Great info. I was an only child. I was blessed with frugal parents that worked hard at good paying jobs. We did have a will but I didn't use it. I was beneficiary on their investments, had rights to survivorship on their home, was on their bank account. Took the best care of them possible. Miss them terribly.
@@mariecameau4257 right and what he is doing is wrong. Those that have worked hard and saved her treated poorly. My parents didn't want to be dependent upon the government or a burden to me so they saved for old age. They helped both my grandmothers when they became widows. My mother was an only child so there my parents were all that her mother had to help her. My dad's mother had 5 kids but only 2, my dad and 1 brother helped her financially. Dad told.me in his last years he tried to keep mother and him out of the soup lines. He also said he didn't want her to have to remarry someone just to take care of her if he died before her. They were both very responsible people. I was blessed to have wise parents. I didn't have to worry about hiring help when they needed it because they had prepared. Took a lot of burden off me.
I could not agree with you more Aaron, the irony being the biggest complaint kids have is ‘I’ll never use this stuff in real life” Yet, they don’t teach the life skills they need to just function correctly in ‘real life’
I know a gentleman that teaches his children about saving and investing. Today his 22 yr old has saved $25k. The 21 yr old has 22k in savings and the 18 year old has saved less. Let's face it, not all children listen. Life lesson is for parents to teach and manage their children's lives into adulthood.
I know of someone who stole their fathers assets after his death and left their siblings hanging with ZERO. When asked about what happened, they become super defensive. Greed is real.
My parents put their assets in all six of us siblings names and now that they have passed, it’s a nightmare because selling the 400 acres & household items must be agreed upon by all six to get anything done.!! Horrible shit-storm
Sounds good to me.... They know exactly what they did, keep it in the family, PASS IT DOWN TO YOUR KIDS instead of selling... there's a reason it's called GENERATIONAL WEALTH.
My parents planned everything decades ago and continued to update regularly. Before each vacation overseas, my brother and I were given the "update" on the plans "should something happen". Needless to say, I hated whenever they told us they were planning another vacation. But my brother passed away from cancer and my parents had to change the planning accordingly. My brother had not updated his will in almost 20 years (and had 2 children since). SERIOUS ADVICE! You really know how people (including close family) are when someone passes away and my parents realized that. They had to change their planning again because of what transpired. Plan and update regularly!!!
My husband died a year ago, and i have no knowledge of how to do things. I gave birth to 3 daughters. The first one, died of cancer, at the age of 39. The second one has disowned me as her mother. My youngest daughter has, the brains, and has helped me through everything. I have my life insurance, and bank account, with her on it, She is my executor, beneficiary, everything. I only trust HER with everything. But listening to you has been very helpful, as to what i need to get on paper. Thank you so much!
My Grandfather put all of his assets into a Living Trust. When he died my uncle, as the executor, took control and distributed the assets per grandfather's wishes. It was really easy. A little bit of paperwork needed to be filed and that was it. No probate. Trust was setup in Nevada. Sounds like a living trust is the way to go.
excellent Presentation! Gotta be nuts to transfer assets to children. Kids don't love their parents the way parents love their children. You may have raised them right but you didn't raise your son/daughter in law, and its usually the in laws who married into money who have dollars signs in their eyes. Trusts are a much better alternative, and if you're balking at the price of a Trust, you'll choke on what happens if you don't.
Ha ha you took the words right out of my mouth! Children can be persuaded to participate in your demise or coerced. There are devious individuals who will stop at nothing for $$
@@juliebergacker5680 a living trust us different than a land trust. A land trust is best for this scenario and it’s handled by the trustee not the attorney
It should be noted that while the Federal estate tax cutoff is (this week) at 11.something million, there are some states that have MUCH lower limits, which makes the gifting "thing" a consideration at estate values less than the federal threshold. My home state (Oregon) for example has an estate tax that ranges from 10-16%% on estates worth $1 million or more, which isn't hard to exceed if you own a house in one of the major metropolitan areas and have saved much of anything for retirement...
I know someone that happened to. Her husband put $30,000 into a house for the parents to live in with their oldest child. Child was making mortgage payments. Father died, child got married about a year later then the mom found herself put out.
My friend put her house in her sons name giving time for her to hopefully live the 7 years to mitigate IHT. However, after a couple of years, his sole trader business failed he was forced into bankruptcy and as his mums home was essentially his 2nd home, a sale of it was forced to cover his debts and she became homeless! Beware folks!
I had a friend who basically experienced the same. Mother transferred the home to her and her husband. Husband’s restaurant business went belly-up. They lost the home!!!
This channel is so helpful. I've been watching a lot of your probate videos and when I went to go hire a lawyer the lawyer was impressed with everything I knew. These videos are extremely helpful.
Your smile brought me here. This info will keep me coming back for more. My father didn't leave a Will. As a Marine, he was very responsible. I'm surprised and shocked and now we might lose the house because he was ill the last months better he died so there wasn't time to "get his affairs in order"🥺
My aunt's house got put in her son's name. Well...him and his wife wanted to sell the house and move somewhere else. My aunt wanted to stay in her home she was in for years. She ended up having to scramble and buy her house back from her own son. She suffered emotional stress etc.. The judge had to side with her son because of the legal documents. Her son was a lawyer! The judge ruled in his favor to sell the house but told him he was a wrotten person. Karma got him. His wife died young of pancreatic cancer. Don't put your home in your kid's names.
You mention not worrying about Federal estate tax if estate under 11M. But states may also tax the estate. In IL estaes over 4M are taxed. One gotta check estate tax for their state as we ll.
If only i had parents who could have put something in my name, or left something of value. i would have treasured it. Some ppl really jus live for themselves!😐
Holy smokes! The last few seconds read my mind. Giving some $$$ to the kids, nieces, nephews and seeing their best efforts to capitalize on it in a trustworthy/ responsible way is great entertainment and validation for the life you've led.
I put my house in a Transfer upon death deed which is legal in a lot of states. It is also called Ladybird deed. I told my kids to get me on Hospice in home.
13:26....slow down and let us look at the title of your book!! Buying and reading this book will give your youtube audience a chance to fully appreciate your wisdom and message. Thnx very much for posting this - you're helping far more people than the number "likes" and "views" represent.
My mother's house, rental properties, bank accounts and stocks are all in my and my sisters names, not my mothers - but we don't even think about it like that. To us, it's only "on paper" and my mother is in complete control of her house, still handles her tenant/rental properties, and I sign a bunch of checks for her to use for whenever she needs to write one. The ONLY reason she did this was to avoid probate, avoid a nursing home taking everything (God forbid that is ever needed), and if she gets sick and can't take care of her affairs, either my sister or I can take over the rental properties, use the money for her care and there won't be the added stress of dealing with the financial and legal issues - we can pay the house bills, any repairs or renovations needed on the rental properties, all seamlessly. My sister and I can just continue handling the tenants/properties, bills and money as co-owners. I don't see how any of this is bad - she did this about 6 years ago and honestly, I don't even think about the fact that I "own" all my mother's stuff.
