Passing It On: Estate Planning for Families

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com if a home is going to be left to children after parents pass away, sometimes one child wants to buy the other siblings out of their share. The problem is, if the house isn't currently in a trust, and there isn't currently in a state plan in place, this can't be done until the Home goes through the entire prob...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com houses with mortgages on them, are still owned by the people on the deed to the house. That means that the house can go inside of a living trust. The mortgage just tells us who owes money on the property. Yes, if you don't pay the mortgage, the bank can foreclose on the home. However, the fact that a home has...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com TOD or POD beneficiary can be a great way to get assets into a living. Trust after you pass away. But what if your bank doesn't allow it? #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #beneficiary

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com one of the great advantages of a trust is that it is a private document. That means that it doesn't have to be filed with any government agency. That does mean, though, that it's important to keep the originals, and that the next trustee to come after you knows where they are, that means they need to be acces...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com I'm diving into a crucial aspect of estate planning - the importance of having alternates. Imagine your chosen executor or trustee isn't available when needed. That's where alternates come in! They're like backup quarterbacks, ready to step in when the game is on the line. 🏈 In this video, I'll break down wh...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com #onthisday keep the government out of passing your home on to your kids after your are dead. Avoid probate by putting your home inside of a living trust instead of giving $50-$100,000 to courts and lawyers. #EstatePlanning #LivingTrust #Pevney #fillthatbucket, #Realestate #FinancialIndependence.

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Putting real estate inside of a living trust has many benefits. Here are the top three. One. avoid probate. Probate is the government controlled in court supervised asset distribution program that your home will have to go through if you pass away without your home being inside of a trust. To. we want to prot...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com if the beneficiary of a trust dies before you do, we always want to have alternates. Contingencies, back ups, and alternates are an essential part of estate planning because it can cover so many different situations without having to go back and change the trust. One of the many reasons that a trust is better...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com the trustee is the person that controls the property inside of a trust. For most of my clients, I set up a revocable living trust. That means that while you are alive, and you are in complete control of the trust. Once we are gone, we need to select a successor trustee. The successor trustee has the legal con...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A Trustee has to be somebody that you trust. They are in charge of your trust after you are either dead, or medically incapacitated. While they need to be decent with money, they don't have to be a financial genius, because the trust can help pay for other professionals like: attorneys, accountants, and finan...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Everybody, no matter their level of wealth, needs certain estate planning documents. These are the four that are essential . One. A will to tell people where you want your property to go. Two. An advance healthcare directive to tell medical professionals your end of life decisions and also to nominate healthc...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com #onthisday wills or not a private document. Trusts are private documents. One of the huge benefits of a living trust over a simple bill. Is that the revocable trust will not have to go through probate. I create estate plans for family is all over California. My office is in Orange County, but I help people al...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a Trust should typically be the primary estate planning document for California residence that own real estate, or have a little kids. Before that it's always a good idea to have a basic estate plan, including a durable, power of attorney, advanced, healthcare, directive, and simple will. #EstatePlanning #Liv...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com refinance your house, even if it's in a living trust. Especially your primary residence, when it is inside of a living trust, you have complete control over that home while you are alive. There should be no problem, unless you have a very strange bank, with refinancing at home, make sure the bank doesn't forc...

LEARN MORE: https://www.ocestateplanlawyer.com Please comment with your estate planning question. I am usually able to respond with an answer and sometimes. . . even a video! FREE ESTATE PLANNING STRATEGY SESSION: https://calendly.com/mpevney/strategysession Email Us: michael@ocestateplanlawyer.com Call Us: (949) 377-2996 Estate planning is for EVERYBODY. Not just the very wealthy. I started this...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com what if you are a beneficiary of a trust, and the trustee won't give you a copy? They may be in breach of their duty. Trustees have a very important job. They have to follow the law, which in many jurisdictions includes giving the beneficiaries a copy of the trust so they know what they are entitled to, and h...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a living trust or a trust of any kind is not filed with any government agency. Owen hast to do is be signed by the people that set up the trust in the trustee. It should also be either witnessed or notarized. I prefer notarization. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orange...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a trustee controls the money inside of a trust. It is a job, and trustees typically have the right to get paid a reasonable rate. If you can't find somebody trustworthy enough to be a trustee, there are professional fiduciary's out there that can do the job. #EstatePlanning #LivingTrust #FillThatBucket #Pevne...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Medicaid reimbursement varies state by state. Recently, California has made it much more difficult for Medicaid, or Medi-Cal, as it's called in California to reimburse itself from a primary residence that's inside of a living trust. #Medicaid #Medi-Cal #ElderLaw #Reimbursement #LivingTrust #EstatePlanning.

There has been a trend lately in the podcast and TikTok community with professionals talking about the five things that they would number two as a professional. Here is my break down for all different professions of the five things that I would never do based on watching 100 or so videos about the five things other people the things other people would never do. Free Estate Planning Strategy Sessio...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com it's so easy to say that you can let the spouse you leave behind, do their own estate planning, but is that the right thing to do? Spouse may be grieving, elderly, incapacitated, and may not like the idea of doing this, without the person they spent the majority of their life with. #EstatePlanning #LivingTrus...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com If you have a house on with a mortgage on it. Guess what? You still on that house. Yes, the banquet for clothes on it. If you don't pay the mortgage, but if you look at the deed to your property in the county records, your name will be on it. That means you can put it into a living trust as part of a complete...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com #onthisday beware of using a document preparation, service like LegalZoom to create your estate plan. I find that there is a lack of follow through, in fact, I get a lot of my clients from people who start at their plan, using LegalZoom. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #...

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com You can put a home that you own in another state in the trust that you create in the state that you live in. Many of my clients live in California and my own homes in other states. Maybe they are rental properties or maybe they are vacation homes. No problem putting them in your trust which has the double ben...