A simpler solution is a revocable life estate or what is known as a transfer on death deed aka a ladybird deed. You pass, the person named on the deed takes the death certificate into the county property office and the deed is transferred to the heir(s). Not available in all States. Much cheaper and nothing further needed.
Hey Dave, very glad i watched your vid. My mother put her home in a Trust for me. My wife and I moved in about a year ago bcuz my mother in now in her 80's. This is our only residence and we plan on continuing to live here. I'm just concerned that, when she passes, i'll miss smthng and possibly lose our only dwelling. What do i do when that time comes. We're in L.A. county. Thanks.
If your house in the trust, still has a mortgage payment when you pass, must the person you leave the house to continue your mortgage payment or must they sell or refinance house upon your passing?
Basically, the original mortgage is a contract between the mortgage company and the mortgagee (borrower/"owner").Once any mortgagee (borrower) passes away, a new contract must be instituted, so inheritor must refinance balance into their own mortgage. If the inheritor cannot get a new mortgage or pay off balance, the house will be sold to settle estate's bill of the mortgage. Any cash left after sale will then go to inheritor. IF the estate has enough cash to pay all remaining bills AND pay off the house the inheritor can receive the house as paid for. Or, the people getting the mortgage can buy insurance that will pay off the balance when the mortgagee dies. ONLY IF its a jointly held mortgage with a spouse or child or partner held together as joint owners with right of survivorship and their name is on the mortgage as well, can the survivor continue existing mortgage, but as joint owner, they technically don't "inherit" the house, they were joint owners anyway. Laws in each state may vary. JOE (in NY)
I live in Texas, am the sole owner of my house which I paid off in 1998. I enjoy reduced and fixed Real Estate taxes due to my old age and have a permanently disabled son who lives with me. I've heard of a "Lifetime Estate" which would supposedly avoid probate. Any truth to that? Also, what about my son being able to take advantage of lower taxes due to his disability upon my death?
What if you’re not looking to sell it. What is a parent does a quick change of deed and puts the house under the child’s name. Then the parent passes away, what happens next? Does the child have to pay appreciation because the house went up in value how does that work? Should the parents still put the house in a trust even though they put it under the child’s name as well?
Never title the house to the child for many reasons. You can trigger higher taxes if you have homestead exemption or a gift tax. There’s no tax if it’s an inheritance unless it’s multi millions. In some states you can do a transfer on death deed. Also called a ladybird deed.
@@bootsie1212 I have a transfer on death on my properties. You have to check if your state has it. In my state, FL, it avoids probate. They just go in with my death certificate and then the title gets transferred, no attorney, no court involved. Hopefully my kids will keep liking me enough not to bump me off. 🤭
What about holding property in trust within an LLC? As I understand it, an LLC avoids having to deal with any claims by creditors or anyone else suing perhaps due to a car accident (when damages exceeded liability insurance limits) or a slip, trip, or fall on the property.
i recently placed a rental property in a trust, and made an LLC the beneficiary. i attempted to get insurance on the property and the insurance company is asking to see the trust document. my understanding is trust documents are private and not to be shown to anyone. should i allow the insurance company to see the trust?
I hate lawyers. Everything is about taking your money. Even the idea of a trust is theirs, and again they are milking it every which way. Remember Dante Alighieri's "Inferno"? The lawyers are at the bottom of the pit together with the friars.
Question: me and my husband have a revocable living trust; it has our house, bank accounts, etc. in it. Our adult children have decided they don't want to sell the house... instead, they want to continue to own it and rent it out. Can they keep ownership of the house? (We live in AZ)
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Thank you. Great information and just in time!
A simpler solution is a revocable life estate or what is known as a transfer on death deed aka a ladybird deed. You pass, the person named on the deed takes the death certificate into the county property office and the deed is transferred to the heir(s). Not available in all States. Much cheaper and nothing further needed.
Very good information thank you 😊
In PA a trust still has to go through probate!
Assets that were never transferred to the trust force the probate process on the estate, not the trust.
Question for you, what if the beneficiaries of the property don't want to sell the property?
And the real estate agent gets his fee for the sale. Slight conflict of interest. Should be explained up front by honest individuals.
Agent gets the same fee regardless of how the property is titled. Just good advice.
Hey Dave, very glad i watched your vid. My mother put her home in a Trust for me. My wife and I moved in about a year ago bcuz my mother in now in her 80's. This is our only residence and we plan on continuing to live here. I'm just concerned that, when she passes, i'll miss smthng and possibly lose our only dwelling. What do i do when that time comes. We're in L.A. county. Thanks.
