If your state allows, set up a beneficiary for your real estate by recording a Transfer on Death Deed. No probate. None of the tax consequences of adding a person to your deed while still alive.
From Atlanta and I thank you for this informative video. I never understood the value of trusts and living wills and after watching numerous videos, I feel a bit informed and comfortable to make certain decisions.
Nothing is frozen with a Living trust, no expensive lawyers needed for probate only needed to draw up the trust documents and you don’t need to go through a court probate and get any ruling with a judge. Everyone just has to be on the same page.
Wish I had known about all of this when my Mom got sick (dementia) It went through Probate when she passed away. My sister(executor) paid the nursing home before it went to probate. Thinking that would narrow what could be taken by them. Not true. They end up charging her another 5,000 dollars even after they had been paid. After all was said and done her children received 240 dollars each!!! Ignorance of the law doesn't help. I wish we had looked into all the options or at least seen your very informative videos Sir. I have heard horrid stories in the past about Probate and Nursing Homes. Please, if you have a sick parent with assets check out everything before you become become a victim of the system.
My sister was a nurse and she knew about nursing homes taking everything so as long as it’s been out of their names for 5 yrs nursing homes can’t touch it…that’s why my mom did a life estate which was bad in a way because she grew up in Poland as a child and Natzi Germany from age 13-18 she was afraid someone would take everything away from her. We 4 girls were her only family and she really didn’t trust us.
My father in- law had a trust set up. He sold his home before he went into a nursing home. Divided the money for the children. No taxes for the kids. Gave everything away before his death. He died poor, as he wanted it that way. All belongings were given to the children. No fights, no arguments. Everyone was happy.
@@trudydavis6168 Well, if he goes to a nursing home within what is it, five, six years, the government will want that money back from what he gave his offspring!
I don't know how happy I would be as a Medicaid nursing home patient. Obviously, he would have had to anticipate nursing home placement and gift the majority of his assets 5 yrs in advance. Is that what happened? Where did your fil live for at least the 5 yrs after he sold his home?
@@Swedetwin Very Good questions. Btw, my neice in her fifties is in a nursing home under Medicaid and she has had excellent care....while very sick and a very heavy person.
Thank you 🙏 You are so easy to understand legal words. Englesh is my second lenguajes. I have my own Bussines and I really apréciate how simple you are to teaching difficult things for me to understand. 👍🏻 Simi Valley CA.
If you have a business, talk to your lawyer about LLC. My husband and his brother have a business and their lawyer set up an LLC and we have a Trust for our personal stuff.
Probate allows you to bar some creditor debt, which is a tremendous relief to my clients, especially those whose parent or spouse had significant medical debt. For that, I never understood the negative stigma with attorneys outside of Texas who discourage the probate process.
In Florida, creditors have 2 years from death to claim against assets. After that, if funds not collected by creditors, family can try to claim assets.
A revocable trust worked for my husband and I. He passed from cancer. He signed quick claim for our home. Within a trust is a will and a living trust. This is something to consider. I got out trust from a place that has the and paid 175 dollars for it. Everything needs to be signed by a notary. Anyway, it worked perfectly. I don’t know why this has to be so complicated.
I like your easygoing personality seeing all sides very clearly explaining these things my dad left a notorized grant deed with a life estate and I recorded it after I found it in his safe and there still making me have a court order for the title if you were in California I’d hire you in a heartbeat
I just watched your video. Thank you so much for all your information. I plan to see my Real estate lawyer soon. I live in Los Angeles, I think all the rules might be different but your informations are very helpful. Thanks again.🙏
My brother died the first week of Corona. His estate was held up a year. He had one assest and one heir.. Since I was the executor of my dad's estate, I had to deal with my brother's unclaimed inheritance from out father. I would curse any heir with being an executor.
We've experienced your pain and happy to hear NICER approved allied legal professional administration Legalese speaking Lawyers are arriving soon to ease the pain without the States evolvement.
