Are Estate Planning Lawyers Needed Anymore?
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- Опубликовано: 4 июл 2024
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0:00 Can You Avoid Probate With TOD and POD?
0:21 Hypothetical Unmarried George with Two Adult Kids
1:30 George Wants His Estate in Order
1:56 Most People Already Have Beneficiaries on Retirement Accounts
2:48 Transfer on Death (TOD) Deed For Home
3:15 TOD Beneficiary for Limited Liability Company (LLC)
3:33 Payable on Death (POD) on Bank Accounts
3:48 TOD Beneficiary for Vehicles
4:05 Statutory Powers of Attorney
4:58 Need Lawyer to Avoid Estate Tax?
5:52 The Estate Plan That Does Not Involve a Will or Trust
7:41 Not Every Estate is as Simple as George's
8:34 You're Married
9:22 Several Reasons to Leave Child's Inheritance in Trust
10:57 Improperly Relying on TOD/POD Designations
12:12 Managing Estate Settlement Expenses
13:32 State Law Dictates Whether POD or TOD is Available
14:04 The Extent You Need Estate Attorney Depends on Your Situation
14:31 Share This Video!
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Who on here would love to hire and have Paul as their estate attorney? Such legal and sound advice from this skilled attorney. You’re Awesome Paul! Love all of your instructional videos. Well Done! 👏👍🏻
Thanks, I am like George and have PODs and TODs on everything. I do also have a will, power of attorney, etc. My situation is pretty simple, married in Texas and essentially want everything to go to my wife. I have no debt other than routine credit card amounts on cards that all autopay.
None of your scenarios apply to me. Ultimately, you re-enforced my plan.
Same with me. I'm single with one child. Nothing complicated about my situation. I'm not sure why I would need to do a trust. Seems that would just make things complicated for myself. I think you have to do a separate tax form each year for your trust and if you have your brokerage/ taxable acct in it, the dividends and capital gains gets taxed higher than an individual person would.
Thank you for all the valuable information! Your channel is awesome!!
You are so welcome!
Thanks as I've had this very question for awhile..Though I did have an attorney do my will, health care proxy, living will, and durable power of attorney, and wrote a testamentary trust that will receive all the assets meant for the minors (with a small amount going to my adult sister and dad).
How do you make sure that real estate and stocks receive the stepped up basis in case your heirs decide to sell the real estate or stock?
I made my fridge condiments have beneficiaries because they won't be used for the next 50 yrs.
😮
Thank you Paul. Thank you for sharing your time and knowledge 🙏. I really mean it.
My pleasure!
@@americasestateplanninglawy1946 Thank you Paul!
very informative, thank you for sharing.
Glad it was helpful!
I’m wondering if you have ever discussed a common law trust and how it differs from other type trusts.
Well done. I like TOD and designated beneficiaries for some of my assets. I'm not sure about trusts. They seem overused to me.
Correct. TOD to avoid Probate.
I, myself,use a pour over will with a living trust. I used legalzoom.
Having assets titled in the name of a Trust help protect those assets from creditors and liabilities…
What is the court case that states a grandchild inherits the grandparents estate as next of kin if their parent is deceased (so the grandparent is deceased and their child is deceased, but there is a grandchild living)
I got a scenario needing some answers:
My dad is married and has a home with a VA loan with my mom in Oregon. They have about $200k in equity. I am an only child to my dad and he married my mom who already had 2 sons. My dad wants to leave me with his 50% of the home when he passes. Is this allowed while he is still married to my mom upon death and she is alive? Would I need to take on half the mortgage payments when he passes to keep my 50%?
Thank you for your great videos. My parents receive Medicare and Texas QMB (Medicaid) to pay for their remaining doctor expenses. I wanted to buy a house for my parents. I wanted to know if the medicaid estate recovery program will confiscate that house if my parents passed away or the house pass to us children without any problem. My parents are NOT planning to live in any nursing home or long term living facility paid by Medicaid. What can I do to make sure the house is transferred back to us children…..
My mother has a will. And her accounts would be shared equally between myself and my sister. She sold her house for about $1 million. My sister who lives in New Jersey, set up accounts for my mother she set her self up as the beneficiary upon death. Is there anything I could do about this?
Which states allow TOD for single member LLC's
NC?
Ok darn, nc is a no.
Maybe that will change!
My mom holds a mortgage on a commercial property on a property I own. i,e, She is the bank. She wants to forgive the debt on her passing. Is this possible and is this a tax issue?
👍
My parent's have a last will and trust, my Mom passed away in 2016, my dad has Alzheimer's since 2018. I have siblings, 5, they left their estate, and left just me a spendrift trust I am disabled. My older brother and sisters were also left money from the estate. They sold he's house which he never wanted. How do I get someone to listen to me that I believe his guardian of finance's is stealing his money. He's not even in the family.
I am retired with about 800k in assets.99% of the assets are in accounts that I have designated beneficiaries. I don't have any children,.. don't own a home,.. don't own a vehicle,...and am not married. It certainly makes things easier. My longtime partner is my main beneficiary,....my sister is my secondary beneficiary. I do however need to address the end-of-life/ health issue legalities.
Those are the easy part...
Excellent!👏
Will, DPOA, Living Will, Patient Advocate all can be created on legal zoom or gotten off credible site.
I’m a little upset about this videobecause Fred, Wilma, pebbles, and BamBam were excluded from the conversation.😂