Sharing everyone of Jesus Christ, He is coming back soon. We are spiritually saved by grace through faith in Jesus Christ our Lord God and Savior.
If your house in the trust, still has a mortgage payment when you pass, must the person you leave the house to continue your mortgage payment or must they sell or refinance house upon your passing?
Basically, the original mortgage is a contract between the mortgage company and the mortgagee (borrower/"owner").Once any mortgagee (borrower) passes away, a new contract must be instituted, so inheritor must refinance balance into their own mortgage. If the inheritor cannot get a new mortgage or pay off balance, the house will be sold to settle estate's bill of the mortgage. Any cash left after sale will then go to inheritor. IF the estate has enough cash to pay all remaining bills AND pay off the house the inheritor can receive the house as paid for.
Or, the people getting the mortgage can buy insurance that will pay off the balance when the mortgagee dies.
ONLY IF its a jointly held mortgage with a spouse or child or partner held together as joint owners with right of survivorship and their name is on the mortgage as well, can the survivor continue existing mortgage, but as joint owner, they technically don't "inherit" the house, they were joint owners anyway.
Laws in each state may vary.
JOE (in NY)
I live in Texas, am the sole owner of my house which I paid off in 1998. I enjoy reduced and fixed Real Estate taxes due to my old age and have a permanently disabled son who lives with me. I've heard of a "Lifetime Estate" which would supposedly avoid probate. Any truth to that? Also, what about my son being able to take advantage of lower taxes due to his disability upon my death?
What if you’re not looking to sell it. What is a parent does a quick change of deed and puts the house under the child’s name. Then the parent passes away, what happens next? Does the child have to pay appreciation because the house went up in value how does that work? Should the parents still put the house in a trust even though they put it under the child’s name as well?
Never title the house to the child for many reasons. You can trigger higher taxes if you have homestead exemption or a gift tax. There’s no tax if it’s an inheritance unless it’s multi millions. In some states you can do a transfer on death deed. Also called a ladybird deed.
@@Dbb27 thank you
@@bootsie1212 I have a transfer on death on my properties. You have to check if your state has it. In my state, FL, it avoids probate. They just go in with my death certificate and then the title gets transferred, no attorney, no court involved.
Hopefully my kids will keep liking me enough not to bump me off. 🤭
@@Dbb27 haha! Yes. One can only hope right. 😂I also live in Florida.
What about holding property in trust within an LLC? As I understand it, an LLC avoids having to deal with any claims by creditors or anyone else suing perhaps due to a car accident (when damages exceeded liability insurance limits) or a slip, trip, or fall on the property.
i recently placed a rental property in a trust, and made an LLC the beneficiary. i attempted to get insurance on the property and the insurance company is asking to see the trust document. my understanding is trust documents are private and not to be shown to anyone. should i allow the insurance company to see the trust?
Their game, their rules.
O can u. Pleaser please help me my uncle is serving me a quit claim deed
Did the parents “suddenly pass away“ or did they conveniently pass away?
Cold. But funny. I have personally seen this happen.
What is a “put”? I think the housing market will fall, can I short my house by using a put? And buy it back later?
You’re joking right
You guessed that one wrong.
I live in Las Vegas and they say I can only get a trust in Las Vegas is that true
What I live in Las Vegas everything I have is in a trust and will do not understand your question
In this lawless interlude if somebody in power wants your property they’ll just take it.
I hate lawyers. Everything is about taking your money. Even the idea of a trust is theirs, and again they are milking it every which way. Remember Dante Alighieri's "Inferno"? The lawyers are at the bottom of the pit together with the friars.
I like what Jay Leno said once " you have a lawyer up to his knees in concrete what do you need?" Answer_ more concrete
Question: me and my husband have a revocable living trust; it has our house, bank accounts, etc. in it.
Our adult children have decided they don't want to sell the house... instead, they want to continue to own it and rent it out.
Can they keep ownership of the house?
(We live in AZ)
bad idea. very bad. just changing the name on the deed would force my unrealized gains to be taxed.....
This just is not true.
Good Info! But I soooo don't trust this dude....
drop the makeup whoever did it (gf?) doesn't know how to work on anyone else... sorry bud.
Probably just a camera filter. Great video, thanks!
That is not makeup, pal. He probably has rosacea, which is a skin condition that makes one's face seem red.
avoid probate = have a will don't bother with complicate nonsense
A will is handled in probate.
Will or no will goes to probate
@@djm9276
Trust doesn't go to probate ?
Sorry for noob question
@@scotttracy9333 The trust owns the property. The beneficiaries own the trust when the trustee passes. In most states it doesn’t go through probate.