I am glad to hear there is good kids like you and your sister. Continue being honest forever and Until Eternity, please never change to do bad things👍🏼🌹
@@marceledwards-bayo7066 Same reason my grandmother needed one. When she got Alzheimer's, we moved her into an apartment right in our town so we could help her, then 2 years later when she got much worse we moved her into our house. She lived with us until she started cooking at 3 am, escaping from the house and getting lost, tried to take my dad's car while he was in the bathroom and then didn't recognize us anymore and tried to fight us because she thought we had kidnapped her. After living with us for about 2 years, she needed a specialized Alzheimer's home with 24 hour medical care.
that's not what always happens though. I know someone who had his Mom put her assets in his name, so if she needed to move into an adult care facility then the state would pay the bill. He took care of her for many years, so she could stay in her home after her hsuband passed away. Eventually most people do need to move into an adult care facility in their final year of life, if they live old enough (late 80s/90s). And in those cases, the care facility will take ALL of your assets, even if you only stay there for 6 months to a year before you pass away.
This video came across my feed this morning and I had to watch it because…..I have been considering what are my options are and this video helped considerably. Thanks for your insight and BTW, awesome presentation.
My mother put my oldest brother on the title to her house and payed off his debt. He screwed her over and sold the house on her. She lost everything because of him. Screw this idea it’s a extremely bad idea. Maybe put in to a trust with rules. Try and screw anyone over in the family you lose everything and get nothing ever again.
Sadly I know of too many instances where this happened. I agree, it is a very bad idea to do this. I hope the children that have done this to their parents rot in hell.
Right before my mother passed this guy tricked &married my mother, he ended up keeping the home; kicked us out. Make sure you have the "will" talk asap to protect yourself. Humans will F$@& you over most of the time...
Do everything you can to keep EVERYONE OUT OF NURSING HOMES!! It’s just a fact that NO ONE is going to care for them like people who love them! And worse yet, the abuse is over the top!! If you have to put someone in a nursing home, keep your eyes open and be prepared to have to watch everything every minute of every day because they don’t. Shifts change, people quit, etc., etc. Easier to just keep your family with you if you can. After all, most of them gave up so much for you.
@@c_mac7773 they are living hell. If ppl only knew. The media has purposely marched narrative that elderly are disposable! Kids shows, cartoons, it’s abominable. I pray to God I never end up in one. Bible says, care for your own family. Many countries still do care for own. But America, much as I love it, each has own home, missing on much blessings of multi-generational experience, honor, and just plain rightness. 👍🏼🙏🏼
Well said. I had a business where I served the people who worked there plus became acquainted with the owner. You are absolutely correct. Some were fired for abusing the drugs they keep for those retirees.
@@BlessedBaubles Now that I’m older and wiser I see things differently. I moved out of the house and got an apartment with an older friend when I was 17. We need to stop doing this. I have three daughters and I’ve told them all, you’re not moving out into an apartment, you’re not moving in with a friend, you’re not moving out until you own the place you’re moving into. I will make sure they all have A perfect credit score at 18 and then some. Things I never learned about from my parents. When I say “you are not” doing this you’re not doing that, I do mean just that but you can just come out and say that. The trick is you have to get them to want these things. From a very young age, you don’t want to “make” your kid do their homework, you want to make your kid “want” to do their homework, that’s the difference. We have to teach our kids better. My mother did the best she could but she had three boys she raised on her own with no help from the fathers and no help from the government. She just worked. She worked a full-time job and a part-time second job. Just do better for your family, the younger members and the older ones. Raise better beings. I guarantee my kids will take care of me if needed. 🇺🇸 💪🏻 👊🏻 🤙🏼
I used to drive a School Bus. My Son is Self sufficient and is finishing up this Year's College in Mexhanucal Engeneering. AND will be working full-time this Summer until College begins this Fall.
I am helping my 86 cousin and his son sell his house to the son because he is getting senile and had tenants that I help evict and he wants to let them come back. They took his money, stole his car and destroyed his house. The son finally wants to take care of him. We did a gift of equity and the son paid half to his sister and saved on fighting after Cousin is gone. Worked great.
I was scrolling and came across your vedio.I needed some questions answered and you provided the input that I was in need of. Thank you for sharing. May God bless you and your family.
A friend's Brother, got their Mother to Transfer at least 2 fairly valuable Property's in California. Brother puts the Property in his personal Trust. Leaves the 2 Property's to 2 X Girl Friends. DIES. Cheating the Family of a Portion of the Legacy. "Moral of the Story" DON'T GIVE UP CONTROL
I had a friend whose mother put her lake house in his name when he was18yr old after his father passed. She did it because she didn't want his half-sister getting any of it. Twenty years later his wife divorced him and since Arkansas is a community property state they had to pay her half of the property's value. the house had been paid off for years but they had to take out a loan to pay her off.
Before my cousin’s grandmother past, she started converting her fiat currency into physical silver and gold. She started doing this soon after her husband died... and 17 years later she has amassed over 2000 ounces of Silver and at least another 150 oz in gold! Her estate has no record of the precious metals... but my cousin does😉. No counter party risk with precious metals.
@@sharonmetzner1798 Absolutely not true. I have seen several places online where you can make purchases Completely Anonymous! All they need is an address and payment method. And you could pay them with a money order.
@@sharonmetzner1798 I don't know where you're getting your info, but I don't agree with you. What makes you think a one ounce coin is any different than a one ounce bar? It's the same price from the same business. How do you see something different?
Put in their name is "give". Don't think that this is just a formality. They may or may not let you have it back, or share it with other family members. It's now their choice.
My family had farmland which was rented out. It was owned in name by my grandmother. My mother was an only child who had 5 children. I was one. In the 70's the farm business was incorporated to save on inheritance taxes. The 5 children went on to have children and my mother wanted to give shares to grandchildren, which she did. Terrible decision which should've been nixed by attorney but wasn't. If you have an LLC the best idea is to have as few shareholders as possible. It was a huge, emotional mess for everyone when the decision was made to sell all the land. Parents , don't hold getting money over your children's heads.
My grand mother has 400 acres and with so many grandchildren and people involved she put it in her will to be sold after her death. I have leased the farm to prepare to possibly purchase it when that comes. Considering everyone this was probably the best choice
One more disadvantage to putting income producing assets in your children's name is the potential for increased income taxes each year. If the parent is retired, they may likely have a low (or zero) income tax rate. The children, which may be in their prime working years and peak earning years will likely have a higher income tax rate. These income producing assets (stocks, bonds, CDs, etc) will incur higher annual income tax after being transferred to the children's name. Thanks for the great video.
One great risk not mentioned is the risk of parent(s) and children becoming estranged after the fact. If there was some expectation by the parent(s) or mutual agreement between all parties that the children would act in the best interest of the parent(s) at some point in the future, this could be a source of great remorse for the parent(s). This idea releasing control of your assets to your children is fraught with unknown and/or unanticipated dangers. Enjoyed your explanation.