I’m in the middle of probate in Nc. My father got sick from COPD and died and didn’t leave a will. I didn’t realize how what I would have to go through
I'm in NC too. My father passed in '21. Before he passed he signed all of his land to my brother. He died without a will. Why would my brother need for me to sign a quitclaim deed for the land, especially if it was signed over to him? I don't understand.
I keep saying we need to do a will, but listening to you it all makes sense. I'm at a loss on how to set a trust for my handicap son to be taken care of. Could you please advise on what kind of lawyer I should be looking for? Thank you!
No offense, but when my Mother passed she did not include her wills executors name so we had to go through probate (Indiana) and it cost us $7000 in lawyer fees. We were not happy.
A revocable Trust has been in our family for three generations! The Trust was inexpensive and upon death the estate goes on smoothly without probate. None of my fathers estate went to the state for probate and rolled over to me and didn’t have to go to any lawyers or state. Only thing not open Trust was his Buick that I had to change the title to me, then I sold his car. I have a friend here who’s father had a lot of land and it took over 10 years for his estate to sell all his land ( the children had to all AGREE in the amounts to accept as sales. That just didn’t happen and to finally go through Probate.
@@naturelover2292 You cannot change much of it after start putting things in it. That is why called irrevocable. More limiting and cannot be the person who decides what to do with assets. Better read up on it.
@@jackfrosty4674It's still a cushiony thing to have especially if you have CREDIT BALANCES AND A HOME, IRREVOCABLE safeguards you from those decedant CREDIT BALANCES.⁸
Thank you for your videos. I signed a TOD for my house and car. I also put my son as being able to access my bank account when I die as he is the executor. My retirement account has my kids as beneficiaries. I also have a will that I got online stating son as executor and everything is split evenly. I hope this covers everything. I enjoy your videos... thanks from Colorado!
@@amylee9 not sure about your state. Look online for a form in your state. You fill it out, have it notarized and mail into county clerk to have it registered. They send you back a copy and I made copies for my children.
B of A froze my dad’s account, which was held by his trust, when he passed away. They didn’t care I was trustee of the trust. They do it automatically when Social Security takes the last payment back. I had to submit an Affidavit of Small Estate to the bank. After their trust department approved it, the funds were unfrozen.
We went thru 2 processes of will making. I personally felt the 1st man did not listen to us. We paid alot of money to have a will made. Soon after we found someone we knew draw up a will at a differnt place. Paying more. My parents have a living will. And my sister and I had to personally go in person and give identification to their system.( one which made my sister angry as she lives 3 hrs away.) But signing proxy was something either my parents were not explained or communicated. Re: wills. We were told by our 2nd will we had done. I intentionally asked about a living trust. My husband didn't push thr issue and we were told a will was ehat we needed. I am feeling lately: I need to rectify this again.
Medicaid has a five year look back period on getting on it. Different each state. They want to use up your assets first. Cost about seven thousand a month to be in nursing home at least. Penalize you by delaying medicaid paying for each seven thousand give away in that five years. Think and plan. Ways around it if do it before five years. See specialized trust.
@@jackfrosty4674 Are all States the same? Mother lives in AZ and receiving Medicare, we want to sell her house as she is moving into a smaller house we built in our older brother's property. The Estate, I think, is looking into getting their hands on some of the sell monies.
Me and my mother are going are going to a lawyer for a will and he said a quick claim is what I need. We don’t what to go to probate court. It is taking the lawyer a lone time to get back with use.
My husband is not in good health he told sick and was in hospital lucky he came out but his family turned on me I’m in North Carolina I need to do it cheep as possible so if he hand written letter singed each page and witness that will protect me and feed back from people in n.c
penny wise pound foolish. Go to lawyer probate or eldercare one and get will made up, signed by two witnesses and notariazed. Make photo copies and keep original in safe place. When pass run and file it with country. Watch the movies. The lady that dresses like she is a lawyer or a model or a accountant is the one who gets more. Do not play the helpless know nothing. Watch everyone of his videos. Then wait one week and watch them again. Then go battle.
Yes it is. Found this out with my mom. She did not transfer everything into the trust an boom probate an a 14k attorney bill due to the lovely 2% he was entitled to
What did she forget to put in her trust? Just curious. A second property or brokerage acct? It was a valuable lesson for you and your future estate planning.
