Great info! I would like to see a future video on most tax efficient way to give away assets, to least tax efficient way. You did somewhat touch on this, but more of a “do this first, order of operations” approach from standpoint of the recipient. For example, I have asked my recent college graduate son, to max his 401k contribution, and in return for doing so, I have funded his Roth IRA to max $7000/ year. (He does meet all income limit requirements). Is an additional $11,000 per year gift the next best way?
If I alredy transfer my house to my two children three years ago, and I still pay my morgage, can I undo the transfer and change to revocable living trust?
Gifting unequally to children during your lifetime and “equalizing” (adjusting) inheritances accordingly? I always told our parents, “It is your money, it is up to you what you do with it. That includes gifting more or less to one of us.” We plan the same methodology with our now adult children.
which best way to saving tax bc i don't want my name on title of the house bc i am retired i want give the house to my son . Give me good device it thanks.
Only if he has earned income up to that contribution level and has not hit the annual limit himself. A new way to fund your child’s Roth IRA, again assuming they have that amount of earned income and have not used up the annual limit? If you had set up a 529 for them and they are the named beneficiary of the 529… and there are excess 529 funds after they have completed their education, the remaining money can be used up to a limit to fund their Roth IRA.
Great info! I would like to see a future video on most tax efficient way to give away assets, to least tax efficient way. You did somewhat touch on this, but more of a “do this first, order of operations” approach from standpoint of the recipient. For example, I have asked my recent college graduate son, to max his 401k contribution, and in return for doing so, I have funded his Roth IRA to max $7000/ year. (He does meet all income limit requirements). Is an additional $11,000 per year gift the next best way?
Excellent informative video. Wish I had known about Paul’s estate planning services when we set up our trust. Thank you!
You guys are the best. Thank you
State estate tax exemptions are lower then federal...trap for the unwary
Thank you!
You're welcome!
In calif, parents may transfer their principle residence to their kids who maintain the same property taxes.
If I alredy transfer my house to my two children three years ago, and I still pay my morgage, can I undo the transfer and change to revocable living trust?
I like to see a future video on tax implication on giving away assets while you’re still alive.
Gifting unequally to children during your lifetime and “equalizing” (adjusting) inheritances accordingly? I always told our parents, “It is your money, it is up to you what you do with it. That includes gifting more or less to one of us.” We plan the same methodology with our now adult children.
which best way to saving tax bc i don't want my name on title of the house bc i am retired i want give the house to my son . Give me good device it thanks.
Question. When I buy real estate. Is it better to register it in our kids name from now before it appreciates to avoid the stepped up basis?
Can I gift money into my sons Roth IRA?
Only if he has earned income up to that contribution level and has not hit the annual limit himself. A new way to fund your child’s Roth IRA, again assuming they have that amount of earned income and have not used up the annual limit? If you had set up a 529 for them and they are the named beneficiary of the 529… and there are excess 529 funds after they have completed their education, the remaining money can be used up to a limit to fund their Roth IRA.
What is the best IRA company ? What to look for from the company?
Low fees - Vanguard.
Good service and much better website - Fidelity or possibly Schwab.