Happened to us... now we're in the process of changing everything. Google 'going no contact'. It's happening to parents at an alarming rate, over petty reasons, perceived wrongdoings or the slightest infractions.
this is true, especially when a child has no experience with actually being a parent, they have no idea how much love and sacrifice goes into raising a child. Those that are, if they have a good heart, will immediately understand the sacrifices their parents made (I know, not all are good ones! So spare me, I'm talking about the normal good parents out there, the ones that would go through hell and high water for their child)
If your child talked to you about why they were bitter, angry or hurt and you dismissed them you deserve being cut off. Really that simple. I know parents that can take the brunt of the words their children have said and even went to get help in therapy and their relationships are much better
Narcissistic parents who enable and control their children with money do not understand that the child wants their presence, not their presents. I went no contact after lifelong attempts of trying to be seen, heard, and loved for me, not because I am their scapegoat. I wanted a father, not a bank. It is agonizing that your only worth to them is being a tax write off.
Best thing I ever saw. A fiesty friend of mine, his mother died. Mom owned the family farm.. The will was simple everything goes to auction. I went to the 3 ring auction. The house, the contents, tractors, scrap metal, everything. At the end of the day all the kids subtracted their purchases from the proceeds and got what they wanted and cash at market value. It was quick, effortless on their part. No hard feelings. It was brilliant.
My Father put his estate in one siblings name for the reasons you mentioned. The stipulation in good faith was the sibling was supposed to split it evenly between all the other siblings. Guess what happened. The sibling KEPT everything including bank accounts and the whole ball of wax to the tune of 600k. No one speaks to the sibling anymore. Blind trust ended up causing sibling to be rejected by the other siblings and a loss of assets
@@anncochenour9920 Attorneys set up whatever system their client wants from them. They may outline the possible negatives to their client. Maybe not, if their client is clearly hard-headed. As to making someone's life pure hell, there are laws to prevent you from doing so. A restraining order is nothing to ignore or play with. He, or she, who gets the last laugh may not be you. Karma doesn't always work in your favor. Be prepared to live with that FACT.
We have (middle class) friends who put their home (their only asset) in their granddaughters name when they bought it. I felt like what a burden to the child when will receive the Property tax burden down the road...OR if as a teenage girl down the road who is going through her bad teenage years.....and kicks her out of the home!
I think the main reason to put your house in your kids name is, if u stay in the hospital for more than 30 days, they put a lien on that house. And now they go way back to check for title transfer. Used to be one year, but they changed that.
I know a local attorney who always titled his vehicles in his MINOR kids names. He said by titling the vehicles in his minor children's names was to avoid potential lawsuits should he ever get into an accident. HE said you can't sue a minor and that provided him protection by having his vehicles titled in their name. If you have minor children there can be advantages by titling certain property in their name. Once they are 18 or older then that advantage is gone.
@@sherryhillman9197 It is legal. A minor cannot be held liable to any contract, but you can put property in their name. They just can't be a party to any contract. Titling property in the name of a minor is not a contract.
That's why it's important to teach kids in early age to be financially literate, know how to save and invest by this when they grow old they know how to protect and grow the money inherited from parents
Unfortunately, it takes both parents to teach these things to kids. I wish it were up to only ONE parent to teach these to the kid. Kids are not taking it seriously if one parent is preaching but the other one undoing that preaching.
It's even more important to teach people to do unto others as it is your desire to do unto you. Children brought up emotionally intelligent will be willing to open up to the facts of life without prejudice and bias.
I was 19 and my sister was 17 when our mom died. She bought a house a few years before she died. I wish she would have put it in our name. It may have saved it for us. Patents get a Will so if something does happen your kids will have something to start their life with.
Excellent video. Estate Planning lawyers tend to concentrate on keeping assets out of probate. We should also think about the consequences of each option for handling non-probate assets. Thank you for a very informative and insightful video.
Thank you for sharing this! You popped up into my feed today for the first time. I think this is the 4th video I've watched. Lol! Great info everyone should have, but people seldom want to talk about.
I don't have any inhetitance from parents. Now, i am married. My husband and I were able to buy 3 parcels of land. Is it better to put these properties in the children's or each parcel to each child. We have 3 sons.i understood your lecture. You are very eloquent.
Why not make a Transfer on Death document that gives each of the three children a single property each AFTER your deaths. How to pick which property goes to which after your death (and that of your husband, currently also an owner) is up to you and your husband. Committee meeting where each makes their choice? Or, randomly picking property names out of a hat. Are all properties of equal value now? If not, any real cash left over in the estate might need to be unequally divided to even things out. Explain that somewhere VERY CLEARLY or someone's feelings will be hurt, for SURE.
13:07 I've got 5 great kid's. But you got to be crazy if you think, I'm gonna take everything I own, and just put it in there name one day, because I don't want them to have to go through probate.😂 That is funny as heck. Thank you. I love your honesty. 😂😇🙏👍
I know a man who put the assets on the moocher’s names and regrets dearly. The man wants to go about his life and has no money left to do it. Who’s fault? The enabler father, of course!
If you give money to young children, when they go to college all that money will be looked on as if it is theirs and is expected to be used up prior to any loans, grants or some scholarships that might be available to them. This also applies to moneys in educational accounts, set up by many states. Children will loose free or low interest funds they might be entitled to if they did not have those accounts.
I know of a lady that put her house in their son’s name and the he kicked her out of the house and he moved in. He left his mother with nothing and homeless. It was so heartless. But there was nothing the mother could do because the house was in her sons name.
Don't forget the crooked lawyer angle! Not implying that you are, you seem fair. My aunt passed on with an estate worth about 1.5 million. Everything was well planned out with different assets going to whom she wanted, as much as she wanted. No one contested anything. To date the lawyer has charged over 80k in billable hours when we finally said enough is enough! We had to finalize the estate ourselves as they refused to answer any more calls when we turned off the spigot. There was no real estate involved other than the pittance the assisted living company returned to the estate. I can only imagine how much these crooks fleeced her for over the years! They charged her 15 k to make a change to her will when my father passed before her, as he was the initial executor. In New York financial planning means "we are planning on stealing your finances!"
My grandma put my great grandparents house in my dad and her names (it was in her name first. She had inherited it), which my dad (when he got divorced) moved onto the property, and then he got married again about 5 years later. When my dad got divorce again, his ex-wife couldn't touch the property, because it wasn't just in his name. He wasn't sole owner of it. Thankfully, my grandma didn't trust my dad enough to leave the house in just his name. Also, if she had to go into a nursing home, the house wasn't just in her name either. The nursing home or any other bill collectors couldn't touch the home. She wasn't sole owner of it either. Which later, I ended up living on the property, and still do. I inherited it from my grandma, because my dad got sick and passed away back in 2002. Because of my grandma Not signing it over to just my dad, I am now able to leave the property to my son, who would be the 5th generation to own the property, and his children will inherit it from him. Also, my better half, when his mom first got sick with cancer, his parents put their house in his name so that his parent couldn't be sued and then forced to sell the house to pay for the bills.
Isn’t it true too that if you end up needing to go in a nursing home and you are essentially broke having protected all your assets by giving it to your children five years ago, you likely will not get to choose one of the nicer facilities? I think there is a formula the nursing home does looking at your possible life expectancy and net worth to calculate whether you will be affordable (or even profitable) for them to take on as a resident. This could be another reason to at least not give it all away.
My Uncle did that with my grandparents and walked away with everything. He wound up putting my grandparents in social security nursing homes. SOB. My dad was in a different state and couldn’t do anything.