My parents had one older Dodge truck that was not put into the trust. Every thing else was. Since moms dementia was so bad when dad passed two things were a problem. That life insurance policy and Dodge truck were a pain! The Farmer who purchased the truck had bought them many times before The lawyer and him had many conversations. I had to stop in that community to finally get it all done. We had to have mom make an X on the form for the insurance policy. Everything else was easy after mom passed.
Oh my goodness... It's very simple. To stay out of probate, if it is applicable in your state, fill out a TRANSFER ON DEATH DEED form and take it to the courthouse. This will automatically transfer your home to whomever you name on the form, upon your death. My mother listed all her children and when she passed, all we had to do is go to the auditor's office at the courthouse and her deed was transferred into our names as owners. She also named us as beneficiaries on her bank accounts, and all 401k and investment accounts. Nothing was frozen, we had immediate access to everything and avoided probate entirely. No trusts needed.
My husband and I have our own separate homes. There is nothing more solid than co-ownership. That includes vehicles and bank accounts. So when one of us dies it automatically goes to the survivor WITHOUT probate--because it is co-owned. Even our cars share our names. DO NOT TRUST WILLS. Wills are made to be contested. So if you choose to make a will you better do it right with an attorney or you will be sorry.
Isn't Probate also used to allow outstanding debt owed by the person who died to be addressed? If a person had a illness and died still owing money to the doctors and hospital, doesn't that debt have to be paid off against the assets left by the deceased?
What happens if the heir are fighting over property home but one heir has been paying along and the person that dies intended that heir to inherit the properly
The care giver is usually shafted, bankrupt, tired, poor health, no job and kicked out by other inheritors of property within two months. Remember the airline, put on your oxygen mask first. Well that is same when dealing with parents or other getting old and giving them help. Those people that do not help or kinda help will have their hand out quick wanting a large share or all of it. So if you want to be the caregiver first thing, protect yourself first. She said she was going to give you property for caring for her? Then while alive and at beginning take her to the lawyer and get her to add you to the deed and make it a ladybird deed or a deed on death. That way she will always have a home and you will get it when she passes. Promises do not count once they pass.
Next, never use own resources to pay her or his way, use their money to pay the electric, healthcare, gas, food, laundry. If they cannot afford it sell the house and bank the money and find them an apartment. Then use the extra for expenses. When have no more money for expenses and rent, actually about six months before it runs out start applying for medicaid for nursing home or look into care giver pay. Sometimes government will pay you to look after own parent. Do not end up homeless due to being a loving person.
If you put your home in a trust do you give up the IRS tax-free profit on sale of personal residence? If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000.
I have about 3 instances where stock, Ira & 401k beneficiary was dropped off when transferred to another company. Should this be spelled out in the Will also.
Thank you for such wonderful information! But why no mention of Beneficiary Deed to convey a house or property at death when that is really the only valuable asset? This has worked well for my extended family and we have avoided probate.
Do You have a personal letter designating what personal things you want executor to do soon as you die because sometimes it is a while before Will is read!
Good discussion. You forgot to mention that if you have a really miserable evil self absorbed vicious sister, she can hire a lawyer to try to impose her will on your parents plans and make life unbearable for the executor/trustee (you). It cost me $80,000. And I hope there is a hell so she can burn in it.
Paul, Listening to your shows, I realized just how enormous my job as Executor is going to be. My 94 year old aunt never had children, but she has 65 nieces and nephews and they are all beneficiaries in her will. My question is... who should be the beneficiary of her IRA? Right now I think it's her Trust. Thank you, Paul!
With an IRA, annuity or life insurance, you designate the beneficiary(s) with the corresponding company. These do not go through probate, therefore they do not need to be in the living trust. The same works with an irrevocable trust, the companies distribute to the beneficiary (s) however it may be beneficial to put the IRA, life insurance or annuity into the trust to protect the funds from the government.
Where is the best place to search for heirs in an estate> ?? There are eleven beneficiaries which have never been contacted...Statue of limitations in NJ??
