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Do Trusts Need to File Tax Returns?
Attorney Andrew Bethel from Bethel Law answers a common question about trusts: Do they need to file a tax return? We explore the differences between revocable and irrevocable trusts, focusing on how these distinctions affect tax filing requirements. Learn why a revocable living trust does not require a tax return during the trustor’s lifetime but may need one after their death. We also dive into the tax obligations of irrevocable trusts, including when they are required to file based on income levels and financial activity. Stay informed about trust tax brackets for 2024 and how they impact your trust's tax obligations. If you’re setting up a trust or managing one, this video provides essential insights to help you navigate your tax responsibilities. Don’t forget to like, subscribe, and share this video with anyone involved in estate planning or trust administration.
00:00 - Introduction
00:34 - Revocable vs Irrevocable
01:18 - Revocable Living Trust
02:50 - Irrevocable Trust
06:34 - Trust Tax Brackets (2024)
07:24 - Closing the Return
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*Disclaimer*
Viewing this video does not create the expectation of an Attorney-client relationship. The information from this video is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.
Переглядів: 145

Відео

Shelter your Money for Your Family Tax & Creditor Free!
Переглядів 152День тому
Attorney Andrew Bethel of Bethel Law explains the powerful benefits of Crummey Trusts. Discover how these irrevocable trusts can help you lock up money for your family, protect assets from creditors, and avoid significant estate taxes. We'll break down the mechanics of Crummey Trusts, including their irrevocability, gift tax implications, and asset protection features. Learn about the strategic...
Can an Illegitimate Child Make a Claim on my Estate?
Переглядів 67514 днів тому
Attorney Andrew Bethel of Bethel Law discusses the inheritance rights of illegitimate and omitted children under California law. Learn how the California Probate Code Sections 6450 to 6455 ensure equal inheritance rights for all children, regardless of their parents' marital status. Discover the implications for wills and trusts, and understand how illegitimate children can make claims on estat...
Project 2025 Income, Estate & Gift Tax Changes
Переглядів 1,1 тис.21 день тому
Attorney Andrew Bethel of Bethel Law explores the significant potential changes to the U.S. tax laws outlined in Project 2025, a policy blueprint developed by the Heritage Foundation. With the 2024 election approaching, these changes could come into play if President Trump wins. We break down the proposed overhaul of federal income tax brackets, estate taxes, and gift taxes. The video delves in...
LLC vs. S-Corp: Which is Best for Rentals?
Переглядів 183Місяць тому
Explore the best business structure for holding rental property with Attorney Andrew Bethel of Bethel Law. In this video, we compare LLCs (Limited Liability Companies) and S-Corps (S Corporations) to determine which is more advantageous for real estate investors. Learn about the benefits of LLCs, including simplicity, flexibility, tax advantages, and protection from personal liability. Understa...
CA A.B. 1483: New Rules for Firearm Inheritance!
Переглядів 161Місяць тому
Discover the essential updates brought by California Assembly Bill 1483 and how they impact firearm purchases and inheritance in the context of estate planning and probate. In this video, Attorney Andrew Bethel of Bethel Law breaks down the critical amendments to Penal Code section 27535, including the exemption for private party transactions due to the death of the firearm owner. Learn about t...
Where's the Money? Understanding Estate Distributions
Переглядів 238Місяць тому
Attorney Andrew Bethel of Bethel Law discusses the often-asked question, "Where's the money?" He delves into the intricacies of preliminary distributions in both probate and trust estates, providing valuable insights for beneficiaries and those managing estates. Topics covered include the differences between probate and trust estates, the process of obtaining court approval for preliminary dist...
Trust Fund Insurance: FDIC and NCUA Explained
Переглядів 139Місяць тому
As an essential topic often overlooked, this video dives into the protections provided by the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) for both revocable and irrevocable trusts. Attorney Andrew Bethel explains how FDIC insurance covers deposit accounts in banks up to $250,000 per beneficiary, ensuring your trust funds are protected. The vi...
Why One Trust is Better for Managing Multiple Properties
Переглядів 220Місяць тому