Lawyers in collection agencies are loving this because I saw once a month deeds coming to the collection agency to cover for nursing home when I lived in florida All those people loss their life savings just like that Until medicaid will hit only after the last penny of the house is taken by the nursing home
All fine and good, and great info, but for those stuck in government dependence trap, they aren’t allowed to have a dang thing , or they get slapped hard! That’s why they call it a trap. That’s government for you! Anyone with any kind of money, there are so many rules and laws, they’ll HAVE to get an attorney these days. Attorney... still seems the best profession. They are always making money! Bless this man for his info. He seems very kind and genuine.
Now, This is the best videos!!!!! I ask my financial adviser a Question, And, oh that’s a question an accountant. I ask the accountant, oh that’s a question for a Lawyer!! What to make of that?? I appreciate. Thanks 🙏
My grandfather put his house in my name when I was small and no one ever told me about it until after he passed. I thought that was a smart way of doing it.
You need to watch the vid more closely. You lost the stepped up cost basis so that if you ever sell the house, you'll pay more taxes. Had your grandfather kept the house in his name, you would pass less taxes.
@@donlibes Actually, this was many years ago. I was young and unemployed at the time. I sold the house immediately and didn't pay a dime in taxes. It worked out well for me.
In Ohio, leaving a big asset like a house via TOD (Transfer on Death) is a way to directly hand an asset to a child. It can also be done on big ticket items like vehicles. As an only child, I inherited my parent's house this way and it totally bypassed the need for going through probate. Also, in Ohio if you inherit a property either before, during or after a marriage? Your spouse is not entitled to any part of that property. My wife of 28 years left me thinking she'd get "half" of the house I had inherited and was upset to find out she was not entitled to any of it. Of course, insurance and Roth accounts have better tax consequences than say a 401K.
If your kids are law abiding, don't incur debt it's a plus but there are lrequirements as to how many years prior to any long term admission facility. Some states are ten years.
If a parent puts a residence in their kids’ names and the kids sell the residence years later, won’t the kids then owe capital gains tax if the asset appreciated?
I’m learning so much. I think the first thing is to know how much you can own in your state. I am looking at a on line help do it your self. That means I need to know. My sister and a friend paid about $5,000 for their trust and friends hubby died and she didn’t have a couple of things in her name and they weren’t in the trust said she had to go to probate and knew nothing about estate had to pay lawyer to help her.why? Then my sister had her after I was asking her questions didn’t know anything and then found out she paid and thought it was done found out nothing was in her trust she didn’t do anything not even how to distribute. So she’s taking care of that and she’s paying. People need to get check list find out total tax and 🎉expenses such as notary and certificates but I mean who ever they hire needs to inform them. How do we find someone who dose that in our state of California can you do and if we learn read your books can we get self help or should we pay a large fee for lawyer I know another who did trust and had no problem and doesn’t have to talk to a lawyer. How do we get that? How can this be more affordable to take care of your assets when you need a trust?
At least put one of your kids on your checking account!!! My mother just passed and she recently put a lot in her checking account, but didn't put my name on it. Thankfully they didn't bounce the funeral check!!! As my POA ended when she died. We had to pay for a couple of funeral dinners out and had to pay for her to move out clean out of pocket. And it made me limited with what I could do. I never spent any on myself. It's good to be frugal, but my mother was so controlling, it backfired. My husband paid for the move out clean and some funeral expenses out of his own pocket. What if I didn't have him? I'm on disability.Thankfully, she was only in a home for a month. She could have lost her life savings.Mykids who are well off and getting one third of the estate didn't pay for any of those expenses.
Great info. I was an only child. I was blessed with frugal parents that worked hard at good paying jobs. We did have a will but I didn't use it. I was beneficiary on their investments, had rights to survivorship on their home, was on their bank account. Took the best care of them possible. Miss them terribly.
God will bless and reward you for that!
Not anymore with joe
Good work,,,,, it’s call karma,,,,taking care of the parents always brings good luck....
@@mariecameau4257 right and what he is doing is wrong. Those that have worked hard and saved her treated poorly. My parents didn't want to be dependent upon the government or a burden to me so they saved for old age. They helped both my grandmothers when they became widows. My mother was an only child so there my parents were all that her mother had to help her. My dad's mother had 5 kids but only 2, my dad and 1 brother helped her financially. Dad told.me in his last years he tried to keep mother and him out of the soup lines. He also said he didn't want her to have to remarry someone just to take care of her if he died before her. They were both very responsible people. I was blessed to have wise parents. I didn't have to worry about hiring help when they needed it because they had prepared. Took a lot of burden off me.
God bless you
This is what they should be teaching kids in school!!!
Life finances!!!
They don't want you educated.
I could not agree with you more Aaron, the irony being the biggest complaint kids have is ‘I’ll never use this stuff in real life”
Yet, they don’t teach the life skills they need to just function correctly in ‘real life’
I know a gentleman that teaches his children about saving and investing. Today his 22 yr old has saved $25k. The 21 yr old has 22k in savings and the 18 year old has saved less. Let's face it, not all children listen.
Life lesson is for parents to teach and manage their children's lives into adulthood.
You are so right !!
Ive said for years there should be a class in first year highschool to teach them all the ins and outs of having money.
I know of someone who stole their fathers assets after his death and left their siblings hanging with ZERO. When asked about what happened, they become super defensive. Greed is real.
My parents put their assets in all six of us siblings names and now that they have passed, it’s a nightmare because selling the 400 acres & household items must be agreed upon by all six to get anything done.!! Horrible shit-storm
Sounds good to me.... They know exactly what they did, keep it in the family, PASS IT DOWN TO YOUR KIDS instead of selling... there's a reason it's called GENERATIONAL WEALTH.
It is a lot of fun to fight for
My parents planned everything decades ago and continued to update regularly. Before each vacation overseas, my brother and I were given the "update" on the plans "should something happen". Needless to say, I hated whenever they told us they were planning another vacation.
But my brother passed away from cancer and my parents had to change the planning accordingly. My brother had not updated his will in almost 20 years (and had 2 children since).
SERIOUS ADVICE! You really know how people (including close family) are when someone passes away and my parents realized that. They had to change their planning again because of what transpired.
Plan and update regularly!!!
I’m am an attorney for over 30 years. I don’t practice estate law and and am surprised of how badly informed I was. Thanks.
My husband died a year ago, and i have no knowledge of how to do things. I gave birth to 3 daughters. The first one, died of cancer, at the age of 39. The second one has disowned me as her mother. My youngest daughter has, the brains, and has helped me through everything. I have my life insurance, and bank account, with her on it, She is my executor, beneficiary, everything. I only trust HER with everything. But listening to you has been very helpful, as to what i need to get on paper. Thank you so much!
My Grandfather put all of his assets into a Living Trust. When he died my uncle, as the executor, took control and distributed the assets per grandfather's wishes. It was really easy. A little bit of paperwork needed to be filed and that was it. No probate. Trust was setup in Nevada. Sounds like a living trust is the way to go.
You have a normal family. That's rare anymore
excellent Presentation!
