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Savannah, Georgia-based Estate Planning, Elder Law and Special Needs Attorneys, Smith Barid, LLC.
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I appreciate that you answer viewers questions. I have one of my own that has me confused. So I have bank accounts and brokarage accounts, some owned jointly with my wife. Some advisors said I could keep the accounts under our names and then name the trust as a beneficiary for the best protection. Meaning if I die, my wife would get the money since she is the other owner or the main beneficiary If we both die in a car accident, then ir goes into the trust and our teustees get the money. Is this a viable option?
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Yes, for a mom (or dad) to transfer her home to her children before she dies and then when those kids sell the home they'd need to have records of her purchase price and capital improvement costs for the kids to subtract from the sale. If the mom had that house for many years, and her total basis in those valuable and fewer dollars was $10,000, that's the total of the kid's basis. Since that basis figure can't be adjusted for inflation to today's dollars, it's a lose/lose. The one thing the kids could do (if they trust each other) is one of them have the deed in their name and live in it for 2 or more years to get the homeowner's $250,000 exclusion. Then when it's sold they can split the capital gains tax burden evenly. Not sure if I'm missing something in this scenario or not.
That could work but that’s a lot of variables. It would be better for the kids to inherit the home through a trust, avoiding probate and getting the step up in basis.
@@theestateplanningguys Yes, agreed but I was merely addressing the problem of the house not being placed in a trust prior to the mom's death which is common with people. But you're doing a service by advising planning that avoids these pitfalls.
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Maintaining your privacy after you're gone? What? I'll be dead. I won't know or care. What about maintaining my privacy or confidentiality while I'm alive?
I wish I had done my research before I did a life estate. I am in my fifties and was granted disability this year. My husband died last year and the house was put in a life estate with my daughter. I do not understand how Medicaid can come after the house if you need long-term care in the future. Please explain.
Medicaid rules vary by state so check your state’s rules. In most states, your life estate has a value and counts as a resource for Medicaid qualification purposes.
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I have 1 heir, our son who is 42 with 3 small children. Why wouldn’t I have him on our JRWros on all accounts, and when someone passes, just add others. It passes to them, no probate.
Hi ,ur video is very informative ! how much it cost to file a living trust ? My husband file a will when he ask the lawyer if his will he file will go through probate the lawyer said no. im so confuse when my husband watch ur video his planning to look for another lawyer to make his living trust . do you think were not having a problem becoz his the one make the will.Thank you hope to hear your reply watching from houston tx
Thanks for watching. Pricing is going to depend on the specifics of your situation but the estate planning attorney should be able to tell you in the first meeting what it will cost and offer you a flat fee.
That will depend on the specifics of your situation. A good lawyer should be able to tell you in the first meeting how much it will cost and offer you flat fees.
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Real property assets will be transferred by deed. Generally the best way to do that is with a warranty deed but a quitclaim will be used in some instances.
Mr Smith, I have a revocable living trust and have moved one of my bank accounts into the trust. It’s a brick and mortar bank so I was able to go in and get it done. I also have a SoFi checking & savings account but they are only online. I have spoken to them on the phone and via online chat and I’m being told SoFi doesn’t allow trusts. Do you know of a client who has successfully put their SoFi account into their RLT? Is it legal for a bank to refuse these trusts?
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READY TO GET HELP? ⏮ Visit our website: www.smithbarid.com 📅 Book a discovery call here: calendly.com/smithbarid-intake/discovery-call?month=2023-08 ☎ Call (912) 352-3999
READY TO GET HELP? ⏮ Visit our website: www.smithbarid.com 📅 Book a discovery call here: calendly.com/smithbarid-intake/discovery-call?month=2023-08 ☎ Call (912) 352-3999
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Good info, thank you. I heard that it's a good idea not to use your own name in the trust's title so as to provide a layer of protection from prying eyes. IOW If someone wants to know what John Smith owns he can hunt down that name in public records but if all his assets are ghosted under "ABC Living Trust," his stuff would be hard to find that way. Any thoughts?
You can do that. Just remember that if you’ve transferred real property into the trust from your individual name, the deed records will provide a pretty good indication of who owns the trust. There are some other things you can do if privacy is paramount.
READY TO GET HELP? ⏮ Visit our website: www.smithbarid.com 📅 Book a discovery call here: calendly.com/smithbarid-intake/discovery-call?month=2023-08 ☎ Call (912) 352-3999
