never too old! You can be a lifelong learner! You don't have to work for a law firm after law school. You could start practicing on your own, or just get the education and just be a knowledgeable citizen.
Peace✌🏿 i Greatly Appreciate you explaining the laws that you have in All of your Videos. If i may ask?, How do i protect a residents that I have acquired through adverse possession, what is the most reasonably financially fit way to do it. I have not worked since i was shot in the head in 2019 and i am still fighting for disability.. Keep putting out these Great videos✌🏿
If they are rental residents, use an LLC to separate them from you. If you live in it, you shouldn’t use an LLC. Of course, your first line of protection is always get good insurance.
How is it a commercial property? You can treat the house as a SFR rental house. Still pays residential property tax, not commercial. The tenant (you) pays rent to the LLC.
You can buy a home in the name of a trust if you are paying cash for it. If you are getting a mortgage, most lenders will require you to first put the property into your own name and then after everything has closed you can transfer the property to the trust.
The trust protects all property held by the trust. Personal property can be transferred into the trust ownership. Remember that in order to get the protection (unless you are using one of the dozen or so state asset protection trusts) you have to give away the property to the beneficiaries, and you can’t get any benefit out of it.
@@Legaleescorp thanks for this response…it answered a question that I had. So if I put my home into an irrevocable trust, there is not longer tax exemption benefit AND I have to give it to the beneficiaries (which are my children) by the way.
How about if I wanted to live in a commercial property as a resident ? Is that possible and does the property tax triple ? How would the insurance policy go ?
I assume from the question that you want to put your personal residence in an LLC. The property tax would go up in almost every state. It would go up a lot in some states. The insurance may or may not go up depending on the company. It would probably go up. You would lose the income tax benefits that a personal residence gives. It is one of the few tax shelters left in the IRS Code.
@@Legaleescorp I get that forget about the LLC. I'm asking can I live in a commercial property as my personal residence ? If not then why not ? What's required to make it possible to make a commercial property a personal residence.
Can you comment in terms of protecting your residence...my question is if i did a reverse mortgage on my home for a reason how can a lending company make themselves the beneficiary? Can you comment on another occassion the broker writes reason for loan is to remove a deceased parent??
I am your new subscriber. So glad to find your channel, love your video. I am looking to do the living trust. I have commercial property, residential property and million dollars in stocks. Just wondering if I setup irrevocable trust, am I still allowed to sell my property or stocks and use it if I wanted during my living time? Am I still able to use my bank account money? Should I setup LLC before the I setup an irrevocable trust?
I just used your question as a topic for a new RUclips video, check it out when it goes up this week or next. No you can’t use the property in an irrevocable trust, because it belongs to the beneficiaries.
@@Legaleescorp More of a political commentary. Counting trees to get your own money back seems like an absurdity to me. The tax code should just be a straight 'buy and pay' type of system. The video was phenomenal by the way. Thanks for taking the time.
I assume that it is a couple filing jointly. In that case “paying” the spouse staying home will not incur another tax. It is just shifting money between husband and wife.
All is fair in love and war. Divorce pretty much depends on the state rules. A spouse is not your normal creditor and the judge will do what is fair. Ownership in one partner’s name will help with outside creditors more than it will in a divorce.
Boy, I wish I had you in Minnesota. My brother is going after me for some joint owned property that I'm living in but we also own another property together. He says he'll give me the property I'm in and I can give him the other property. Ok, sounded good, but now he's changed his mind and trying to drain me $ to take all.
interesting.. so basically if i'm a tenant in a house ( paying rent)..i can put my address down and (god-forbid) if anything happens.. they can't touch the properly of the landlord since the property isnt in my name.. correct?
Hi Lee! Thank you for these priceless videos!! Question, how would I go abt placing my home that I’m living in into my trust? The home is in my decedent husbands name, we were legally married but he didn’t put me on the deed. What’s the best way to do this? Thank you.. I’m in PA.
You will probably have to go through probate to get your name on the deed, then once your name is on the deed, just do a quit claim deed into the trust.
@@Legaleescorp thank you so much! I’m in a trust class and the instructor said that we can transfer any property into our trust that doesn’t have our signature but for a home to either do a deed of trust or Quit Claim without probate.