Gotta be nuts to transfer assets to children. Kids don't love their parents the way parents love their children. You may have raised them right but you didn't raise your son/daughter in law, and its usually the in laws who married into money who have dollars signs in their eyes. Trusts are a much better alternative, and if you're balking at the price of a Trust, you'll choke on what happens if you don't.
As long as the “ trust” is handled by a trust worthy attorney 😱
Exactly
Ha ha you took the words right out of my mouth! Children can be persuaded to participate in your demise or coerced. There are devious individuals who will stop at nothing for $$
@@juliebergacker5680 a living trust us different than a land trust.
A land trust is best for this scenario and it’s handled by the trustee not the attorney
For real. These kids aren’t loyal.
It should be noted that while the Federal estate tax cutoff is (this week) at 11.something million, there are some states that have MUCH lower limits, which makes the gifting "thing" a consideration at estate values less than the federal threshold. My home state (Oregon) for example has an estate tax that ranges from 10-16%% on estates worth $1 million or more, which isn't hard to exceed if you own a house in one of the major metropolitan areas and have saved much of anything for retirement...
I am starting to understand why retirees sell everything and live it up in retirement
Better put them in both of your names and your kids because I've been on calls where kids are kicking their parents out after their names are on it
I know someone that happened to. Her husband put $30,000 into a house for the parents to live in with their oldest child. Child was making mortgage payments. Father died, child got married about a year later then the mom found herself put out.
-Better consult with an estate / family law attorney, to get the best advice on how to do this....
That’s what I call ungrateful, rotten kids. The kids are only thinking of themselves. Greedy brats.
Some lawyers want to be power of attorney and they can get 10% of the estate automatically no matter who is left to
Don’t let them know that their names are on it!! Simple!!
My friend put her house in her sons name giving time for her to hopefully live the 7 years to mitigate IHT. However, after a couple of years, his sole trader business failed he was forced into bankruptcy and as his mums home was essentially his 2nd home, a sale of it was forced to cover his debts and she became homeless! Beware folks!
Should of formed an LLC.
Oh wow
@@pibblesnbits especially with something like a trading business, I would not want that to be directly tied to my personal finances at all
Wow! Invaluable info. Thank you
I had a friend who basically experienced the same. Mother transferred the home to her and her husband. Husband’s restaurant business went belly-up. They lost the home!!!
This channel is so helpful. I've been watching a lot of your probate videos and when I went to go hire a lawyer the lawyer was impressed with everything I knew. These videos are extremely helpful.
Your smile brought me here. This info will keep me coming back for more. My father didn't leave a Will. As a Marine, he was very responsible. I'm surprised and shocked and now we might lose the house because he was ill the last months better he died so there wasn't time to "get his affairs in order"🥺
My aunt's house got put in her son's name. Well...him and his wife wanted to sell the house and move somewhere else. My aunt wanted to stay in her home she was in for years. She ended up having to scramble and buy her house back from her own son. She suffered emotional stress etc.. The judge had to side with her son because of the legal documents. Her son was a lawyer! The judge ruled in his favor to sell the house but told him he was a wrotten person. Karma got him. His wife died young of pancreatic cancer. Don't put your home in your kid's names.
rotten NOT wrotten
That is Not right selfish son!
I don't think I'd want to put my assets in my children's name.
Thank you for helping me with this information.
You mention not worrying about Federal estate tax if estate under 11M. But states may also tax the estate. In IL estaes over 4M are taxed. One gotta check estate tax for their state as we ll.
If only i had parents who could have put something in my name, or left something of value. i would have treasured it. Some ppl really jus live for themselves!😐
And some people live off of others.
Your parents owed you nothing. Make your own way in life, like they had to do, by standing on your own two feet, not others!
Holy smokes! The last few seconds read my mind. Giving some $$$ to the kids, nieces, nephews and seeing their best efforts to capitalize on it in a trustworthy/ responsible way is great entertainment and validation for the life you've led.
What if you watch them fail? How would you feel then?
I put my house in a Transfer upon death deed which is legal in a lot of states. It is also called Ladybird deed. I told my kids to get me on Hospice in home.
13:26....slow down and let us look at the title of your book!! Buying and reading this book will give your youtube audience a chance to fully appreciate your wisdom and message. Thnx very much for posting this - you're helping far more people than the number "likes" and "views" represent.
My mother's house, rental properties, bank accounts and stocks are all in my and my sisters names, not my mothers - but we don't even think about it like that. To us, it's only "on paper" and my mother is in complete control of her house, still handles her tenant/rental properties, and I sign a bunch of checks for her to use for whenever she needs to write one. The ONLY reason she did this was to avoid probate, avoid a nursing home taking everything (God forbid that is ever needed), and if she gets sick and can't take care of her affairs, either my sister or I can take over the rental properties, use the money for her care and there won't be the added stress of dealing with the financial and legal issues - we can pay the house bills, any repairs or renovations needed on the rental properties, all seamlessly. My sister and I can just continue handling the tenants/properties, bills and money as co-owners. I don't see how any of this is bad - she did this about 6 years ago and honestly, I don't even think about the fact that I "own" all my mother's stuff.
Your mother did everything in order and raised good kids. God bless you
I am glad to hear there is good kids like you and your sister. Continue being honest forever and Until Eternity, please never change to do bad things👍🏼🌹
Why would she need a nursing home with all this money and so call good kids 🤔🤔🤔
@@marceledwards-bayo7066 Severe Alzheimer's, stroke causing complete paralysis, coma, needing palliative medical care... we are not a hospital.
@@marceledwards-bayo7066 Same reason my grandmother needed one. When she got Alzheimer's, we moved her into an apartment right in our town so we could help her, then 2 years later when she got much worse we moved her into our house. She lived with us until she started cooking at 3 am, escaping from the house and getting lost, tried to take my dad's car while he was in the bathroom and then didn't recognize us anymore and tried to fight us because she thought we had kidnapped her. After living with us for about 2 years, she needed a specialized Alzheimer's home with 24 hour medical care.
My friend put her house and property in the kids name. He put her in the nursing home and moved in that weekend. I think she died of a broken heart
Wow, despicable
that's not what always happens though. I know someone who had his Mom put her assets in his name, so if she needed to move into an adult care facility then the state would pay the bill. He took care of her for many years, so she could stay in her home after her hsuband passed away. Eventually most people do need to move into an adult care facility in their final year of life, if they live old enough (late 80s/90s). And in those cases, the care facility will take ALL of your assets, even if you only stay there for 6 months to a year before you pass away.
Not possible. Has to be five years.
@@sanansa4567 I hope you are wrong about the care facility being able to take all of someone's assets even if they don't stay there long.
That is so evil and heartbreaking.
I like that the RUclips algorithm is protecting million dollar blessings into my future by recommending this.
When you put it in your kids name... it’s no longer yours. 😱
Genius
This video came across my feed this morning and I had to watch it because…..I have been considering what are my options are and this video helped considerably. Thanks for your insight and BTW, awesome presentation.
My mother put my oldest brother on the title to her house and payed off his debt. He screwed her over and sold the house on her. She lost everything because of him. Screw this idea it’s a extremely bad idea. Maybe put in to a trust with rules. Try and screw anyone over in the family you lose everything and get nothing ever again.
