Passing It On: Estate Planning for Families

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com if your home has a mortgage on it, it can still go inside of a living trust. There is specific federal law that says that a home with a mortgage on it, if it is your personal residence, can go inside of a living trust. The large majority of homes that I help clients put inside of their trust have mortgages on...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com An LLC can give you asset protection from lawsuits, if you own a business. By the way, rental properties are a business. And a trust and protect you from the time, cost, hassle probate, which takes a long time and is very expensive. So from both lawsuits and probate Put in an LLC, and LLC owned by a Trust #Es...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com After putting real estate inside of a living trust, you still have complete control over that real estate or home. That means you can sell it, rent it out, take out a second mortgage, use it as an Airbnb, everything that you could do before it was in a trust. #EstatePlanning #LivingTrust #FillThatBucket #Pevn...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a step up in basis, has to do with capital gains taxes. When a home is passed on to a child, typically there is a step up in basis meaning that it is as if the child bought the home for what the home is worth when the parent passes away. This can save those kids a lot of money on capital gains taxes, this is...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Beneficiary designations are an important part of estate planning. Don't forget about them. Make sure your ex spouse or your parents aren't. The people who are going to inherit your 401(k) if you want it to go to your spouse and or children, and or trust. Better yet, in some cases, make a living trust, a bene...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Trust are very flexible. Most living trust let you put new property that you buy or acquire after the trust was initially set up. Trust also give you a lot of control about how the assets are distributed to your kids after you're gone. Want to wait until they're 30 or 40, no problem. Put it in the trust.

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Investing in rental properties? 🏢 Concerned about asset protection and avoiding probate? 💼 Here's a powerful strategy: place your rental property inside an LLC for liability protection, and then put that LLC inside a trust for seamless estate planning. 🤯📜 This double-layered approach shields your assets f...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Put your home inside of a living trust for the following reasons. 1. cost. Probate is extremely expensive, especially if you live in California. 2. Control, control what happens to your stuff from byomd the grave. Three. Privacy, outside of probate nobody gets to see where your stuff is going 4. Time and hass...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com joint tenancy with right of survivorship means that the last person living completely owns the home. Tenancy in common means that each person owns a percentage of that home. Be very careful about how the deed to your home is titled. Better yet, put that home inside of a living trust giving you complete contro...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com the cost of an average Southern California home to go through probate: $46,000 that money goes to lawyers, and other court costs, and not to the people you leave behind. Make sure that that Home avoids probate by putting the home in a revocable living trust#EstatePlanning #LivingTrust #FillThatBucket #Probate...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Estate planning is a crucial aspect of securing your family's future, but it doesn't always demand immediate action. While it's never too early to start planning, the urgency may vary depending on your life stage and circumstances. In this short blog post, we explore the nuances of estate planning, emphasizin...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com In this brief yet insightful discussion, we delve into the strategic advantages of incorporating a living trust into your estate plan. Discover how California residents can navigate property tax regulations, ensuring a sustained advantage for homeowners. Join us as we demystify the process and explore the fin...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Unlock the secrets to a seamless and cost-effective estate plan in our latest podcast episode, 'Avoid Costly and Expensive Probate by Using a Trust.' Join us as we delve into the world of estate planning, demystifying the complexities and unveiling the strategic advantages of incorporating a trust into your f...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A reverse mortgage is a special kind of a mortgage, but it is still a mortgage. It can go in a trust. Putting it in a trust, will save you the time, cost, and hassle of probate, which is to be avoided. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #ReverseMortgage

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com two spouses can have two separate estate plans, but be very careful, especially if you live in a community property state. Typically, unless there is a prenuptial agreement, prenup, or a post up, I will want to create one trust for both spouses. The reason is things can get very messy once the first spouse pa...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com probate release stinks. Is it is the court controlled and government supervised estate planning system if you don't have a trust. Even if you just got divorced, and your main asset is your home, it's a good idea to get it in a living trust. That way you have complete control over it, and it will never have to...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Dive into our latest podcast episode, 'A Mortgage Can Usually Be Paid Off and Paid Down by the Owner's Kids After the Owner Dies,' where we unravel the nuances of estate planning and mortgage management. Explore the unique strategies and financial insights that empower families to navigate the postmortem intr...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Lane942 when a parent passes away with a living trust with you as the beneficiary, we have to follow the terms of the trust in figuring out what to do with at home. If the home is being left with no strings attached, that often means going to the county recorders office, filing a new deed or some affidavit wi...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Keeping kids' names off the deed to your house can be a good strategy in estate planning for several reasons: Avoiding Probate Issues: When a property is owned jointly with children, it can lead to probate-related complications. Probate is the legal process of administering a person's estate after their death...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Sometimes, a will isn't enough for a complete estate plan. Often times, a revocable, living. Trust is the best way to go, especially if you live in California, own real estate, or have little kids that are either under 18, or not the most responsible people in the world. Living trusts, save you from the high...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A lot of people think it's a good idea to get their own name on the Dittu their parents house. However, this could crush you in capital gains taxes in the long run. The better solution for your parents, put the home inside of a living. Trust with you, the children as beneficiaries. That way there will be a st...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com P. Who gets to see a copy of your trust? A beneficiary doesn't get to see a copy of a trust until they actually become an active beneficiary. Meaning if you are leaving all of your property to your kids, they don't legally get to see a copy of that trust until you pass away, and they become current beneficiar...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Don't leave your kids any money when you die. This is a little bit of a trick, because ultimately you want your kids to benefit from your inheritance. The best way to do this is to set up a living trust, leave your inheritance to the trust, and have the trust distribute money to your kids, or on behalf of the...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com 𓆉 MoonlightWildflowers 𓆉꧂ not the best idea to buy a home jointly with somebody that you're not married to yet. If one of you passes away and you're broken up, guess what? You might come home with your exes mom how does that sound? #State #Marriage #LivingTrust #PutARingOnit #fillthatbucket. #Pevney #daverams...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Everybody needs an estate plan, no matter how young or old, rich poor you are. In a state plan tells others what you want to happen with your body and your property both while you're alive and when you pass away. Most estate plans I set up our built around a revocable, living trust, but it's also important to...