I am in the process of working on all this now. You are so easy to understand… I appreciate you talking in normal language… sometimes professionals forget to talk so those who don’t do your type of job understand. My husband passed this year. Amen to the Trust. Now prepping for when I jam to Heaven. I’ll be forwarding this to my kids.
How to leave my debt free estate to my 4 adult children without having to go to a lawyers office. I am severely disabled and my entire estate including house and land, car, tools, furnishings, etc. is valued under about $285,000.
Thanks for the great advice! Everything with leaving estate to children is reactive after you’re dead. Why not help out your children while you’re alive. I set up Roth IRA’s for my 16 and 20 year old children and are matching 100% up to $3000 to max their $6000 year limit. Both children don’t make more than the$144k income limit and it is a great way to get invested early.
I'm interested in setting up some sort of trust for tuition only. So my future grandkids/great grandkids can access tuition money. Every deal with this ?
I want to set up a Revocable Living Trust and leave my home to my son, this is the only asset I have, my attorney doesn't think I need a trust and suggests a will. He also told me a Trust would cost around $5000, I don't have the financial needs for a trust. Is there a way to avoid inheritance tax for leaving my home to my son?
Go to google, and type in the search box "How is putting your house in a revocable trust different then a beneficiary deed?'" They have a lot of information about it.
I have sorta a dumb question, maybe dumb I'm not sure. My wife's step father passed in a head-on vehicle accident earlier this year. He considered himself her father. Because he was since she was 3 years old. She's now 50. She was his emergency contact. Unfortunately he had not fully completed his will. As of right now she has been cutoff and excluded from EVERYTHING by his sister and a friend of his where he lived (Massachusetts). We live in Texas (Howdy neighbor 😁). Is there ANYTHING we/she can do? They won't even give her his attorney's name or even respond to calls or text messages. ANY advice would be GREATLY appreciated!!
Honorable Father passed as a widower left inherited IRA Account's/Other Access. Father's will not found in home so far where to begin to access will trust ect.... I've Paid Taxes 3yrs Not sure to continue, family from father side want to go over documents(life/Insurance's ect... I'm not comfortable with demands unfortunately there now trying to force Myself/Grands out the home states it belongs to them All Advice to protect Mother's & Father honest hard earned Legacy
can i fund a separate iul policy for each child with trust being final beneficiary but hey can borrow from iul for lifetime needs? should that part be in an irrevocable trust? will that protect them from divorce protection?
Ok, I'm single 63 Male. Have a net worth of about 1.5 mil. I have 3 sisters and they are in my will. My question: I don't want to leave my inheritance to my siblings children? Is there a loophole to send my siblings share to lets say.......my university? this stuff gets complicated.
I think your videos would be great for the entire family to watch so everyone is on the same page and aware of what will happen. That way a lot of these issues can be discussed as a family.
Could you possibly do a video on dealing with trustees or Power of attorney and accountant who refused to provide the documents to the beneficiaries of a will or a trust. What rights the beneficiaries have To get that information.
Simple! I just want to know the easiest, cheapest way to leave my house and 2 acres to my 2 children now while I am still alive. Simplest and cheapest. My children are 40/50 vr. old and own their own homes.
I'm 55 widow and have 2 homes and some money and life insurance and would like to setup irrevocable trust and put all my assets for my 2 children and 3 grandchildren. I'm not confident my kids can handle things the way to make it last for generations. But I'm not sure about the taxes on the total account for NY.
If originally you had 3% for a named trustee in will but also made trustee a beneficiary and want to stop the 3% do you have to have a letter from trustees accepting the decision. Will notarizing a letter be legal?
You look different in this video 🙂. I have two adult children and I have a question about using RLT to leave assets to children's trust as you mentioned in the other video. Who is going to set up the children's trusts? Do you mean trust bank account as oppsed to children's living trusts. Do I have to ask my children to set up their own living trusts?