Should you put each of your real properties into separate trusts? This comprehensive discussion explores the increased administrative burdens and costs associated with managing multiple trusts, highlighting why a single revocable living trust is often the better option. It simplifies estate management and reduces unnecessary complexity. The video also delves into the advantages of forming an LL...
Land Trust vs LLC for California Real Estate Investing
Переглядів 3722 місяці тому
In this video, Attorney Andrew Bethel revisits the topic of Land Trusts vs LLCs with a focus on California real estate investing. Discover which option offers better asset protection, tax benefits, and anonymity. Whether you're new to real estate or looking to optimize your investment strategy, this video will provide clear insights and practical advice. Don't forget to like, subscribe, and sha...
What Taxes Do Trust & Probate Beneficiaries Pay?
Переглядів 8052 місяці тому
In today's video, we're diving into the taxes that beneficiaries may need to pay. We’ll cover income taxes, property taxes, capital gains tax, estate taxes, and inheritance taxes, highlighting the differences and overlaps. 00:00 - Intro 00:42 - Income taxes 04:55 - Property taxes 08:15 - Capital gains taxes 10:24 - Estate taxes 13:05 - Inheritance taxes 14:03 - Questions? 14:16 - Outro Like us ...
Joint Tenants or Tenants in Common | What if the Deed Doesn’t Specify? 2024
Переглядів 2782 місяці тому
In today’s video, we’re revisiting our discussion on Joint Tenancy vs. Tenants in Common-two key ways to hold property. We'll cover the basics of concurrent ownership, delve into the right of survivorship, and explore the legal and estate planning implications of each method. Plus, I'll share examples to illustrate these concepts. This updated video is more polished and comprehensive than ever....
How to Guarantee Your Family Will Fight After Your Death
Переглядів 4152 місяці тому
In this video, Attorney Andrew Bethel of Bethel Law delves into the critical case of Hamilton v. Green, highlighting the importance of timeliness and proper documentation in estate planning. This ruling from the Court of Appeal of California underscores the necessity for precise trust management and timely actions. Learn about the 120-day statutory window for contesting a trust and how failing ...
California Taking Your Home? Medi-Cal Recovery Claim
Переглядів 5573 місяці тому
California Taking Your Home? Medi-Cal Recovery Claim
Transfer on Death Deeds California | 2024 Update
Переглядів 1,6 тис.3 місяці тому
Transfer on Death Deeds California | 2024 Update
California's Wealth Tax | The Mansion Tax!
Переглядів 7543 місяці тому
California's Wealth Tax | The Mansion Tax!
Say Goodbye to IRA Required Distributions RMDs?
Переглядів 144 тис.3 місяці тому
Say Goodbye to IRA Required Distributions RMDs?
Answering Your Prop 19 & Property Tax Questions | California
Переглядів 6854 місяці тому
Answering Your Prop 19 & Property Tax Questions | California
New California Ruling in Favor of Stepchildren Inheritance
Переглядів 8744 місяці тому
New California Ruling in Favor of Stepchildren Inheritance
How the No Surprises Act is Saving You From Billing Shocks!
Переглядів 2254 місяці тому
How the No Surprises Act is Saving You From Billing Shocks!
How California Probate Court Drains Your Estate
Переглядів 1 тис.4 місяці тому
How California Probate Court Drains Your Estate
Supreme Court Refuses NY Rent Control Case | What It Means for California
Переглядів 4264 місяці тому
Supreme Court Refuses NY Rent Control Case | What It Means for California
Corporate Transparency Act Crumbles: Declared Unconstitutional
Переглядів 2085 місяців тому
Corporate Transparency Act Crumbles: Declared Unconstitutional
Trustee's Guide to Administering Trusts After Death
Переглядів 2,3 тис.5 місяців тому
Trustee's Guide to Administering Trusts After Death
California’s Scheme to Increase Your Property Taxes!
Переглядів 131 тис.5 місяців тому
California’s Scheme to Increase Your Property Taxes!
Why Should the Government Care Who You Give Money To? | Q&A #6
Переглядів 4425 місяців тому
Why Should the Government Care Who You Give Money To? | Q&A #6
California Coming After Landlords | AB1482
Переглядів 2,3 тис.6 місяців тому
California Coming After Landlords | AB1482
House Republicans Repealing the Death Tax?!
Переглядів 3576 місяців тому
House Republicans Repealing the Death Tax?!
Probate Drama in Blended Marriages Unveiled
Переглядів 1316 місяців тому
Probate Drama in Blended Marriages Unveiled
Estate Drama: Will or Trust, the Ultimate Choice
Переглядів 5286 місяців тому
Estate Drama: Will or Trust, the Ultimate Choice

КОМЕНТАРІ

  • @EWDDG
    @EWDDG 2 дні тому

    Property tax is actually "rent" you pay the real owner, the government. Stop paying it and see how long the government, (landlord), sends armed personnel to force you out.....at the end of a gun if necessary.