Sadly I know of too many instances where this happened. I agree, it is a very bad idea to do this. I hope the children that have done this to their parents rot in hell.
I am truly sorry to see that happening to you, that is pure evil! Just said a prayer for you. God bless you!
wow unbelievable, i could never do that to my mother.
Right before my mother passed this guy tricked &married my mother, he ended up keeping the home; kicked us out. Make sure you have the "will" talk asap to protect yourself. Humans will F$@& you over most of the time...
Wtf? That’s bad!
Do everything you can to keep EVERYONE OUT OF NURSING HOMES!! It’s just a fact that NO ONE is going to care for them like people who love them! And worse yet, the abuse is over the top!! If you have to put someone in a nursing home, keep your eyes open and be prepared to have to watch everything every minute of every day because they don’t. Shifts change, people quit, etc., etc. Easier to just keep your family with you if you can. After all, most of them gave up so much for you.
Some of the worst places I’ve ever seen. Unless you can afford the ones that are literally 5 6 thousand a month, do not do it if you love this person.
@@c_mac7773 they are living hell. If ppl only knew. The media has purposely marched narrative that elderly are disposable! Kids shows, cartoons, it’s abominable. I pray to God I never end up in one. Bible says, care for your own family. Many countries still do care for own. But America, much as I love it, each has own home, missing on much blessings of multi-generational experience, honor, and just plain rightness. 👍🏼🙏🏼
For those who have a single level home that is safe for their parent and a spouse or adult kids who can help that's the way to go
Well said. I had a business where I served the people who worked there plus became acquainted with the owner. You are absolutely correct. Some were fired for abusing the drugs they keep for those retirees.
@@BlessedBaubles Now that I’m older and wiser I see things differently. I moved out of the house and got an apartment with an older friend when I was 17. We need to stop doing this. I have three daughters and I’ve told them all, you’re not moving out into an apartment, you’re not moving in with a friend, you’re not moving out until you own the place you’re moving into. I will make sure they all have A perfect credit score at 18 and then some. Things I never learned about from my parents. When I say “you are not” doing this you’re not doing that, I do mean just that but you can just come out and say that. The trick is you have to get them to want these things. From a very young age, you don’t want to “make” your kid do their homework, you want to make your kid “want” to do their homework, that’s the difference. We have to teach our kids better. My mother did the best she could but she had three boys she raised on her own with no help from the fathers and no help from the government. She just worked. She worked a full-time job and a part-time second job. Just do better for your family, the younger members and the older ones. Raise better beings. I guarantee my kids will take care of me if needed. 🇺🇸 💪🏻 👊🏻 🤙🏼
I used to drive a School Bus. My Son is Self sufficient and is finishing up this Year's College in Mexhanucal Engeneering. AND will be working full-time this Summer until College begins this Fall.
I am helping my 86 cousin and his son sell his house to the son because he is getting senile and had tenants that I help evict and he wants to let them come back. They took his money, stole his car and destroyed his house. The son finally wants to take care of him. We did a gift of equity and the son paid half to his sister and saved on fighting after Cousin is gone. Worked great.
That’s a lot of cousins. I only have 3
I was scrolling and came across your vedio.I needed some questions answered and you provided the input that I was in need of. Thank you for sharing. May God bless you and your family.
A friend's Brother, got their Mother to Transfer at least 2 fairly valuable Property's in California.
Brother puts the Property in his personal Trust.
Leaves the 2 Property's to 2 X Girl Friends.
DIES. Cheating the Family of a Portion of the Legacy.
"Moral of the Story"
DON'T GIVE UP CONTROL
Boy, you got this right👍😱😱😱
How about,... Don’t DIE ???
Many People somehow think they will Never Die.
Probate Attorneys Love you guys.
What happened to the children?
I had a friend whose mother put her lake house in his name when he was18yr old after his father passed. She did it because she didn't want his half-sister getting any of it. Twenty years later his wife divorced him and since Arkansas is a community property state they had to pay her half of the property's value. the house had been paid off for years but they had to take out a loan to pay her off.
A trust fund, with strict stipulations is the way to do it! Kids seem awfully greedy, and entitled these days!!
Kids are not entitled and greedy, dear, people are.
Before my cousin’s grandmother past, she started converting her fiat currency into physical silver and gold. She started doing this soon after her husband died... and 17 years later she has amassed over 2000 ounces of Silver and at least another 150 oz in gold!
Her estate has no record of the precious metals... but my cousin does😉.
No counter party risk with precious metals.
You can’t buy silver or gold without it being reported by the company you buy it from
@@sharonmetzner1798 do you have to hug silver and gold from companies?
Just curious
@@sharonmetzner1798 Absolutely not true. I have seen several places online where you can make purchases Completely Anonymous! All they need is an address and payment method. And you could pay them with a money order.
@@hilltopgypsy if it’s coins yes but absolutely not bars
@@sharonmetzner1798 I don't know where you're getting your info, but I don't agree with you. What makes you think a one ounce coin is any different than a one ounce bar? It's the same price from the same business. How do you see something different?
It's obvious through these discussions we have a cunning enemy stealing our money!
Put in their name is "give". Don't think that this is just a formality. They may or may not let you have it back, or share it with other family members. It's now their choice.
My family had farmland which was rented out. It was owned in name by my grandmother. My mother was an only child who had 5 children. I was one. In the 70's the farm business was incorporated to save on inheritance taxes. The 5 children went on to have children and my mother wanted to give shares to grandchildren, which she did. Terrible decision which should've been nixed by attorney but wasn't. If you have an LLC the best idea is to have as few shareholders as possible. It was a huge, emotional mess for everyone when the decision was made to sell all the land. Parents , don't hold getting money over your children's heads.
AMEN. It’s a losing battle for everyone.
Cookie(s u
My grand mother has 400 acres and with so many grandchildren and people involved she put it in her will to be sold after her death. I have leased the farm to prepare to possibly purchase it when that comes. Considering everyone this was probably the best choice
Love your channel thx for taking your time out to give Us FREE ADVICE
Excellent seminar. I hope you did one on the different types of trusts.
One more disadvantage to putting income producing assets in your children's name is the potential for increased income taxes each year. If the parent is retired, they may likely have a low (or zero) income tax rate. The children, which may be in their prime working years and peak earning years will likely have a higher income tax rate. These income producing assets (stocks, bonds, CDs, etc) will incur higher annual income tax after being transferred to the children's name. Thanks for the great video.
One great risk not mentioned is the risk of parent(s) and children becoming estranged after the fact. If there was some expectation by the parent(s) or mutual agreement between all parties that the children would act in the best interest of the parent(s) at some point in the future, this could be a source of great remorse for the parent(s). This idea releasing control of your assets to your children is fraught with unknown and/or unanticipated dangers. Enjoyed your explanation.
