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Hi, as a Brit I have been thinking lately of setting up a living Trust for my children. I have always avoided watching US content as the I assumed it would be irrelevant here. Surprisingly not so, way back in time I would assume your country must have adopted our system as the jargon and processes seem to be the same as ours here in the UK. Very interesting explanation. Thank you I am now convinced to proceed to the tenants in common and set up a living trust.
Mr. Greg, I live in Texas. My father passed in 1993. My mom is listed on the deed which is a JTWROS. We never filed the avadafit of death of joint tenant with the county. Would they have the forms to file and if we file it, it should leave my mom as the sole owner to sell the home, correct?
A few states don't allow this, but the vast majority recognize that when holds a non-spousal co-tenancy JTWROS that it is severed and reverts to TIC (tenants in common) when one places their interest into the trust and/or states in the will that their interest is being placed in trust. Shows their intent to sever it.
I’m leaving my estate to my cat, only if I survive my husband. Now with this information, I should leave some to charity as well and specify the names of family I will be not leave anything to (which will be all). Thanks for the info!
You should talk to a lawyer about how you own your property. Homestead is the last of your concerns if you own your property with an ex spouse as joint tenants.
I inherited a home 30 years ago worth $100,000. I used it as a rental since then. if I gift it to my daughter and now the house is worth $500,000 and she lives in it for 2 years and sells it for $500,000 does she have to pay capital gains?
You should talk to a lawyer about this particular circumstance. She probably would end up paying a bunch in capital gains that she would not need to if you gave it to her through a will or trust. Primary residence owners can get out of paying some capital gains tax, but it sounds like the capital gains in your situation is too high. Also, if you are in CA, there are property tax laws that have changed that need to be analyzed before transferring property. A good discussion with a good lawyer could save you tens to 100s of thousands.
I inherited a home 30 years ago worth $100,000. I used it as a rental since then. if I gift it to my daughter and now the house is worth $500,000 and she lives in it for 2 years and sells it for $500,000 does she have to pay capital gains?
No, but I should. Married couples should typically take the property as community property because it’s typically better for capital gains taxes. Naming a property in trust is even better though.
The background music is distracting and annoying. Makes it hard to focus on what you're saying. Harsh lighting in room to. Remember video presentation is important to attract viewers. However, excellent info. video. Thanks for taking the time to educate people in explaining the details of the California Homestead Exemption Laws. It helps. I'm working smart and hard to save up the money I need to build my dream house on my dream land and pay cash for it so I can avoid all this headache you are talking about. LOL I will be a first time home owner building a new house on my own land. I wonder if there are any breaks for people like me? If not, that's okay as I am saving up my money. It want be long because I have an excellent strategy to do this.
My father (common law) recently did a will. Jan 21 he had a joint tenancy and he died feb 12…. I am the executor and poa but my sister has taken over everything
A lot of the phrases you are using don’t quite make sense out of context. Common law is something that refers to a way couples that are unmarried sometimes hold property. Title trumps your will. A joint tenancy title typically goes to the joint tenant owner. A POA relationship terminates when someone dies so the POA won’t have any affect.
What if your kids don't have a primary residence so the house you are gifting to them will be their primary residence. They wouldn't have to pay capital gains tax on the future sale of it would they?
I have the same scenario.. dad ( in California) has a Living Trust now want me to take over the rental property that is in his trust...he is tried of maintaining building now wants me to take it .. still owes 40k to i buy it or gift? or?
The best for taxes may be to keep in trust, maintain it there and then wait for your dad to pass away. Another question is who should realize the income from the rental for tax purposes. Give us a call: 951-304-3431 if you like. We can help administer trusts and it may save you gobs of taxes.
@@papajoe5331 I just checked primary home will not get reassess parent to child but rentals will get reassess to current value prop 19 started January 2021
My father has a paid off property worth $500k that he wants to transfer in my name via a quitclaim deed. It exceeds the $15000 gift tax limit, however, what gift tax do we have to pay? Or is it a matter of filing the 709 tax form. My CPA is also mentioning that we have to pay a capital gains tax?
Riverside County in the House!!! Thank you so very much for the information, your presentation was very easy to follow, and I'm so glad my county was included as an example.
Thanks for the good constructive criticism. We no longer have the original video so I cannot take out the background music, but I will keep that in mind for future videos
There are ways to create a pet trust that would not have ended this way. The trustor should have made a charity the ultimate beneficiary of the money she left for her pet. This would have created an interest that a charity wants to protect and would have resulted in the pet trust being effective and then ultimately the leftover funds would have gone to a charity (maybe for animals). The attorney possibly did not advise their client about this. I often have clients that want to cut out a beneficiary and usually I advise to leave some money in order to effectively cut out the person (not typically a dollar). If you are worried about a trust you are creating being challenged you should consult with an estate planning attorney about your options.