My children's grandmother passed away an only left a will saying every thing is left to heirs .I don't think it ever went into court so does it Have to be in to court ..my oldest son lives in the home .she only had a old trailer n piece of land . so I'm asking what should they have done if any ..I'm in Arkansas also ...
Thank you for doing this. I am watching this but after the live presentation. I do have a question. You mentioned co-trustee's. In our family, we have one trustee who is the POA. He has done some things that make us wonder. Can we have co-POA,s and co trustee's to oversee this process. What do you recommend?
Excellent video.Concise and informative.May I ask if the law allows an adult child to be the beneficiary and trustee of an irrevocable trust in New York State?
Maria from California. I am on Reverse Mortgage. Social Security income only, No other assets. I am 78. What should I do to give something to my 3 grandsons, when I die.
We already have signed a deed and had it notarized for someone. If we both die, she is to go to recorder, back date it and Record. Will this avoid probate. We also have in our will for her to donate 200K to animal shelter. Will this help her avoid any taxes, she will receive about 300K after the donation and payoff our house.
Hi from SC. Can you tell me how long a credit union will give heirs to pay back a HELOC loan? Would they wait until the house is sold to get paid back? Thanks so much for this valuable information.
What are the attorneys on here said that if you had a trust you wouldn't need to pay tax. But on my father's and mothers estates we sure paid tax and they had trusts.
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The way that you include multiple scenarios in your videos is very helpful. Thank you, Paul.
Binge watching your videos. Thank you for this valuable information 👏
I wish you were in Georgia . You are so knowledgable and explain things so clearly.
Me too
Georgia doesn’t need a trust. Would like to hear him address Georgia’s requirements for avoiding probate.
What is the average price of a living revocable trust in Ky?
You are doing a great job explaining. I appreciate this so much!
If your state allows, set up a beneficiary for your real estate by recording a Transfer on Death Deed. No probate. None of the tax consequences of adding a person to your deed while still alive.
From Atlanta and I thank you for this informative video. I never understood the value of trusts and living wills and after watching numerous videos, I feel a bit informed and comfortable to make certain decisions.
This presentation was "super" and very well expressed. Thanks Evelyn Kennedy - Groton,CT
Nothing is frozen with a Living trust, no expensive lawyers needed for probate only needed to draw up the trust documents and you don’t need to go through a court probate and get any ruling with a judge. Everyone just has to be on the same page.
How much does this cost
How much does it cost how much does it cost
@@yvonneperalta335 Get a free consultation with an attorney.
Do your own research
Jeeeez
Wish I had known about all of this when my Mom got sick (dementia) It went through Probate when she passed away. My sister(executor) paid the nursing home before it went to probate. Thinking that would narrow what could be taken by them. Not true. They end up charging her another 5,000 dollars even after they had been paid. After all was said and done her children received 240 dollars each!!! Ignorance of the law doesn't help. I wish we had looked into all the options or at least seen your very informative videos Sir. I have heard horrid stories in the past about Probate and Nursing Homes. Please, if you have a sick parent with assets check out everything before you become become a victim of the system.
My sister was a nurse and she knew about nursing homes taking everything so as long as it’s been out of their names for 5 yrs nursing homes can’t touch it…that’s why my mom did a life estate which was bad in a way because she grew up in Poland as a child and Natzi Germany from age 13-18 she was afraid someone would take everything away from her. We 4 girls were her only family and she really didn’t trust us.
That is horrible as a R.N. don't know how the nursing home could get more after they were paid
@@loumarlin3040 ,
How did the nursing home take more after they were paid? Something is amiss here.
Amen
My father in- law had a trust set up. He sold his home before he went into a nursing home. Divided the money for the children. No taxes for the kids. Gave everything away before his death. He died poor, as he wanted it that way. All belongings were given to the children. No fights, no arguments. Everyone was happy.
I cannot believe that it was that simple! What a smart man...
@@trudydavis6168 Well, if he goes to a nursing home within what is it, five, six years, the government will want that money back from what he gave his offspring!
