Hey Paul - I really enjoy listening to your videos. My father passed away almost 2 years ago, and although his estate wasn’t worth anywhere near the big ones you talk about, you have increased my knowledge and understanding about these topics immeasurably. I was the Successor Trustee of his trust, and just this week wrote the last checks and getting ready to close down the Trust bank account. Mission Accomplished!!! 😁 Oh here’s one you’ll like. There were 5 of us kids as heirs, and we got through the whole process without a fight! Everyone was happy through the 20 month process. Thanks again for these videos. I really appreciate the education you provide to us listeners.
I love to listen to you. I need to make a plan an watch all your videos. This is the field I like to get into as a paralegal. I think that it is super interesting. Enjoy listening to you.
Brilliant as always. My estate Atty is currently redoing all of out trust documents. Discussed multiple options to take advantage of current limits- testimentary, irrevocable options etc. I so far, elected not to. The idea of irrevocable trusts at this stage scared me off. What do you advise a client with assets well above the $24million?
Sir, I enjoy your informational videos! Any thoughts or advice for single never married men like me with no children or dependents?? How often should a will be updated? Thanks and God Bless!
I'm not sure what area this involves but something usually overlooked is right of survivorship on cars. I think in most states you can put husband and wife on a car title and file it with the state so if one dies the other is automatically the owner with a lot less fuss. We did with both of our cars.
Please make a video about taking an Trad IRA and or Roth IRA overseas via a LLC. There are numerous videos on RUclips about the subject. How safe is that approach and how could it be used in estate planning?
If our car is in both my husbands name and my name, and one of us dies, does the spouse still have to deal with probate? Doesn’t the car just automatically be considered the property of the living spouse. Free to sell or junk it. With out probate??
So you will be able to gift $16,000 per year tax free it sounds like. What happens if you go into a nursing home and have given the money within the 5 year look back though? Could the money you gave be potentially counted by medicaid?
I'd like to ask a question and hopefully if your not busy it's an easy answer for you. My mother bought a condo in Las Vegas for 100k + 30k in renovation and now 2 years later she wants to gift it to me. It's current value is roughly 170k. What form does she need to fill out and with the 2022 changes do I have to worry about paying capital Gaines. She does not own any other property and this is not a rental house if either of that info is pertinent. Ty
I think your mother can just retitle it in your name if there is no mortgage-free & clear. We did something similar my mom gave us cash me & wife to purchase her a condo just in case she ends up in a nursing home.
@@craftersoasis4785 No. The amount gets deducted from the inheritance allowance. One could also split it up as 16,000 gift and the balance from the inheritance. The value at the time of transfer is the amount subtracted and is also the new tax basis for the property. Capital gains would only be owed if you subsequently sold the property for an amount above that basis.
Can you address the practice of adding a second person's name to a title or a bank account? (Title or account in the name of "Joe Smith" is changed to "Joe Smith and Mary Jones"). Is that change considered a gift? If so, is it a gift of 100% interest, 50% interest? Thanks!
How does it work if my Dad died in 2021. I know 16,000 can be given but I give more from his account for inheritance without filing form. We were told I could this small money
In December, I want to give 15,000 to my son, 15,000 to my daughter-in-law and another 15,000 to their one year old baby. Can I send 45,000 to my son's joint checking bank account (30,000 for my son and his wife and 15,000 for their baby - my grandson) or does the 15000 intended for the baby have to be sent to a separate account which belongs to the baby?
The gift tax return is just a notice of monies, again means nada unless in the end your estate exceeds the +12 million. Then it’s on the one giving not the receiver. Will come out of the pot at filing. I think.
Hey Paul - I really enjoy listening to your videos. My father passed away almost 2 years ago, and although his estate wasn’t worth anywhere near the big ones you talk about, you have increased my knowledge and understanding about these topics immeasurably.
I was the Successor Trustee of his trust, and just this week wrote the last checks and getting ready to close down the Trust bank account. Mission Accomplished!!! 😁
Oh here’s one you’ll like. There were 5 of us kids as heirs, and we got through the whole process without a fight! Everyone was happy through the 20 month process.
Thanks again for these videos. I really appreciate the education you provide to us listeners.
I love to listen to you. I need to make a plan an watch all your videos. This is the field I like to get into as a paralegal. I think that it is super interesting. Enjoy listening to you.
Wow. Just saw this now. Thanks for answering my question.
Another great video. Thanks for all the great explanations. Your a great speaker.
