueprint. Learn how steering clear of probate pitfalls can save time, money, and alleviate stress for your loved ones. Our expert insights will guide you through the intricacies of establishing a trust, offering a roadmap to safeguarding your assets and securing a legacy for generations to come. Tune in for an enlightening conversation that empowers you to make informed decisions and take control of your estate planning journey.
A Reverse Mortgage Doesn't Prevent Your Home From Going Inside A Living Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A reverse mortgage is a special kind of a mortgage, but it is still a mortgage. It can go in a trust. Putting it in a trust, will save you the time, cost, and hassle of probate, which is to be avoided. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #ReverseMortgage
Two Spouses Can Have Separate Estate Plans, But Be Careful.
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com two spouses can have two separate estate plans, but be very careful, especially if you live in a community property state. Typically, unless there is a prenuptial agreement, prenup, or a post up, I will want to create one trust for both spouses. The reason is things can get very messy once the first spouse passes away. There are some ways to write a trust around this, but it's going to involve one spouse, likely giving up some of their rights to that property.#LivingTrust #EstatePlan #Pevney #FillThatBucket #Divorce #BlendedFamily
Probate Is What Happens When You Pass Away Owning Property That Is Not In A Trust. Avoid Probate.
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com probate release stinks. Is it is the court controlled and government supervised estate planning system if you don't have a trust. Even if you just got divorced, and your main asset is your home, it's a good idea to get it in a living trust. That way you have complete control over it, and it will never have to go through probate. By the way to get the average southern California home through probate it can cost around $40-$50,000.this is completely avoided by putting it in a revocable living trust. #EstatePlan #LivingTrust #Divorce #FillThatBucket #Pevney #OrangeCounty #SouthernCalifornia #Norcal.
A Mortgage Can Usually Be Paid Off And Paid Down By The Owner's Kids After The Owner Dies
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Dive into our latest podcast episode, 'A Mortgage Can Usually Be Paid Off and Paid Down by the Owner's Kids After the Owner Dies,' where we unravel the nuances of estate planning and mortgage management. Explore the unique strategies and financial insights that empower families to navigate the postmortem intricacies of a mortgage. We dissect the options available to heirs, shedding light on how the burden of a mortgage can be managed and even alleviated. Join us for an engaging discussion that demystifies the intersection of estate planning and homeownership, providing valuable knowledge for securing a stable financial future. Tune in and discover how thoughtful planning can ease the transition for the next generation #Mortgage #EstatePlan #LivingTrust #FillThatBucket #Pevney #California #LosAngeles #OrangeCounty #SanDiego #inlandempire
What Happens When A Parent Dies With A Home In A Trust And You Are The Beneficiary?
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Lane942 when a parent passes away with a living trust with you as the beneficiary, we have to follow the terms of the trust in figuring out what to do with at home. If the home is being left with no strings attached, that often means going to the county recorders office, filing a new deed or some affidavit with the death certificate attached putting the Home into your name. Make sure to consult an accountant because there could be some property tax consequences associated with This. #EstatePlanning #Property tax #LivingTrust #FillThatBucket #Pevney #OrangeCounty #California
Good Estate Planning Usually Means Keeping Your Child's Name Off The Deed To Your Home
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Keeping kids' names off the deed to your house can be a good strategy in estate planning for several reasons: Avoiding Probate Issues: When a property is owned jointly with children, it can lead to probate-related complications. Probate is the legal process of administering a person's estate after their death. By keeping the property solely in the name of the parent, it can help streamline the probate process. Control and Flexibility: Retaining sole ownership provides the parent with greater control and flexibility. They can make decisions about the property without needing the consent of other joint owners. This is important, especially if there are disagreements or differences in opinion among family members. Creditor Protection: If a child faces financial difficulties or legal issues, having their name on the deed could expose the property to potential creditors. Keeping the property separate can help protect it from such external claims. Tax Implications: Introducing children as joint owners may have tax implications. For example, it could trigger gift tax considerations. By keeping the property solely in the parent's name, it simplifies the tax aspects of estate planning. Avoiding Family Conflicts: Joint ownership can sometimes lead to family disputes, especially if there are multiple siblings. Keeping the property as part of the parent's estate plan can help avoid conflicts related to the use, management, or sale of the property. Planning for Contingencies: The parent may have specific wishes regarding the distribution of the property among their heirs. Keeping the property out of joint ownership allows for more detailed and specific planning through tools like wills or trusts. Avoiding Medicaid Issues: If the parent requires Medicaid assistance for long-term care, joint ownership of property can affect eligibility. Keeping the property in the parent's name can be part of a strategic plan to qualify for Medicaid benefits.