  • @thedonlikecheadleior9740
    @thedonlikecheadleior9740 5 днів тому

    Arizona caught a stray.

  • @kevinbuckley4507
    @kevinbuckley4507 5 днів тому

    SOUNDS LIKE ITS TIME TO GET THE HELL OUT OF CALIFORNIA AND THE USA SCREW THIS

  • @dunesmom7990
    @dunesmom7990 6 днів тому

    Thank you for the straightforward explanations, but I wish you would discuss risk. Example, you pass on your wealth to your beneficiaries via account designation , but your beneficiary goes into a divorce and your wealth becomes a marital asset. Can a trust, protect my beneficiary in case of a divorce.? You say the best way to pass on a 401(k) is through Spouse designation beneficiary, but many spouses have non-marital children. This would in fact pass on your wealth to your husband‘s children. How can a trust, protect a spouse from another spouses children? If you are in a transfer on death deed state your real estate will go to your transfer on death beneficiary, but how do you prevent that Real Estate from becoming a marital asset in the case of a divorce for the beneficiary?

  • @paradise6606
    @paradise6606 7 днів тому

    Fuck these taxes and the government sucking off of the rest of us. It's insanity.

  • @Soapboxwarrior
    @Soapboxwarrior 7 днів тому

    In law school I took a real estate transactions class, very good class! Your video feels like a mini refresher. Great video!

  • @starsapphirelee5714
    @starsapphirelee5714 9 днів тому

    What if I die and my kids immediately sell my house as-is? Is it just the $250,000.00 exemption, and capital gains of the rest, or is there some property taxed owed too? This is so confusing that I don't even remember Prop. 19 on the ballot. They are so sneaky.

  • @thenewtowncryer
    @thenewtowncryer 9 днів тому

    your shirt is too small

  • @thenewtowncryer
    @thenewtowncryer 9 днів тому

    Don't call it "California's" scheme because it's not the scheme of Californian's, it's the scheme of leadership culture. JKA$$

  • @MediaWow-m3h
    @MediaWow-m3h 9 днів тому

    Clear, concise, not wordy; thumbs up!

  • @israel9294
    @israel9294 10 днів тому

    They haven’t thought about the cons of AB 1482 and caps….because tenants are getting to many rights over the landlord I just had two tenants which I paid cash for keys but as a result I will no longer rent them out to anybody. Instead I let my son and daughter live there, for free I don’t care that I losing money in rent anymore it’s just too much hassle with all these new laws. I’m sure many landlords are not wanting to rent anymore Lawmakers are making things worst at the same time

  • @wilhard45
    @wilhard45 12 днів тому

    Ah yes, rent control. California has played with this for years and failed everytime. It is just so typical of liberals. They do the same thing over and over expecting different results each time. Each time it just gets more expensive because fewer rentals are on the market. Most of us have rentals to make money, not lose it.

  • @stellacross4582
    @stellacross4582 19 днів тому

    California is on governor hands and Pelosi diabólic ideas , let’s stop them , let’s stop their radical left ideas, but now if people keeps quiet every body will loose their property very soon

  • @DS-gt1ft
    @DS-gt1ft 20 днів тому

    Prop 19 doesn't increase YOUR property taxes (they are still limited to 2% increase per year). Prop 19 (potentially) increases your CHILDRENS' property taxes.

    • @Misaka-gt5yj
      @Misaka-gt5yj 10 днів тому

      Well if you sell it it still increases the property taxes to market value reassessment. No difference really. The gov is an asshole. They don't realize most people can't afford this shit increase every year and new buyers would 100% be turned off by the new reassessed taxes.

    • @Misaka-gt5yj
      @Misaka-gt5yj 10 днів тому

      2% is still alot considering its assessed at MARKET VALUE of the house and if you live in any of the newer houses on the market your new tax rate can essentially go up to a thousand a year. Not much of an improvement.

  • @ksmith2852
    @ksmith2852 20 днів тому

    This is theft by taxation. Senior citizens who live in the home they own should not be paying property taxes. Whenever politicians want to get more of our money they just say "It's for the children".. where does all of the California lottery money go? That was supposed to be for the schools too .

  • @MaLi-re6re
    @MaLi-re6re 21 день тому

    You can Google Trustee Hourly Fee for your County in Cali.

  • @carlgrussendorf8849
    @carlgrussendorf8849 22 дні тому

    When taking Economics...Flat tax was always discussed.Problem...someone always thinks they're special and should get a break.And of course if they make a donation or gift to the top guy......