Happened to us... now we're in the process of changing everything. Google 'going no contact'. It's happening to parents at an alarming rate, over petty reasons, perceived wrongdoings or the slightest infractions.
this is true, especially when a child has no experience with actually being a parent, they have no idea how much love and sacrifice goes into raising a child. Those that are, if they have a good heart, will immediately understand the sacrifices their parents made (I know, not all are good ones! So spare me, I'm talking about the normal good parents out there, the ones that would go through hell and high water for their child)
If your child talked to you about why they were bitter, angry or hurt and you dismissed them you deserve being cut off. Really that simple. I know parents that can take the brunt of the words their children have said and even went to get help in therapy and their relationships are much better
Narcissistic parents who enable and control their children with money do not understand that the child wants their presence, not their presents. I went no contact after lifelong attempts of trying to be seen, heard, and loved for me, not because I am their scapegoat. I wanted a father, not a bank. It is agonizing that your only worth to them is being a tax write off.
In Kentucky the immediate children are excluded from any kind of tax if they are left their parents property
Although you may avoid Federal estate taxes you may still be subject to State estate taxes. My state has a much lower wealth threshold.
Best thing I ever saw. A fiesty friend of mine, his mother died. Mom owned the family farm.. The will was simple everything goes to auction. I went to the 3 ring auction. The house, the contents, tractors, scrap metal, everything. At the end of the day all the kids subtracted their purchases from the proceeds and got what they wanted and cash at market value. It was quick, effortless on their part. No hard feelings. It was brilliant.
My Father put his estate in one siblings name for the reasons you mentioned. The stipulation in good faith was the sibling was supposed to split it evenly between all the other siblings. Guess what happened. The sibling KEPT everything including bank accounts and the whole ball of wax to the tune of 600k. No one speaks to the sibling anymore. Blind trust ended up causing sibling to be rejected by the other siblings and a loss of assets
This is sad my parents have done this and I know upon my Dads death what I am suppose to do. Greed is a big thing.
An attorney would of not let him get away with that. I’d make his life a living hell. He’d be glad to split when I got done with him.
The selfish greedy sibling caused the other siblings to reject the sibling. Not the blind trust. Sad.
@@anncochenour9920 Attorneys set up whatever system their client wants from them. They may outline the possible negatives to their client. Maybe not, if their client is clearly hard-headed. As to making someone's life pure hell, there are laws to prevent you from doing so. A restraining order is nothing to ignore or play with. He, or she, who gets the last laugh may not be you. Karma doesn't always work in your favor. Be prepared to live with that FACT.
State Inheritance tax like Nebraska’s is outrageously high it’s no wonder why kids have to sell the farm to pay all the taxes
We have (middle class) friends who put their home (their only asset) in their granddaughters name when they bought it. I felt like what a burden to the child when will receive the Property tax burden down the road...OR if as a teenage girl down the road who is going through her bad teenage years.....and kicks her out of the home!
Poor mans way of handling inheritances without lawyers must be
Hello Donna 😊
If the girl ever needs to apply for something like financial aid for school she might not get any due to having an asset like that.
I think the main reason to put your house in your kids name is, if u stay in the hospital for more than 30 days, they put a lien on that house. And now they go way back to check for title transfer. Used to be one year, but they changed that.
Gosh! you forgot the number 5 is the most important. " Put assets into your kids names" to prevent wife or husband to take it all.
Or the government!
@lili shyta damn
That should be number 2
lili shyta I might know that guy but could not be their friend.
You're better off loaning it your children with a financial agreement saying they can pay a dollar a week upon death it's automatically there's
I know a local attorney who always titled his vehicles in his MINOR kids names. He said by titling the vehicles in his minor children's names was to avoid potential lawsuits should he ever get into an accident. HE said you can't sue a minor and that provided him protection by having his vehicles titled in their name. If you have minor children there can be advantages by titling certain property in their name. Once they are 18 or older then that advantage is gone.
Not all states let you do that anymore. In indiana you have to be over 18 to title a car
How can he do that when they are minors? I wouldn’t think that is legal.
@@sherryhillman9197 It is legal. A minor cannot be held liable to any contract, but you can put property in their name. They just can't be a party to any contract. Titling property in the name of a minor is not a contract.
That's why it's important to teach kids in early age to be financially literate, know how to save and invest by this when they grow old they know how to protect and grow the money inherited from parents
Unfortunately, it takes both parents to teach these things to kids. I wish it were up to only ONE parent to teach these to the kid. Kids are not taking it seriously if one parent is preaching but the other one undoing that preaching.
It's even more important to teach people to do unto others as it is your desire to do unto you. Children brought up emotionally intelligent will be willing to open up to the facts of life without prejudice and bias.
Thanks! That was my intro to this aspect of estate management. I appreciate you work and advice!
The best video on estate planning that I have heard, thanks.
I was 19 and my sister was 17 when our mom died. She bought a house a few years before she died. I wish she would have put it in our name. It may have saved it for us. Patents get a Will so if something does happen your kids will have something to start their life with.
You make real sense,keep up the GOOD word.
Excellent video. Estate Planning lawyers tend to concentrate on keeping assets out of probate. We should also think about the consequences of each option for handling non-probate assets. Thank you for a very informative and insightful video.
Thank you for starting your show. Great information
Hello Andrea 😊
Thank you for sharing this! You popped up into my feed today for the first time. I think this is the 4th video I've watched. Lol! Great info everyone should have, but people seldom want to talk about.
Hello Swift's😊
Mamacita
Glad that this video popped up in my feed, very informative and new subscriber!!🙌🏽
I don't have any inhetitance from parents. Now, i am married. My husband and I were able to buy 3 parcels of land. Is it better to put these properties in the children's or each parcel to each child. We have 3 sons.i understood your lecture. You are very eloquent.
Thanks for your kind comments ZB! 👍. That’s a personal decision 🤔
Why not make a Transfer on Death document that gives each of the three children a single property each AFTER your deaths. How to pick which property goes to which after your death (and that of your husband, currently also an owner) is up to you and your husband. Committee meeting where each makes their choice? Or, randomly picking property names out of a hat. Are all properties of equal value now? If not, any real cash left over in the estate might need to be unequally divided to even things out. Explain that somewhere VERY CLEARLY or someone's feelings will be hurt, for SURE.
I think it depends on the type of kids you have. Some will just sell your stuff
Thank you for this. My parents did this with their house and they don’t have a will and say this is all that needs to be done but it makes me nervous.
You should set your parents up with a good financial advisor.
Sounds like your parents try to keep it simple.
13:07 I've got 5 great kid's. But you got to be crazy if you think, I'm gonna take everything I own, and just put it in there name one day, because I don't want them to have to go through probate.😂 That is funny as heck. Thank you. I love your honesty. 😂😇🙏👍
I know a man who put the assets on the moocher’s names and regrets dearly. The man wants to go about his life and has no money left to do it. Who’s fault? The enabler father, of course!
What about putting assets in multiple LLC's that the parents and kids have access to?
Was I the only one that read that title “put assets in kids names” and started listing off names… Ryan Assets, Justin Assets, Amanda Assets.
Thank-you sir, you gave me some great, timely advice! Much appreciated!
Good comments, good value! Thanks for the video.
God willing I will bless my kids and family with a generous inheritance 🙏
If you give money to young children, when they go to college all that money will be looked on as if it is theirs and is expected to be used up prior to any loans, grants or some scholarships that might be available to them. This also applies to moneys in educational accounts, set up by many states.
Children will loose free or low interest funds they might be entitled to if they did not have those accounts.
