Put Mortgaged Home in Living Trust?

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  • Опубліковано 22 кві 2023
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КОМЕНТАРІ • 33

  • @24carrotgold8
    @24carrotgold8 Рік тому +15

    Wow! This was the first question I had about transferring my home directly to my heir!👍😊🥳

  • @Hey-Robin
    @Hey-Robin Рік тому +7

    Isn’t it also true that if you leave your home in your name only, in the trust, after passing the heir can use the inheritance tax to deflect the taxes due upon selling the house, (the difference between the value when bought and the value when sold)? Or am I just saying the same thing in a different way?

  • @robbielee7067
    @robbielee7067 Рік тому +2

    Thank you Paul

  • @JJaani
    @JJaani Рік тому +8

    Thanks. What about home with no mortgage? Same approach?

    • @caseG80
      @caseG80 4 місяці тому +4

      Get good attorney get everything in Trust then if you can an LlLC so they don’t tax you to death while stilll alive when trustee passes helps greatly to reduce paying tons on taxes. Best to find good trust attorney .My nana just passed and left me the executor of the trust so im actively in the process of what the trust was said to do after death there were 5 properties her main. Home to be sold some divided with trustees other sole trustee got but our attorney has been a huge help. Took my nana a couple until she found one she liked so keep that in mind

  • @catherinegilles6408
    @catherinegilles6408 Рік тому +5

    So, I can put my home that I am paying on, into a living trust and it will not trigger the “due clause” because of this “Act?”

  • @victoriathorlacius874
    @victoriathorlacius874 10 місяців тому +3

    What if your “mortgage” is in a Deed of Trust form. No attorneys I have watched explain if the same applies.

    • @richardbryanesq
      @richardbryanesq 10 місяців тому +1

      Is that where the bank actually owns the property until the loan is paid off?

  • @candiceconaway79
    @candiceconaway79 26 днів тому +1

    What if there is a Lien on the home can it still e put in a trust?

  • @user-up4zi1do6p
    @user-up4zi1do6p 7 місяців тому +1

    Thank you 👍

  • @JoolieOoliee
    @JoolieOoliee 4 місяці тому +1

    How does this matter or come in to play with having or not having the land patent or allodial title?

  • @davefejeran5501
    @davefejeran5501 Рік тому +3

    With the TITLE COMPANY?

  • @sheilam4964
    @sheilam4964 Рік тому +1

    Thx.

  • @wayneguy6043
    @wayneguy6043 6 місяців тому +1

    When an irrevocable trust sells an asset and realizes a gain, and those entire proceeds and gain is then distributed to the sole beneficiary before grantor death , does this mean that the irrevocable trusts must pay capital gains taxes. original purchase price $200k , value when trust created $400k , sold 2 years after trust formed for $400k , is the basis for capital gains $400k and therefor no capital gains tax?

  • @Starlight-hd3ui
    @Starlight-hd3ui 5 місяців тому +1

    How can I get in contact with you ❓️🤔

  • @legacyopp9318
    @legacyopp9318 Рік тому +1

    Does this act apply to non qm loans?

  • @RS-nc5qx
    @RS-nc5qx 7 місяців тому +1

    I just had a Lawyer hang up on me angrily because I wanted to do both a will and a living trust.

    • @discovermotivation762
      @discovermotivation762 4 місяці тому +2

      You don't want a will. Just get a living trust.. I just did all this. I used Law Depot ...for free...fees for notary and county fees etc ...get this done!!

  • @justrama
    @justrama 16 днів тому

    Does this apply to all mortgage types, e.g. FHA?

  • @williewest5574
    @williewest5574 4 місяці тому +1

    Can you sell your home once it's in a living trust assuming home is paid for

    • @americasestateplanninglawy1946
      @americasestateplanninglawy1946  4 місяці тому +1

      A grantor of a living trust can typically sell their home that is in their trust - even if a mortgage still exists.

    • @williewest5574
      @williewest5574 4 місяці тому

      @@americasestateplanninglawy1946 so I suppose they can sell it if it's paid for also?

  • @Teknomanslade2
    @Teknomanslade2 8 місяців тому +1

    Question: so what does it look like on the Real property search on the house in a trust? Does it still have your name on it? or the trustees name? or like an entity name?

    • @southrichmondtofl
      @southrichmondtofl 15 днів тому

      Name of the trust is on the property appraiser site.

  • @teeada6858
    @teeada6858 Рік тому +3

    Is this the same for a irrevocable trust?

    • @karenok464
      @karenok464 Рік тому

      What's the difference between a revocable and irrevocable trust?

    • @legacyopp9318
      @legacyopp9318 Рік тому

      One your alive
      The other your dead

    • @Corkfish1
      @Corkfish1 9 місяців тому

      The danger of transferring property to an Irrevocable trust is you lose the step up in basis

    • @southrichmondtofl
      @southrichmondtofl 15 днів тому

      @@Corkfish1 I think you lose any tax grandfather/advantage you have as well. Not 100 sure though

  • @victoracevedo6228
    @victoracevedo6228 2 місяці тому +1

    Why speak so fast?

    • @southrichmondtofl
      @southrichmondtofl 15 днів тому

      Cause he's seasoned and he knows this like the back of his hand.

  • @o.p.4254
    @o.p.4254 Рік тому +1

    👍🏾