The Most Important Estate Planning Decision a Married Person Makes
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- Опубліковано 2 чер 2024
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00:00 How To Leave Your Estate For Your Spouse
0:13 Jack and Jill Have Two Adult Kids
0:35 Married Person Leaves Their Estate To Trust For Spouse
1:30 Protection For The Children
1:58 Trust Assets - No Step Up When Surviving Spouse Dies
2:44 Outright To Spouse - Simple
2:55 Entire Estate Gets Step-Up When Surviving Spouse Dies
3:12 Surviving Spouse Could Disinherit The Kids
4:03 Not a Federal Estate Tax Issue
Can't wait to hear the answer
Yikes!! I have the same dilemma...
We (both 68 y.o.) worth about 3 mil and have no documents written. I have 1 daughter and 1 granddaughter, him doesn't have children and he says he would remarry after, if that would be the case that I am gone first. Yikes yikes!!
Where to start ? I love the way you explain things, thank you.
I am thinking of leaving the daughter and grand daughter money when you die.
This money can be put in a trust and paid out over a period of time.
Leave 1 mil for the husband. The new wife will help him spend it.
Search for a good Estate Planning attorney in your local area and make an appointment! If you have a financial advisor, they can probably recommend someone or, speak with folks in your community.
Thank you beautiful people 💜 I know I need to do something.
Start gifting them too!!! 17,000. Each year(I may be wrong but ask a professional)
Sounds like a QTIP Trust might be a good option here. This type of trust will protect the kids interest because mom will not be able to change the beneficiaries after dad passes away. The trust becomes irrevocable when dad dies. The QTIP property will become part of the wife’s taxable Estate and receive a second step up in cost basis when mom passes away. How about also putting language in the trust that would limit the mom’s ability to take large distributions of capital. Thanks Paul, I learned it all from listening to your UA-cam videos.
Great suggestion
Great information. I'm in the process of getting a trust and wills attorney near me..thank you for your information..I will continue watching your next video have a great day..
Glad it was helpful!
Thank you for your videos! I'm looking forward to hearing the answer! I'd recommend Jack talk to Jill about his concerns along with their children and have an open dialogue. Then speak with an Attorney in their area who's focus is Estate Planning so they can learn about not just Federal tax laws but State tax laws that could effect their decision as well.
Leave those assets in an irrevocable subtrust with a limited power of appointment and elect to take the marital deduction so that they are protected and also receive a second step up in basis after the first death
What about just creating mutual wills that require the consent of the other spouse for any changes to be made? The surviving spouse could still squander the assets during his/her lifetime, but following the death of the surviving spouse, the entire estate will go to the children. I'm in Canada, but from what I understand about the US tax law, the step-up in value would still be preserved in this scenario.
We just had this conversation yesterday. We have a goodly amount of appreciated real estate that frankly I’d like to sell so as not to be a landlord. I told my wife that if I pass first that I suggest she sells all the investment property and invest in the stock market. We have a fair amount of stock market investments and she is very comfortable in moving the money there. As we are getting older we are moving away from individual stocks and to an S&P500 ETF and a Bond ETF.
I’m looking forward to hearing your thoughts on what you think is the best solution for Jack and Jill.
Require either surviving spouse to have a pre-nump or the remainder of the deceased spouse's assets go to the kids. Then it works for both. I can assure you it's more likely he'll get swindled by some young chick before she cuts her kids out. 😅😊
Okay, I loved this one! LOL
did i just sit through estate planning spam ffs
😂 first