I don't know how happy I would be as a Medicaid nursing home patient. Obviously, he would have had to anticipate nursing home placement and gift the majority of his assets 5 yrs in advance. Is that what happened? Where did your fil live for at least the 5 yrs after he sold his home?
@@Swedetwin Very Good questions. Btw, my neice in her fifties is in a nursing home under Medicaid and she has had excellent care....while very sick and a very heavy person.
Rare!
My brother died in December and probate was just signed off June 1. Omg! Costly and additional heartache
Thank you 🙏
You are so easy to understand legal words. Englesh is my second lenguajes. I have my own Bussines and I really apréciate how simple you are to teaching difficult things for me to understand. 👍🏻 Simi Valley CA.
If you have a business, talk to your lawyer about LLC. My husband and his brother have a business and their lawyer set up an LLC and we have a Trust for our personal stuff.
Probate allows you to bar some creditor debt, which is a tremendous relief to my clients, especially those whose parent or spouse had significant medical debt. For that, I never understood the negative stigma with attorneys outside of Texas who discourage the probate process.
Probate isn't free either so you have court fees and lawyer fees to do any type of probate. Trusts will not have that expense and delays.
In Florida, creditors have 2 years from death to claim against assets. After that, if funds not collected by creditors, family can try to claim assets.
A revocable trust worked for my husband and I. He passed from cancer. He signed quick claim for our home. Within a trust is a will and a living trust. This is something to consider. I got out trust from a place that has the and paid 175 dollars for it. Everything needs to be signed by a notary. Anyway, it worked perfectly. I don’t know why this has to be so complicated.
Some people have twenty people waiting to get something and two million in assets. Causes lots of problems.
“Quit Claim.” Quick Claim?
You came into my life at the right time. Thank You!!!!
I like your easygoing personality seeing all sides very clearly explaining these things my dad left a notorized grant deed with a life estate and I recorded it after I found it in his safe and there still making me have a court order for the title if you were in California I’d hire you in a heartbeat
I just watched your video. Thank you so much for all your information. I plan to see my Real estate lawyer soon. I live in Los Angeles, I think all the rules might be different but your informations are very helpful. Thanks again.🙏
My brother died the first week of Corona. His estate was held up a year. He had one assest and one heir.. Since I was the executor of my dad's estate, I had to deal with my brother's unclaimed inheritance from out father. I would curse any heir with being an executor.
We've experienced your pain and happy to hear NICER approved allied legal professional administration Legalese speaking Lawyers are arriving soon to ease the pain without the States evolvement.
I’m in the middle of probate in Nc. My father got sick from COPD and died and didn’t leave a will. I didn’t realize how what I would have to go through
I'm in NC too. My father passed in '21. Before he passed he signed all of his land to my brother. He died without a will. Why would my brother need for me to sign a quitclaim deed for the land, especially if it was signed over to him? I don't understand.
@@borostergirl60 - he wants you to sign over whatever claim you might have on the land. Don't sign it, talk to someone (a lawyer, or legal aide).
I keep saying we need to do a will, but listening to you it all makes sense.
I'm at a loss on how to set a trust for my handicap son to be taken care of.
Could you please advise on what kind of lawyer I should be looking for?
Thank you!
Such great info. Keep doing this!!
Super valuable info.
No offense, but when my Mother passed she did not include her wills executors name so we had to go through probate (Indiana) and it cost us $7000 in lawyer fees. We were not happy.
My father had a home and a checking account only. Put my name on both. No problem.
Thank you so much from the state of WA
From Canada - Learning important info regardless of being in another country. Thank you!
A revocable Trust has been in our family for three generations! The Trust was inexpensive and upon death the estate goes on smoothly without probate. None of my fathers estate went to the state for probate and rolled over to me and didn’t have to go to any lawyers or state.
Only thing not open Trust was his Buick that I had to change the title to me, then I sold his car.
I have a friend here who’s father had a lot of land and it took over 10 years for his estate to sell all his land ( the children had to all AGREE in the amounts to accept as sales. That just didn’t happen and to finally go through Probate.
What about a irrevocable trust does it work the same?