  • @andyhughes1776
    @andyhughes1776 22 дні тому

    High property tax should be levied ONLY on investment properties, not your primary home. After all, too many investment properties had caused the housing bubble that drove many people into the streets and prevent many others from ever owning a home to live in. Also rent now exceeds 40% of people's income. Tax investment properties at point of sale and use those tax dollars to help offset housing prices for local buyers. Hey, whoever breaks it, needs to fix it!

  • @ktriebol
    @ktriebol 22 дні тому

    Under this proposal, if someone makes $170,000, are they taxed at 15% for the first $168,000, or is the whole thing taxed at 30%?

  • @TedDekens
    @TedDekens 23 дні тому

    @BethelLaw as an old tax guy I love your videos. It clears up some stuff I didn’t know about. But I do need to know about for my kids and grandkids as we’re getting to set up a trust. But I am getting ready to buy a parcel for a vacation property. Probably just a piece of land in the mountains we can use for vacation or maybe build a cabin someday. I wish you would do a video on the tax implications and inheritance of a second property to kids from parents. And the best way to do that. Thank you much, sir. Appreciate you from an over. Retired vet🇺🇸

  • @newlion7013
    @newlion7013 24 дні тому

    Keep voting democrat😅🤣😂🤣

    • @Misaka-gt5yj
      @Misaka-gt5yj 10 днів тому

      Dude your republicans want higher property taxes. Trump literally limited the deductions to 10k for californians.

  • @feitankung
    @feitankung 24 дні тому

    So, you are saying the top 1% will get rewarded, while the other 99% will be paying more taxes to subsidize the wealthy...sounds like an interesting plan!

  • @lfuentes4098
    @lfuentes4098 24 дні тому

    What about prop 13 with a TODD?

  • @lfuentes4098
    @lfuentes4098 24 дні тому

    With a trust can you elect one child to get the house and pay the remaining siblings? I’m thinking of prop 13. If the house is transfer by a trust to multiple children and most of the children would rather receive a cash instead of keeping the property. Will the transfer be treated as a sale? Or can the child/children that keep the house keep prop 13 tax basis?

  • @deborahheckstall1881
    @deborahheckstall1881 24 дні тому

    As long as America don't fight they are going to lose.

  • @HiepNguyen-xs2pr
    @HiepNguyen-xs2pr 24 дні тому

    a flat % tax is good as long as all the deductions are eliminated, this is the only way that the rich will pay the same as the poor

  • @stephensmith6660
    @stephensmith6660 24 дні тому

    Well ya lost me. Project 2025 is not Trumps Agenda, his is Agenda 47. So, the whole video is now moot, as Agenda 2025 isn't the tax policy being discussed in Trumps Campaign.

  • @claudacious9947
    @claudacious9947 24 дні тому

    I'm tired of the insane amount I'm paying to LA County for a tiny condo I bought 10 years ago. It just keeps going up. Of course anyone renting their units is forced to increase rent.

  • @dg8676
    @dg8676 25 днів тому

    Put it in a trust duh

  • @ricktangora4131
    @ricktangora4131 25 днів тому

    Hi, my mother signed the deed over to me and my sister 30 years ago. The house is paid for, and I’m in New Jersey. Was this the best way to pass the deed to us, tax-wise, or is it more trouble? I wish to sell my half. Thanks

  • @ricktangora4131
    @ricktangora4131 25 днів тому

    My mother passed the deed to her house to me and my sister as tenants in common 30 years ago. She lives there, I rent elsewhere. I’m retired now and I wish to sell my share. Am I free to sell my part to anyone I want? I understand the internal implications. The house is long payed for. I’m in New Jersey. Thanks. What kind of professional do I need to handle a situation like this?

  • @verygrateful4712
    @verygrateful4712 27 днів тому

    Mr Bethel; Hello, new subscriber here. I appreciate the time you took to film, edit and upload the videos- Thanks!

    • @bethellaw
      @bethellaw 23 дні тому

      Thanks for the sub, and thank you for your support!

  • @haha20042003
    @haha20042003 29 днів тому

    Ca politicians are crooks. How can you keep the house ur grandparent bought if the taxes goes up so much.

  • @timisaac8121
    @timisaac8121 Місяць тому

    Tell me about that double taxation of regular corps again? If corp doesn't declare dividend, how can "double taxation" occur? You don't mean Coke or McDonalds corps pay "double taxation". Maybe this isn't something you really want to get into, but you did mention it in a discussion of S and LLC.