Does this include selling an item that was given to you by someone who has passed on? Thank you for your answer!💝
Brilliant as always. My estate Atty is currently redoing all of out trust documents. Discussed multiple options to take advantage of current limits- testimentary, irrevocable options etc. I so far, elected not to. The idea of irrevocable trusts at this stage scared me off. What do you advise a client with assets well above the $24million?
Very good video, thank you.
Just found your channel and have been binge watching. I wish you could be my Estate Planner!!
Thank god all accounts and moms home is already in my name . I won't have to stress
That may be a mistake. Now you have the original cost basis, if you had inherited them instead you would have gotten a step up in basis.
Sir, I enjoy your informational videos! Any thoughts or advice for single never married men like me with no children or dependents?? How often should a will be updated? Thanks and God Bless!
Paul,
Does the gift law go both ways? I would like to give my grandparents money for support so I am wondering what the best way to do that would be?
I'm not sure what area this involves but something usually overlooked is right of survivorship on cars. I think in most states you can put husband and wife on a car title and file it with the state so if one dies the other is automatically the owner with a lot less fuss. We did with both of our cars.
Terrific video! But can’t Congress still lower it for next year if they add the lower limit back into the bill Congress is trying to pass?
Please make a video about taking an Trad IRA and or Roth IRA overseas via a LLC. There are numerous videos on RUclips about the subject. How safe is that approach and how could it be used in estate planning?
If our car is in both my husbands name and my name, and one of us dies, does the spouse still have to deal with probate?
Doesn’t the car just automatically be considered the property of the living spouse.
Free to sell or junk it. With out probate??
So you will be able to gift $16,000 per year tax free it sounds like. What happens if you go into a nursing home and have given the money within the 5 year look back though? Could the money you gave be potentially counted by medicaid?
Everything is so complicated. Everybody has to be expert
Bless you
I'd like to ask a question and hopefully if your not busy it's an easy answer for you. My mother bought a condo in Las Vegas for 100k + 30k in renovation and now 2 years later she wants to gift it to me. It's current value is roughly 170k. What form does she need to fill out and with the 2022 changes do I have to worry about paying capital Gaines. She does not own any other property and this is not a rental house if either of that info is pertinent. Ty
I think your mother can just retitle it in your name if there is no mortgage-free & clear. We did something similar my mom gave us cash me & wife to purchase her a condo just in case she ends up in a nursing home.
@@HB-yq8gy I don't think it's that easy because from what I hear I'd have to pay taxes on the capital gains if there were any
@@craftersoasis4785 No. The amount gets deducted from the inheritance allowance. One could also split it up as 16,000 gift and the balance from the inheritance. The value at the time of transfer is the amount subtracted and is also the new tax basis for the property. Capital gains would only be owed if you subsequently sold the property for an amount above that basis.
What is the name of the IRS form you fill out to give away your estate 12m 60k while your alive? Is that the 706 ?
Can you address the practice of adding a second person's name to a title or a bank account? (Title or account in the name of "Joe Smith" is changed to "Joe Smith and Mary Jones"). Is that change considered a gift? If so, is it a gift of 100% interest, 50% interest? Thanks!
How does it work if my Dad died in 2021. I know 16,000 can be given but I give more from his account for inheritance without filing form. We were told I could this small money
Wish you said something about the failed attempt to repeal the step-up in basis law so save it for another great video
If I gift 1500 in stock. Does the person receiving the stock get a new stock basis on the date they received the stock.
Super!!! Thanks for the video.
In December, I want to give 15,000 to my son, 15,000 to my daughter-in-law and another 15,000 to their one year old baby. Can I send 45,000 to my son's joint checking bank account (30,000 for my son and his wife and 15,000 for their baby - my grandson) or does the 15000 intended for the baby have to be sent to a separate account which belongs to the baby?
Wow, I hope my parents become a little more successful 🙂
Paul ~ Can I give each of my children $15K in % of my home each year, as a Gift? Does this override Medicare?
You can't win with Medicare.
If I would win lottery I would say no thanks
I'm hoping TAX-man Biden is lame-ducked in 2022 ....................... then he won't be able to tax us into oblivion. Great news! on estate taxes.
The gift tax return is just a notice of monies, again means nada unless in the end your estate exceeds the +12 million. Then it’s on the one giving not the receiver. Will come out of the pot at filing. I think.
As you see rich democrats are no different than rich republicans.
This information is only relevant to a very small percentage of the population.
Good video ....