@@naturelover2292 You cannot change much of it after start putting things in it. That is why called irrevocable. More limiting and cannot be the person who decides what to do with assets. Better read up on it.
@@jackfrosty4674It's still a cushiony thing to have especially if you have CREDIT BALANCES AND A HOME, IRREVOCABLE safeguards you from those decedant CREDIT BALANCES.⁸
Excellent!! Living in Missouri. Thank you very much for imparting SOME your very helpful information… trite, but you are a wealth of knowledge. 🖖🏼
Thank you for your videos. I signed a TOD for my house and car. I also put my son as being able to access my bank account when I die as he is the executor. My retirement account has my kids as beneficiaries. I also have a will that I got online stating son as executor and everything is split evenly. I hope this covers everything.
I enjoy your videos... thanks from Colorado!
How do you do a TOD for a house title? Thanks
@@amylee9 not sure about your state. Look online for a form in your state. You fill it out, have it notarized and mail into county clerk to have it registered. They send you back a copy and I made copies for my children.
@@Cindy-ez7ix thanks. Will look at that
B of A froze my dad’s account, which was held by his trust, when he passed away. They didn’t care I was trustee of the trust. They do it automatically when Social Security takes the last payment back. I had to submit an Affidavit of Small Estate to the bank. After their trust department approved it, the funds were unfrozen.
We went thru 2 processes of will making. I personally felt the 1st man did not listen to us. We paid alot of money to have a will made. Soon after we found someone we knew draw up a will at a differnt place. Paying more. My parents have a living will. And my sister and I had to personally go in person and give identification to their system.( one which made my sister angry as she lives 3 hrs away.) But signing proxy was something either my parents were not explained or communicated.
Re: wills. We were told by our 2nd will we had done. I intentionally asked about a living trust. My husband didn't push thr issue and we were told a will was ehat we needed.
I am feeling lately: I need to rectify this again.
What about a Tod? Good idea
I am from PA & the house trailer is in NJ - thank you for sharing these videos!
I pray to live a few years longer for my kids’s sake, maybe I should start handling things out while I can.
Medicaid has a five year look back period on getting on it. Different each state. They want to use up your assets first. Cost about seven thousand a month to be in nursing home at least. Penalize you by delaying medicaid paying for each seven thousand give away in that five years. Think and plan. Ways around it if do it before five years. See specialized trust.
@@jackfrosty4674 Are all States the same? Mother lives in AZ and receiving Medicare, we want to sell her house as she is moving into a smaller house we built in our older brother's property. The Estate, I think, is looking into getting their hands on some of the sell monies.
Hello from New York, thank you for very important information.
I’m new to this. Thank you for all the great information! Keep it coming please!
Get a will and and trust especially in CA [ probate lawyers drag everything out and grab a lot of money ]
Watching/, listening from Las Vegas, Nevada
Me and my mother are going are going to a lawyer for a will and he said a quick claim is what I need. We don’t what to go to probate court. It is taking the lawyer a lone time to get back with use.
My husband is not in good health he told sick and was in hospital lucky he came out but his family turned on me I’m in North Carolina I need to do it cheep as possible so if he hand written letter singed each page and witness that will protect me and feed back from people in n.c
penny wise pound foolish. Go to lawyer probate or eldercare one and get will made up, signed by two witnesses and notariazed. Make photo copies and keep original in safe place. When pass run and file it with country. Watch the movies. The lady that dresses like she is a lawyer or a model or a accountant is the one who gets more. Do not play the helpless know nothing. Watch everyone of his videos. Then wait one week and watch them again. Then go battle.
I love you opened minded outlook
Yes it is. Found this out with my mom. She did not transfer everything into the trust an boom probate an a 14k attorney bill due to the lovely 2% he was entitled to
What did she forget to put in her trust? Just curious. A second property or brokerage acct? It was a valuable lesson for you and your future estate planning.