    • @timisaac8121
      @timisaac8121 Місяць тому

      LOL at 5 16 I suppose you address this. I know you will pardon me for laughing. Wow. How many people actually do that? Pay tax in LLC one year bc they failed to distribute earnings? Okay. Maybe. I guess. Then distribute the following year? A person smart enough to own a rental home and listen to your vids but not actually smart enough to hire help. Sure.

  • @Virtues162
    @Virtues162 Місяць тому

    What you did is exactly called "Demystification!"

  • @WWPlaysHoldem
    @WWPlaysHoldem Місяць тому

    CA real estate taxes are unfair. If you buy a $2,000,000 home today in an older neighborhood your tax would be about 20,000 per year. If your neighbors have lived their since 1980’s you may be paying more taxes than 5-8 of them combined.

  • @RobertMarr-x6d
    @RobertMarr-x6d Місяць тому

    Per Proposition 13 the property tax rate is 1%, of the taxable value and that is state wide. You quoted .9%, that is incorrect. (Source: California State Board of Equalization, Assessment Sercices Unit, www.boe.ca.gov.) Also, as you mentioned, Proposition 19 was authored by the California Association of Realtors, NOT the state government.

  • @nitahiltner3348
    @nitahiltner3348 Місяць тому

    Just at a time we all need relief.

  • @wallace3953
    @wallace3953 Місяць тому

    I say, directly, that the 2% property Tax cap, on an annual basis, is the greatest Liberal/Commie trick ever played....Obviously, you are a big fan of this.....Let's face it, it ROBS all them that do NOT own Real Estate.....But, By Golly, you probably believe in Free Lunches.......Good Luck!

  • @theonlyEYEBROWKING
    @theonlyEYEBROWKING Місяць тому

    Let's say I give my mom 18 thousand. But now I want to pay for her groceries monthly throughout the year. Do groceries count towards the gift tax?

    • @bethellaw
      @bethellaw Місяць тому

      Technically, yes, those groceries would be considered a gift to your mom, and since it would be a gift above the yearly tax exemption amount, it would technically be subject to a 40% tax from you as the giver. As for how the IRS would find out about this gift...

  • @markskibo5159
    @markskibo5159 Місяць тому

    About time everyone pays equal tax!! I pay 4K, next door pays $1100

  • @toddramirez386
    @toddramirez386 Місяць тому

    What happens if your not a family member but your on the deed ?

  • @mfrenchdds
    @mfrenchdds Місяць тому

    Very informative - thanks - and love the painting “scream” in the background

    • @bethellaw
      @bethellaw Місяць тому

      Thank you! Glad you enjoyed it!

  • @anamorris485
    @anamorris485 Місяць тому

    Control the government spending. Then, there is no need for tax hike. Why are we voting for those who just spend and spread money from helicopter?

  • @user-hr6tn2fr4y
    @user-hr6tn2fr4y Місяць тому

    I saw the graffiti on the walls and got out four years ago. Best thing I evet did.

  • @robertbuck7186
    @robertbuck7186 Місяць тому

    Shouldn't the lawyers tell you or do something about registering or informing the county that the house is "in trust" because I have noticed that when you look up a home on a county website where the records are stored about the deeds of houses some say " in trust" ... others say LLC or something like that and others have no definition except maybe the owners names of that house that sits on a specific block and lot number.... and my question is that if they do not or are not entered into or updated with the county could that mean that the county or any other entity such as bill collectors for nursing homes can claim the right to seize the property foreclose on it with a lein on it and sell it in order to repay any outstanding debts such as the debts that can possibly be incurred from unpaid nursing home fees and bills?

  • @lg5683
    @lg5683 Місяць тому

    Close all government schools

  • @billbillards569
    @billbillards569 Місяць тому

    I take the LLC's wrote this legislation so they can steal our properties.

  • @lucinacatherwood
    @lucinacatherwood Місяць тому

    I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

    • @HudsonEthan-00
      @HudsonEthan-00 Місяць тому

      I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

    • @lucinacatherwood
      @lucinacatherwood Місяць тому

      @@HudsonEthan-00 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well

    • @HudsonEthan-00
      @HudsonEthan-00 Місяць тому

      @@lucinacatherwood My advisor is Victoria Carmen Santaella

    • @HudsonEthan-00
      @HudsonEthan-00 Місяць тому

      You can look her up online

    • @claircourtway
      @claircourtway Місяць тому

      @@HudsonEthan-00 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?

  • @MadOldMan-ck5wq
    @MadOldMan-ck5wq Місяць тому

    What happens when a greedy Trustee forged it without the forgery proof Latin Law Model Interdiction Trust?