A Will Is Not A Complete Estate Plan
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Sometimes, a will isn't enough for a complete estate plan. Often times, a revocable, living. Trust is the best way to go, especially if you live in California, own real estate, or have little kids that are either under 18, or not the most responsible people in the world. Living trusts, save you from the high cost probate, give you a lot of control over your assets from beyond the grave, stay private, instead of going through court, and take a lot less time than the Court probate process. #EstatePlanning # #LivingTrust #FillThatBucket #lastwillandtestament #FillThatBucket
Don't Let Your Parents Put Your Name On The Deed To Your House
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A lot of people think it's a good idea to get their own name on the Dittu their parents house. However, this could crush you in capital gains taxes in the long run. The better solution for your parents, put the home inside of a living. Trust with you, the children as beneficiaries. That way there will be a step up in tax basis that will save you a lot of money in capital gains taxes when it finally comes time to sell that home, #Taxes #capitalgains #Living #EstatePlanning #FillThatBucket #OrangeCounty #MissionViejo
Who Gets To See A Copy Of Your Living Trust
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com P. Who gets to see a copy of your trust? A beneficiary doesn't get to see a copy of a trust until they actually become an active beneficiary. Meaning if you are leaving all of your property to your kids, they don't legally get to see a copy of that trust until you pass away, and they become current beneficiaries. As a practical matter, though, it's a good idea to let both trustees and beneficiaries know that there is a trust, and especially that the successor trustee wants to act as a trustee. Because remember, a trustee doesn't have to be a trustee, they can always resign, or choose to not take on the gig. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Don't Leave Money Directly To Your Kids When You Pass Away
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Don't leave your kids any money when you die. This is a little bit of a trick, because ultimately you want your kids to benefit from your inheritance. The best way to do this is to set up a living trust, leave your inheritance to the trust, and have the trust distribute money to your kids, or on behalf of them as the beneficiary. This does two things. First it protects them from making bad decisions themselves, and also can protect that money from people they owe money to like creditors, bankruptcy, lawsuits, and even spouses. #Kids #EstatePlan #Beneficiary #FillThatBucket, #Pevney #OrangeCounty #California #LagunaHills #SanJuanCapistrano
Don't Buy A Home With Your Boyfriend
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com 𓆉 MoonlightWildflowers 𓆉꧂ not the best idea to buy a home jointly with somebody that you're not married to yet. If one of you passes away and you're broken up, guess what? You might come home with your exes mom how does that sound? #State #Marriage #LivingTrust #PutARingOnit #fillthatbucket. #Pevney #daveramsey
Every Adult Needs An Estate Plan
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Everybody needs an estate plan, no matter how young or old, rich poor you are. In a state plan tells others what you want to happen with your body and your property both while you're alive and when you pass away. Most estate plans I set up our built around a revocable, living trust, but it's also important to remember to have other documents like an advancedhealthcare directive and a power of attorney. #EstatePlanning #LivingTrust #FillThatBucket #California #OrangeCounty #Taxes #Accounting.
What If One Child Wants To Buy Their Siblings Out Of The Parents' House
Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com if a home is going to be left to children after parents pass away, sometimes one child wants to buy the other siblings out of their share. The problem is, if the house isn't currently in a trust, and there isn't currently in a state plan in place, this can't be done until the Home goes through the entire probate process, which, in California can take up to two years. the better solution, is for the parents to set up a living trust, place the home inside of the trust by using a quitclaim, or grant deed, and make specific provisions about what is supposed to happen with the Home after they pass away. #Deed #EstatePlan #Siblings #ParentsDying #FillThatBucket #Pevney.