My parents had one older Dodge truck that was not put into the trust. Every thing else was. Since moms dementia was so bad when dad passed two things were a problem. That life insurance policy and Dodge truck were a pain! The Farmer who purchased the truck had bought them many times before The lawyer and him had many conversations. I had to stop in that community to finally get it all done. We had to have mom make an X on the form for the insurance policy. Everything else was easy after mom passed.
From Bellingham Washington, thank you!!
Rip in Alabama just found you also I’m the executor on my mothers estate been trying to settle since July of this year it’s tough
Thank you for the info..Topeka, Kansas
Oh my goodness... It's very simple. To stay out of probate, if it is applicable in your state, fill out a TRANSFER ON DEATH DEED form and take it to the courthouse. This will automatically transfer your home to whomever you name on the form, upon your death. My mother listed all her children and when she passed, all we had to do is go to the auditor's office at the courthouse and her deed was transferred into our names as owners. She also named us as beneficiaries on her bank accounts, and all 401k and investment accounts. Nothing was frozen, we had immediate access to everything and avoided probate entirely. No trusts needed.
Perfect!
Amazing. I'll have to check it out in my state.
My husband and I have our own separate homes. There is nothing more solid than co-ownership. That includes vehicles and bank accounts. So when one of us dies it automatically goes to the survivor WITHOUT probate--because it is co-owned. Even our cars share our names. DO NOT TRUST WILLS. Wills are made to be contested. So if you choose to make a will you better do it right with an attorney or you will be sorry.
Lawyer beginning her practice in probate put my entire estate in probate
California.. 3 adult children are heirs.. only a house to sell in probate.
Isn't Probate also used to allow outstanding debt owed by the person who died to be addressed? If a person had a illness and died still owing money to the doctors and hospital, doesn't that debt have to be paid off against the assets left by the deceased?
Not necessarily.
We had to put a Legal Notice in the newspaper to notify creditors. They had 30 days (i think) to respond and claim they were owed money.
So much grt info.Thnc.Need a lawyer to talk 2.U recomend someone like u in Dallas
Thank you Paul! Very informative. Linda from RAleigh, NC
What happens if the heir are fighting over property home but one heir has been paying along and the person that dies intended that heir to inherit the properly
Never take responsibility without legal interest. Told my Mom, she can live with me but. I will never pay her bills to live on her own.
The care giver is usually shafted, bankrupt, tired, poor health, no job and kicked out by other inheritors of property within two months. Remember the airline, put on your oxygen mask first. Well that is same when dealing with parents or other getting old and giving them help. Those people that do not help or kinda help will have their hand out quick wanting a large share or all of it.
So if you want to be the caregiver first thing, protect yourself first. She said she was going to give you property for caring for her? Then while alive and at beginning take her to the lawyer and get her to add you to the deed and make it a ladybird deed or a deed on death. That way she will always have a home and you will get it when she passes. Promises do not count once they pass.
Next, never use own resources to pay her or his way, use their money to pay the electric, healthcare, gas, food, laundry. If they cannot afford it sell the house and bank the money and find them an apartment. Then use the extra for expenses. When have no more money for expenses and rent, actually about six months before it runs out start applying for medicaid for nursing home or look into care giver pay. Sometimes government will pay you to look after own parent. Do not end up homeless due to being a loving person.
Quick question. How much should setting up a living trust cost, including lawyers? Thanks.
If you put your home in a trust do you give up the IRS tax-free profit on sale of personal residence?
If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000.
will putting a property with a mortgage in a trust trigger a payoff to the lender?
I have about 3 instances where stock, Ira & 401k beneficiary was dropped off when transferred to another company. Should this be spelled out in the Will also.
Binge watching all of your videos. Thank you
Greetings from Calif. great content, thx
Thank you for such wonderful information! But why no mention of Beneficiary Deed to convey a house or property at death when that is really the only valuable asset? This has worked well for my extended family and we have avoided probate.
Can’t have one in South Carolina !
If your state allows, it is a terrific thing!!!! Saves so much!
Do You have a personal letter designating what personal things you want executor to do soon as you die because sometimes it is a while before Will is read!
Yes, sounds like a headache and lawyers get tons of money lessening what the heirs should get.
Should I list our Family Trust as the beneficiary our IRA.s?