I want more advice on this .Can u please direct me to the right website source , such based on a particular scenario i can understand.
Very informative and well presented. Don’t change your presentation style. Thank you for sharing your knowledge.
I know of a lady that put her house in their son’s name and the he kicked her out of the house and he moved in. He left his mother with nothing and homeless. It was so heartless. But there was nothing the mother could do because the house was in her sons name.
Don't forget the crooked lawyer angle! Not implying that you are, you seem fair. My aunt passed on with an estate worth about 1.5 million. Everything was well planned out with different assets going to whom she wanted, as much as she wanted. No one contested anything. To date the lawyer has charged over 80k in billable hours when we finally said enough is enough! We had to finalize the estate ourselves as they refused to answer any more calls when we turned off the spigot. There was no real estate involved other than the pittance the assisted living company returned to the estate. I can only imagine how much these crooks fleeced her for over the years! They charged her 15 k to make a change to her will when my father passed before her, as he was the initial executor. In New York financial planning means "we are planning on stealing your finances!"
My grandma put my great grandparents house in my dad and her names (it was in her name first. She had inherited it), which my dad (when he got divorced) moved onto the property, and then he got married again about 5 years later. When my dad got divorce again, his ex-wife couldn't touch the property, because it wasn't just in his name. He wasn't sole owner of it.
Thankfully, my grandma didn't trust my dad enough to leave the house in just his name. Also, if she had to go into a nursing home, the house wasn't just in her name either. The nursing home or any other bill collectors couldn't touch the home. She wasn't sole owner of it either.
Which later, I ended up living on the property, and still do. I inherited it from my grandma, because my dad got sick and passed away back in 2002.
Because of my grandma Not signing it over to just my dad, I am now able to leave the property to my son, who would be the 5th generation to own the property, and his children will inherit it from him.
Also, my better half, when his mom first got sick with cancer, his parents put their house in his name so that his parent couldn't be sued and then forced to sell the house to pay for the bills.
So you will have your name & your son together. (not just your son's name). ♡
Wow this is an under rated channel! Very good advice! Thank you!
Isn’t it true too that if you end up needing to go in a nursing home and you are essentially broke having protected all your assets by giving it to your children five years ago, you likely will not get to choose one of the nicer facilities? I think there is a formula the nursing home does looking at your possible life expectancy and net worth to calculate whether you will be affordable (or even profitable) for them to take on as a resident. This could be another reason to at least not give it all away.
My Uncle did that with my grandparents and walked away with everything. He wound up putting my grandparents in social security nursing homes. SOB. My dad was in a different state and couldn’t do anything.
He will have to answer to God one day.
Never ! Your kids can get greedy and make you lose everything .
Never 👎
Really good information. Wish you were in Washington.
Why would you wish that on anybody anymore? Maybe 40 yrs ago it was a great place to live.
Lawyers in collection agencies are loving this because I saw once a month deeds coming to the collection agency to cover for nursing home when I lived in florida
All those people loss their life savings just like that
Until medicaid will hit only after the last penny of the house is taken by the nursing home
Excellent info explained in a way I can actually understand! Thank you!
Thanks for sharing.
Super informative. I didn't realize this was not the best idea.
Great info! Glad I ran across this channel.
Hello Googie😊
All fine and good, and great info, but for those stuck in government dependence trap, they aren’t allowed to have a dang thing , or they get slapped hard! That’s why they call it a trap. That’s government for you!
Anyone with any kind of money, there are so many rules and laws, they’ll HAVE to get an attorney these days.
Attorney... still seems the best profession. They are always making money!
Bless this man for his info. He seems very kind and genuine.
This was goooooood....thank you greatly for this valuable info💃🏿💃🏿💃🏿💃🏿💃🏿🎯 Just subscribed
Me too!
Now, This is the best videos!!!!!
I ask my financial adviser a Question,
And, oh that’s a question an accountant.
I ask the accountant, oh that’s a question for a Lawyer!!
What to make of that?? I appreciate.
Thanks 🙏
My grandfather put his house in my name when I was small and no one ever told me about it until after he passed. I thought that was a smart way of doing it.
You need to watch the vid more closely. You lost the stepped up cost basis so that if you ever sell the house, you'll pay more taxes. Had your grandfather kept the house in his name, you would pass less taxes.
@@donlibes Actually, this was many years ago. I was young and unemployed at the time. I sold the house immediately and didn't pay a dime in taxes. It worked out well for me.
In Ohio, leaving a big asset like a house via TOD (Transfer on Death) is a way to directly hand an asset to a child. It can also be done on big ticket items like vehicles. As an only child, I inherited my parent's house this way and it totally bypassed the need for going through probate. Also, in Ohio if you inherit a property either before, during or after a marriage? Your spouse is not entitled to any part of that property. My wife of 28 years left me thinking she'd get "half" of the house I had inherited and was upset to find out she was not entitled to any of it. Of course, insurance and Roth accounts have better tax consequences than say a 401K.
Good points made. Thank you.
Thank you. Makes sense to find an alternative to putting money in your heirs name
If your kids are law abiding, don't incur debt it's a plus but there are lrequirements as to how many years prior to any long term admission facility. Some states are ten years.
WHY WOULD YOU GO THROUGH PROBATE IF YOU HAVE A WILL AND TRUST ??
If a parent puts a residence in their kids’ names and the kids sell the residence years later, won’t the kids then owe capital gains tax if the asset appreciated?
If your kids get sued, then your assets can be taken way.
Not if in a trust or llc
I’m learning so much. I think the first thing is to know how much you can own in your state. I am looking at a on line help do it your self. That means I need to know. My sister and a friend paid about $5,000 for their trust and friends hubby died and she didn’t have a couple of things in her name and they weren’t in the trust said she had to go to probate and knew nothing about estate had to pay lawyer to help her.why? Then my sister had her after I was asking her questions didn’t know anything and then found out she paid and thought it was done found out nothing was in her trust she didn’t do anything not even how to distribute. So she’s taking care of that and she’s paying. People need to get check list find out total tax and 🎉expenses such as notary and certificates but I mean who ever they hire needs to inform them. How do we find someone who dose that in our state of California can you do and if we learn read your books can we get self help or should we pay a large fee for lawyer I know another who did trust and had no problem and doesn’t have to talk to a lawyer. How do we get that? How can this be more affordable to take care of your assets when you need a trust?
Knowledge is power. I appreciate it!
I live in SC but this is still great info and preparation.
What happens if your kid get sued ? He looses everything you worked very hard for
Great question!
At least put one of your kids on your checking account!!! My mother just passed and she recently put a lot in her checking account, but didn't put my name on it. Thankfully they didn't bounce the funeral check!!! As my POA ended when she died. We had to pay for a couple of funeral dinners out and had to pay for her to move out clean out of pocket. And it made me limited with what I could do. I never spent any on myself. It's good to be frugal, but my mother was so controlling, it backfired. My husband paid for the move out clean and some funeral expenses out of his own pocket. What if I didn't have him? I'm on disability.Thankfully, she was only in a home for a month. She could have lost her life savings.Mykids who are well off and getting one third of the estate didn't pay for any of those expenses.