As a single, your asset protection options are very limited. Most of the techniques in asset protection are based on the concept of “I don’t own it, you can’t get it.” There is really nobody for you to “play off of” in moving ownership of your house. I wouldn’t move the house to an entity, such as and LLC, because your personal residence is a tax shelter, and the tax benefits would be lost if you moved the house to an entity. Buy a big insurance policy!
You completely overlooked most tort claim creditors. What if the professor gets in an accident and is sued for millions of dollars? Terrible idea to put all of your property in your spouse's name. They can be wiped out with one tort claim against the professor. What about an ugly divorce? One spouse has control of the entire home. Use TBE if applicable. Tenancy by entirety gives asset protection to both spouses if ONE of them has a judgment creditor. Plus, it makes the home non-probate property.
The LLC may or may not be a passthrough tax entity. The tax benefits in the case of a personal residence are not based on the passthrough status of the LLC. The tax benefits are based on the fact that the residence is owned by a warm blooded person. The LLC is an entity independent of you, and the actual ownership creates the tax benefits.
Love watching your videos, this is great stuff. wish I wasn't too old to go to law school and do a deep dive into this! TY
Your'e never too old for law school. I think you can always teach an old dog new tricks. :)
never too old! You can be a lifelong learner! You don't have to work for a law firm after law school. You could start practicing on your own, or just get the education and just be a knowledgeable citizen.
Peace✌🏿 i Greatly Appreciate you explaining the laws that you have in All of your Videos. If i may ask?,
How do i protect a residents that I have acquired through adverse possession, what is the most reasonably financially fit way to do it.
I have not worked since i was shot in the head in 2019 and i am still fighting for disability..
Keep putting out these Great videos✌🏿
If they are rental residents, use an LLC to separate them from you. If you live in it, you shouldn’t use an LLC. Of course, your first line of protection is always get good insurance.
How is it a commercial property? You can treat the house as a SFR rental house. Still pays residential property tax, not commercial. The tenant (you) pays rent to the LLC.
Would you please explain how this works? I’m very interested.
Thank you, Lee!
Wow! Thank you for the information Lee!!!
You are welcome
What about buying your home after you have a trust so it's being signed in the name of the trust?
You can buy a home in the name of a trust if you are paying cash for it. If you are getting a mortgage, most lenders will require you to first put the property into your own name and then after everything has closed you can transfer the property to the trust.
Great stuff! Don't forget the power of equity stripping. Put a note on it from another LLC.
How does that work?
What if you put your house in a llc which is inside the non-profit an have the non profit write it if off as office space?
You are way overthinking. You won’t be happy and the IRS won’t be happy in the long run.
Wouldn't irrevocable trust protect personal property as well?
The trust protects all property held by the trust. Personal property can be transferred into the trust ownership. Remember that in order to get the protection (unless you are using one of the dozen or so state asset protection trusts) you have to give away the property to the beneficiaries, and you can’t get any benefit out of it.
@@Legaleescorp thanks for this response…it answered a question that I had. So if I put my home into an irrevocable trust, there is not longer tax exemption benefit AND I have to give it to the beneficiaries (which are my children) by the way.
How about if I wanted to live in a commercial property as a resident ? Is that possible and does the property tax triple ? How would the insurance policy go ?
I assume from the question that you want to put your personal residence in an LLC. The property tax would go up in almost every state. It would go up a lot in some states. The insurance may or may not go up depending on the company. It would probably go up. You would lose the income tax benefits that a personal residence gives. It is one of the few tax shelters left in the IRS Code.
@@Legaleescorp I get that forget about the LLC. I'm asking can I live in a commercial property as my personal residence ? If not then why not ? What's required to make it possible to make a commercial property a personal residence.
A commercial property by definition is not a personal residence.
Thanks. God bless you and yours. Xo
Can you comment in terms of protecting your residence...my question is if i did a reverse mortgage on my home for a reason how can a lending company make themselves the beneficiary? Can you comment on another occassion the broker writes reason for loan is to remove a deceased parent??
I am your new subscriber. So glad to find your channel, love your video. I am looking to do the living trust.
I have commercial property, residential property and million dollars in stocks. Just wondering if I setup irrevocable trust, am I still allowed to sell my property or stocks and use it if I wanted during my living time? Am I still able to use my bank account money? Should I setup LLC before the I setup an irrevocable trust?