Dear Paul, thank you very much for your Videos on Estate Planning and Tax Law and Financial Planning! It would be interesting to hear about UTMA vs 529 Plan for Education and how this can impact College Financial Aid for Children. What would be the Tax Penalty to withdraw for other types of expenses than these accounts are set up for. Can any trust be set up like UTMA but the one in which Money would remain in the Trust and only be for Specific Life Events and Expenses, such as for example College Education and Housing while in College, and only if Working during College Breaks to supplement Educational Expenses, then Unlimited Education and Housing while being on PhD Degree or Doctors and advanced Dentistry Degrees with GPA above 3.4 and then the remaining Funds to be given to a Future Family Members or Relative of 1 & 2 Degree and their Children?
Leonard from SC, IS THERE ANY WAY I CAN insure that my children retain some interest in the sale of the family home if and when my wife sells the home at some future date
I want to leave my house to my grandson and son but his live in girlfriend will take it all how do I keep her from living in the house with them or coming on property she’s very abusive he will sell house and give to her and my grandson won’t be able to fight her. So I can’t leave my son anything can I have say so what happens when I’m gone. Help
What happens when original POA/Son was removed as POA through emergency conservatorship hearing due to commingling/elder financial exploitation? How can it affect inheritance?. Mother has now passed 2 months ago to dementia/Alzeimhers...following situations exist.. 1. Son/Poa Had Mother co-sign on 15 yr $40,000 student loan for Sons daughter 2 yrs prior to death...reported as fraud to Sallie Mae. 2. Son/Former POA paid wife and himself a total of $2000/month for 1.5 years while caring for Mother, and continued for 1 year after mother put in assisted living....payments for POA/ lawn care/taking her to appts 3. Court required former POA to supply an accounting...this was ignored..deadline passed months ago, cause for contempt filed..what kind of punishment can judge give? 4. Mother lived with Son/Poa 1.5 years prior to assisted living in a house she owned/in her name 100%. Has another house...Her house 100% paid off. Son/former Poa tied up her fully paid off house days before court removed him as POA in a lease to own $900/month w/ 100% of payments going to lease to own purchase price of $200k on a house worth $350k Total assets remaining.....2 houses...1st has $100,000 owed/$250,000 value, 2nd house $0/$350,000 value...tied up in lease to own....$15k left in retirement account, $5000 cash Heirs 1 daughter, 1 son and 1 son who was former POA...3 children total
My father wants to give his house to my son who has been taking care of him what advice can you give us on how to do it where we don't have any problems we live in New Jersey my dad saw an attorney who wanted to do a quick claim did but other person's told us that is not the best to do it my dad is 83yrs old my son 34yrs.I wish you were here in this state we follow your videos thank you for your service.🙏
How sad that so many people are eager to control from the grave, assuming their adult children have no capacity to manage their own finances. It’s the final “gotcha” from overbearing parents.
You obviously have no idea of reality. Having had 6 decades on this earth and children you have no idea what can happen to them. Alcohol abuse, substance abuse, psycho (Amber Heard type) wives, automobile accident judgments against them. With all due respect -- having been through enormous litigation and succeeded -- your arrogant comment reveals you are either really young, clueless,, or have been "blessed to the point of absurdity." You sound like a "virtue signaler" using the term "overbearing." Some of us who have made millions want to protect it from people who think like you.
@@golden.lights.twinkle2329 Your excellent point cannot be overstated ! The youth in my neighborhood: $12.00 cheeseburger, Home delivery 14.00, tip 6.00 = $32.00 meal. INSANITY.... Good kids just outright CLUELESS...
Not everyone knows how to properly manage money, even if they've had good examples. When you've spent your life working hard and making sure your kids and grandkids are set it's hard to know that some kids would just blow all that and not set up the next generation.
Some one said if you are going to give a gift, wrap it up in a nice package with a pretty ribbon. Unless there is a good reason, let your kids be adults. A trust can be a real problem to your grown-up children in them being able to plan their own lives. It will be resented as continued interferences and control. They will be giving you the finger, and that will be your legacy. Seriously.
