Passing It On: Estate Planning for Families

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com joint ownership of property can help avoid probate. But what happens after the first joint owner passes away, without an estate plan? They need some sort of way of getting that property to the ones that they want to leave behind. Typically this means using a revocable living trust to pass that property on whi...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Trusts are private. One of the best benefits of putting property in trust is that it is not open to public record. If kids or people that are unsophisticated with money, that could leave them open to predatory "investment, advisors" and people that you don't want to know that they have money. #Probate #Invest...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com special-needs trusts are part of the versatility of revocable living trusts. They can care for beneficiaries with special needs, due to important things. First, making sure the beneficiary doesn't make bad decisions with their inheritance. second, making sure that they keep any government benefits that they a...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Mayne make sure that the kids can't sell the house or the business by using a living trust. A living trust gives you control of those assets even after death. If you want children or other beneficiaries to get the income from a rental property or a business after you're gone, that can be specified in the trus...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Aleman655 three reasons not to give your house to your kids. One, it now belongs to them. They can sell it without your permission. Too, the home is not protected from your children's predators or creditors. Three, they are going to pay a lot in capital gains tax, much more than they should. The better soluti...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Make sure kids don't fight over your family home after you pass away. Bring the home inside of a living trust and you a lot of control over what happens to the home after you are gone, in addition to a lot of other benefits, like avoiding the probate process, which can be very expensive and time-consuming. #K...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com the way that our property deed is written, can sometimes control what happens to the property after one of the owners dies. However, a married couple does not automatically leave their share of their home to the other spouse, especially if it was owned by the other spouse before they were married as separate...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a house with one, two, three mortgages can still go inside of a trust. If your name is on the deed to the home, you own the home, and it can go inside of a trust. It does not, however, relieve you from the obligation, legal obligation, to pay back that mortgage there are plenty of good reasons for putting hom...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Do not keep your estate plan documents, the revocable living trust, and an advanced healthcare directive inside of a bank safe deposit box. You can only access those items when the bank is open and that can make for difficult situations like if somebody is in the hospital. #SafeDepositBox #SafetyDepositBox #B...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com it can take 18 months to two years to get a home sold after the owner passes away. Unless, of course, that Home is inside of a living trust. Property inside of a living, trust, avoids probate which means that it does not have to go through the court system, and it does not ever have to be approved of by a jud...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com trusts are better than Wills for four reasons. Cost, save up to $50,000 in probate fees. Control, make sure your beneficiaries are protected from both creditors and predators. Privacy, make sure that the prying eyes of the public don't get to see what's inside of your trust. time and hassle, the probate syste...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com estate planning, sometimes means, leaving nothing to your children. In most places in the country, you are simply allowed to do this. Your property belongs to you, and you can leave it in your trust or your will to whoever you want. Best to mention the fact that you have children, and the fact that they are g...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a house gets in a child's name three typical ways. First, the parents put the child's name on the deed before the parents pass away. I think this is a bad idea. Second, the parents leave it to the child and will meaning it goes through probate, and eventually the child is put on the date to the home. Third, t...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Protect your children, in the future, from predators and predators. The best way to do this is not for them to inherit money directly, but by way of a trust, typically a revocable living trust, I can make sure that the money is used responsibly, and cannot be separate to bankruptcy or abusive spouses.#Divorce...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com if your parents pass away and you take over the mortgage to their home with the bank, and you should be entitled to any tax deductions that you would otherwise be entitled to if you take, took out the mortgage yourself initially in your own name. #Mortgage #TaxDeduction #EstatePlanning #LivingTrust #FillThatB...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Funding a trust means putting things into that trust. That might mean opening, titling, retitling, or making beneficiary, designations of financial accounts, like IRAs, 401(k), checking accounts, saving accounts and life insurance policies. It often means filing a new deed for real estate, placing it inside o...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A trust is better than a will, in most cases, because it avoids the cost, often times the very high cost of probate. Especially if you own real estate. Another great reason to have a trust instead of a will. Probate also takes a very long time, 18 months to two years if you live in the state of California. Be...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Thompson probate is the court run asset distribution program that property has to go through when somebody passes away without that property inside of a trust. Unfortunately, it can be time-consuming and expensive. Typically this much simpler and cheaper way to do this is by setting up a living trust and plac...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com #onthisday a home gets out of a trust after you're gone by way of a deed. You basically need a death certificate along with a copy of the trust in order to make the new trustee in charge of that piece of real estate. If it is a revocable trust, you still have complete control over the home while you're alive....

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Be careful about buying that home with somebody that you're not married to, especially if you don't have an estate plan set up. If you pass away, may not end up where you want them to go. #EstatePlan #LivingTrust #FillThatBucket #Voice #Pevney #MissionViejo

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com The next trustee can take over not only when you're dead, but also when you're medically incapacitated. This gives them power over the property inside of the trust, but it typically has to be used for your benefit before you pass away. A trustee like this can often work hand-in-hand with a Power of Attorney,...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A home is put inside of a living trust by drawing up a new deed to the home. The home is transferred from the owners, typically to the owners as trustees of the trust. Make sure that the trust already exists. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com technically a trust does not have to be notarized, however, this would be a foolish mistake. Try and go to a bank and set up a trust bank account. No dice. #EstatePlanning #LivingTrust #Notary #FillThatBucket #Pevney #RevocableLivingTrust #Fraud #Banking.

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Putting real estate inside of a living trust is so important for the following reasons. First, it keeps your home out of probate. Depending on the state you live in probate, can be very expensive in time consuming. Where I live, in California, and often takes up to two years to get your home through probate a...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A reverse mortgage is in many ways like any other mortgage. A loan that you owe that is secured debt. Yes, a home with the reverse mortgage can go inside of a trust. If it is a revocable living trust, the mortgage company has no say in whether it goes into that trust or not.#EstatePlanning #LivingTrust #FillT...