Good discussion. You forgot to mention that if you have a really miserable evil self absorbed vicious sister, she can hire a lawyer to try to impose her will on your parents plans and make life unbearable for the executor/trustee (you). It cost me $80,000. And I hope there is a hell so she can burn in it.
I'm concerned bout this with my dus. Folks 85 failing.
Thanks from Ohio. You are wonderful
Hello from Mangalore, Karnataka, India
I need some help with reverse mortgage issues! My mom had one and it grew from 90k to $138k in less than 3 years
Very informative.
If I retitle my real estate that I own to be owned by my living trust will it change my tax rate, and increase my taxes while I’m alive?
Paul, Listening to your shows, I realized just how enormous my job as Executor is going to be. My 94 year old aunt never had children, but she has 65 nieces and nephews and they are all beneficiaries in her will. My question is... who should be the beneficiary of her IRA? Right now I think it's her Trust. Thank you, Paul!
I think you will want to liquidate into the trust account, pay taxes as required, then pay out. But, you need a specialist.
Who? Why, the 65 nieces and nephews, of course.
Are you the trustee of her trust or executor of her will? Who did she list as beneficiary of her IRA?
With an IRA, annuity or life insurance, you designate the beneficiary(s) with the corresponding company. These do not go through probate, therefore they do not need to be in the living trust. The same works with an irrevocable trust, the companies distribute to the beneficiary (s) however it may be beneficial to put the IRA, life insurance or annuity into the trust to protect the funds from the government.
Where is the best place to search for heirs in an estate> ?? There are eleven beneficiaries which have never been contacted...Statue of limitations in NJ??
I live in Alabama we have our will made jointly?? Is that no correct??
Thank you for your explanations.
Thanks for this video. Learned so much.
Just remind people that different states have different rulers about wills etc.
hello from Palau. thank you.
This is a wonderfully informative video!
I've been watching for several years
Thank you! Should grandchildren be considered or named in trust? Or just the parent?
That is up to you.
I do not have much, but if you do a TOD for your savings and brokerage.
My children's grandmother passed away an only left a will saying every thing is left to heirs .I don't think it ever went into court so does it
Have to be in to court ..my oldest son lives in the home .she only had a old trailer n piece of land . so I'm asking what should they have done if any ..I'm in Arkansas also ...
Thank you for doing this. I am watching this but after the live presentation. I do have a question. You mentioned co-trustee's. In our family, we have one trustee who is the POA. He has done some things that make us wonder. Can we have co-POA,s and co trustee's to oversee this process. What do you recommend?
Thanks from San Antonio!
Hi from Pennsylvania!
So informative! Jamaican listener.
Watching, from NC.
Hello there!
Thanks
COOP
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Is this info correct for the state of Mississippi, also? Sorry if I missed the answer in video.
Excellent video.Concise and informative.May I ask if the law allows an adult child to be the beneficiary and trustee of an irrevocable trust in New York State?
What if you want probate? Because of verbal agreement between siblings aren't being honored or not doing what was discussed to be done?
Hi from Naples Florida!
Maria from California.
I am on Reverse Mortgage.
Social Security income only,
No other assets. I am 78.
What should I do to give something to my 3 grandsons, when I die.
I really like this topic I am a Realtor in Inland Empire area, like to be able to help people with a Probate Home Sale!
Glad i found your vlog…
We already have signed a deed and had it notarized for someone. If we both die, she is to go to recorder, back date it and Record. Will this avoid probate. We also have in our will for her to donate 200K to animal shelter. Will this help her avoid any taxes, she will receive about 300K after the donation and payoff our house.
12 minutes in, and he hasn't even begun to answer the question!
Watching from UK
Hi from SC. Can you tell me how long a credit union will give heirs to pay back a HELOC loan? Would they wait until the house is sold to get paid back? Thanks so much for this valuable information.
In a living trust - do they the medical bills also?
Hello from North Carolina
What are the attorneys on here said that if you had a trust you wouldn't need to pay tax. But on my father's and mothers estates we sure paid tax and they had trusts.