Put Mortgaged Home in Living Trust?

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  • Опубликовано: 8 сен 2024
  • My national estate planning law firm website: aeplawyers.com/
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Комментарии • 41

  • @24carrotgold8
    @24carrotgold8 Год назад +19

    Wow! This was the first question I had about transferring my home directly to my heir!👍😊🥳

  • @timothytremblay7763
    @timothytremblay7763 Месяц назад +1

    Such incredible entanglements. Good God Almighty free us from this wreck of legalities!
    I do thank you sir for your knowledge and expertise in these galling matters, I've subscribe to your channel because I've been a professional musician my whole life and never had to deal with this.
    Peace be with you❤️✝️

  • @nicolg5393
    @nicolg5393 3 дня назад

    I was told by a lawyer that I could not put my property in a trust since we have a mortgage, this is in Florida

  • @RS-nc5qx
    @RS-nc5qx 10 месяцев назад +2

    I just had a Lawyer hang up on me angrily because I wanted to do both a will and a living trust.

    • @discovermotivation762
      @discovermotivation762 7 месяцев назад +5

      You don't want a will. Just get a living trust.. I just did all this. I used Law Depot ...for free...fees for notary and county fees etc ...get this done!!

  • @robbielee7067
    @robbielee7067 Год назад +2

    Thank you Paul

  • @RobinGKT
    @RobinGKT Год назад +7

    Isn’t it also true that if you leave your home in your name only, in the trust, after passing the heir can use the inheritance tax to deflect the taxes due upon selling the house, (the difference between the value when bought and the value when sold)? Or am I just saying the same thing in a different way?

  • @JJaani
    @JJaani Год назад +9

    Thanks. What about home with no mortgage? Same approach?

    • @caseG80
      @caseG80 7 месяцев назад +4

      Get good attorney get everything in Trust then if you can an LlLC so they don’t tax you to death while stilll alive when trustee passes helps greatly to reduce paying tons on taxes. Best to find good trust attorney .My nana just passed and left me the executor of the trust so im actively in the process of what the trust was said to do after death there were 5 properties her main. Home to be sold some divided with trustees other sole trustee got but our attorney has been a huge help. Took my nana a couple until she found one she liked so keep that in mind

  • @user-up4zi1do6p
    @user-up4zi1do6p 11 месяцев назад +1

    Thank you 👍

  • @sheilam4964
    @sheilam4964 Год назад +1

    Thx.

  • @victoriathorlacius874
    @victoriathorlacius874 Год назад +3

    What if your “mortgage” is in a Deed of Trust form. No attorneys I have watched explain if the same applies.

    • @richardbryanesq
      @richardbryanesq Год назад +1

      Is that where the bank actually owns the property until the loan is paid off?

  • @wayneguy6043
    @wayneguy6043 9 месяцев назад +1

    When an irrevocable trust sells an asset and realizes a gain, and those entire proceeds and gain is then distributed to the sole beneficiary before grantor death , does this mean that the irrevocable trusts must pay capital gains taxes. original purchase price $200k , value when trust created $400k , sold 2 years after trust formed for $400k , is the basis for capital gains $400k and therefor no capital gains tax?

  • @candiceconaway79
    @candiceconaway79 4 месяца назад +2

    What if there is a Lien on the home can it still e put in a trust?

  • @JoolieOoliee
    @JoolieOoliee 7 месяцев назад +1

    How does this matter or come in to play with having or not having the land patent or allodial title?

  • @BarrySandhaus
    @BarrySandhaus Месяц назад

    That can be a freaking nightmare
    do not put your real estate in your living trust unless it is in a land trust.,. If there is a lawsuit do to someone getting serious injuries and s big judgement. Now you will lose everything in your living trust untill you satisfied the judgement

    • @alexsharper5606
      @alexsharper5606 28 дней назад

      Wrong… a revocable living trust is protected from the court of law you don’t have to say who is the owner of the trust in the court of law if you have everything you own in a RLT you are virtually protected by losing your assets due to being sued!

  • @davefejeran5501
    @davefejeran5501 Год назад +3

    With the TITLE COMPANY?

  • @catherinegilles6408
    @catherinegilles6408 Год назад +5

    So, I can put my home that I am paying on, into a living trust and it will not trigger the “due clause” because of this “Act?”

  • @justrama
    @justrama 3 месяца назад +1

    Does this apply to all mortgage types, e.g. FHA?

  • @jillkinnard270
    @jillkinnard270 17 дней назад

    How shouldyou insure the home if its placed in a revocable vs irrevocable trust, such as a 3rd party special needs trust?

  • @Teknomanslade2
    @Teknomanslade2 11 месяцев назад +2

    Question: so what does it look like on the Real property search on the house in a trust? Does it still have your name on it? or the trustees name? or like an entity name?

    • @southrichmondtofl
      @southrichmondtofl 3 месяца назад +1

      Name of the trust is on the property appraiser site.

  • @Marella2024
    @Marella2024 Год назад +4

    Is this the same for a irrevocable trust?

    • @karenok464
      @karenok464 Год назад

      What's the difference between a revocable and irrevocable trust?

    • @legacyopp9318
      @legacyopp9318 Год назад

      One your alive
      The other your dead

    • @Corkfish1
      @Corkfish1 Год назад

      The danger of transferring property to an Irrevocable trust is you lose the step up in basis

    • @southrichmondtofl
      @southrichmondtofl 3 месяца назад

      @@Corkfish1 I think you lose any tax grandfather/advantage you have as well. Not 100 sure though

  • @Jill-th3nd
    @Jill-th3nd 2 месяца назад

    Is this generally the same for the UK….! ???

  • @Starlight-hd3ui
    @Starlight-hd3ui 8 месяцев назад +1

    How can I get in contact with you ❓️🤔

  • @legacyopp9318
    @legacyopp9318 Год назад +1

    Does this act apply to non qm loans?

  • @williewest5574
    @williewest5574 7 месяцев назад +1

    Can you sell your home once it's in a living trust assuming home is paid for

    • @americasestateplanninglawy1946
      @americasestateplanninglawy1946  7 месяцев назад +1

      A grantor of a living trust can typically sell their home that is in their trust - even if a mortgage still exists.

    • @williewest5574
      @williewest5574 7 месяцев назад

      @@americasestateplanninglawy1946 so I suppose they can sell it if it's paid for also?

    • @johnthomasdesign
      @johnthomasdesign Месяц назад

      yes - and make sure the check at closing is made payable to the trust and not you as an individual

  • @laurenbidigare7044
    @laurenbidigare7044 27 дней назад

    My parents made a living trust. My mom passed now my dad wants to give the home to his brand new gf if he dies.

  • @o.p.4254
    @o.p.4254 Год назад +1

    👍🏾

  • @victoracevedo6228
    @victoracevedo6228 5 месяцев назад +1

    Why speak so fast?

    • @southrichmondtofl
      @southrichmondtofl 3 месяца назад

      Cause he's seasoned and he knows this like the back of his hand.