I just used your question as a topic for a new RUclips video, check it out when it goes up this week or next. No you can’t use the property in an irrevocable trust, because it belongs to the beneficiaries.
@@Legaleescorp great explanation. I know what I am going to do now ! Thanks for your advice 👍
Does the value of staying home and taking care of the house subject his 'income' to taxation?
I don't understand this question.
@@Legaleescorp More of a political commentary. Counting trees to get your own money back seems like an absurdity to me. The tax code should just be a straight 'buy and pay' type of system. The video was phenomenal by the way. Thanks for taking the time.
I assume that it is a couple filing jointly. In that case “paying” the spouse staying home will not incur another tax. It is just shifting money between husband and wife.
Georgia is an "equitable distribution" state. How would this play out if the home was in one partner's name? Would this still offer some protection?
All is fair in love and war. Divorce pretty much depends on the state rules. A spouse is not your normal creditor and the judge will do what is fair. Ownership in one partner’s name will help with outside creditors more than it will in a divorce.
@@Legaleescorp "and the judge will do what is fair" - sorry Lee, im going to have to disagree with you on that
Boy, I wish I had you in Minnesota. My brother is going after me for some joint owned property that I'm living in but we also own another property together. He says he'll give me the property I'm in and I can give him the other property. Ok, sounded good, but now he's changed his mind and trying to drain me $ to take all.
I hope by now everything worked out between the two of you.
Me too
interesting.. so basically if i'm a tenant in a house ( paying rent)..i can put my address down and (god-forbid) if anything happens.. they can't touch the properly of the landlord since the property isnt in my name.. correct?
You as a tenant have no rights to the property so there is nothing to take.
Hi Lee! Thank you for these priceless videos!! Question, how would I go abt placing my home that I’m living in into my trust? The home is in my decedent husbands name, we were legally married but he didn’t put me on the deed. What’s the best way to do this? Thank you.. I’m in PA.
You will probably have to go through probate to get your name on the deed, then once your name is on the deed, just do a quit claim deed into the trust.
@@Legaleescorp thank you so much! I’m in a trust class and the instructor said that we can transfer any property into our trust that doesn’t have our signature but for a home to either do a deed of trust or Quit Claim without probate.
Very good advice to everyone
I have no spouse and no children but want to protect my home from frivolous lawsuits. What can I do in this situation?
As a single, your asset protection options are very limited. Most of the techniques in asset protection are based on the concept of “I don’t own it, you can’t get it.” There is really nobody for you to “play off of” in moving ownership of your house. I wouldn’t move the house to an entity, such as and LLC, because your personal residence is a tax shelter, and the tax benefits would be lost if you moved the house to an entity. Buy a big insurance policy!
fine...........i'll marry you then , Geesh
Equity stripping could help you .
You also cannot represent yourself in court with LLC properties you need an attorney. If you need to evict tenants
Yes, you are right, that is a drawback of putting property into an LLC.
Depends on what state court you are in. Superior court no. Magistrate court yes.
what if im a state national
You completely overlooked most tort claim creditors. What if the professor gets in an accident and is sued for millions of dollars? Terrible idea to put all of your property in your spouse's name. They can be wiped out with one tort claim against the professor. What about an ugly divorce? One spouse has control of the entire home. Use TBE if applicable. Tenancy by entirety gives asset protection to both spouses if ONE of them has a judgment creditor. Plus, it makes the home non-probate property.
Tenancy by the entirety would be preferable, but most states don’t have that. There is no one answer for protecting a house.
LLC is a pass through so one wouldn’t lose residence benefits and that could be owned by holding LLC - multi party. This video is confusing 😱
The LLC may or may not be a passthrough tax entity. The tax benefits in the case of a personal residence are not based on the passthrough status of the LLC. The tax benefits are based on the fact that the residence is owned by a warm blooded person. The LLC is an entity independent of you, and the actual ownership creates the tax benefits.
Thanks Lee
GREAT CONTENT THANKS 2020
EDUCATION IS WEALTH
It’s better not to have assets than it would be better on Medicaid
excellent
Your the best!!!
What you own ends up on you
I sin never getting married