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@TheHighlanderGirl 2 күн бұрын
My mother passed away May 23, 2024. She left the house to us in her living. Trust we do not know what to do in the house. It is fully paid off. We would like to keep the home for our adult daughter who lives out of state. How does proposition 13 and proposition affect matters? It’s in the 91950 area.
@lorenzolr2074 5 күн бұрын
I own a house in CA. What’s the best way to cut taxes to help my daughter buy a house in CA using my house. Thank you.
@kristinlutzke6961 5 күн бұрын
You can also TOD. You get the step up as well. Everyone does not need a TRUST.
@jjlawca 5 күн бұрын
@@kristinlutzke6961 🍎 and 🍊, but covered here: kzfaq.info/get/bejne/i8Cil6WHy9XblH0.htmlsi=YPaPiSegrx1rOk2C
@kristinlutzke6961 5 күн бұрын
@@jjlawca have had long discussions with our attorneys. They complicated my parents estate with a trust and cost us dearly. Ohio has laws that perhaps your state does not. It is not free here to do a TOD. It is cheap, but not free.
@jjlawca 5 күн бұрын
@@kristinlutzke6961Sorry to hear of your experience. Agreed 100% it is state specific and that a “high end cookie cutter” approach with a very complex Trust is not in clients best interest.
@jackiemansfield8325 6 күн бұрын
So, the moochers want everything but don’t want to pay a dime for anything, EH? It is such a losing proposition having children
@jjlawca 6 күн бұрын
@@jackiemansfield8325 Right, better to let the Court, Attorneys, and the IRS get the money than those damn kids of mine! 🤦🏼♂️
@jamesdunn5017 10 күн бұрын
In some states, Washington is one, if your house and other assets are greater than $2.193 million in WA., the estate will be subject to estate taxes.
@brucev3480 20 күн бұрын
The only issue is what if the parents have to going into a home and would need medicade assistance. They would have to sell the house. If you put the child on the house they can't make you sell it.
@jjlawca 20 күн бұрын
@@brucev3480 This will surely be State dependent and it’s best to talk with a local Elder Law Attorney, but this is false in California. Also, in most states this will very likely cause more issues as it will be a penalized gift that disqualifies the parent from Medicaid for a period. State dependent of course, but the primary home is typically exempt.
@A_Class Ай бұрын
If someone wanted to leave all their belongings including a paid for house and car to a a friend, who will also take care of their end of life tasks while simultaneously keeping ALL their family members from getting it, what would be the best option?
@jjlawca Ай бұрын
@@A_Class In California, a Living Trust prepared by an Attorney in our opinion. If done properly this will be the least likely to be successfully attacked by family members who feel upset about being disinherited, and if the beneficiary in this scenario can be construed as a caretaker this is a real concern to plan around.
@richardrangel207 2 ай бұрын
Poor kids PAYING TAXES ON SOME THINGS THEY DID NOT WORK FOR😢😢😢😢
@jjlawca 2 ай бұрын
So give it to the Government instead, right? “Screw you kids, I want the government to take what’s rightfully theirs because they worked for it!” 🤡
@VimalMahawar-yx7mp 2 ай бұрын
kzfaq.info/get/bejne/lbNlisKevt-9gpc.htmlsi=hnIOpB619t4i8F5n
@VimalMahawar-yx7mp 2 ай бұрын
plz like and subscribe this channel
@VimalMahawar-yx7mp 2 ай бұрын
kzfaq.info/get/bejne/lbNlisKevt-9gpc.htmlsi=hnIOpB619t4i8F5n
@Mighty-VizioN 2 ай бұрын
If your parent passed away and didn't leave you the house Like most parents do because they're not expected to pass. you can just pay the mortgage and all the bills of the house and live in it until you decide to leave. And if you decide you want to sell the house. Then you can go through probate court. Cant nobody come in and just take it As long as you're paying the taxes. 😂😂😂
@jjlawca 2 ай бұрын
We call this the lazy beneficiary scenario and see it all the time actually. You are correct, if you keep paying the mortgage, tell the assessor about the change in ownership, and keep paying taxes, no one is likely coming after the property (unless it’s a multi beneficiary scenario and 1 of them forces the issue). The problem really compounds when a beneficiary later passes away unexpectedly - then we’re in multiple probates on the same property… much, much worse scenario than just dealing with it up front.
@ArabellaPottery 2 ай бұрын
It's when the state hires a lawyer for around 10% of your net worth every year, to hand out money to creditors, hospitals, doctors, car dealers, and anything left over goes to heirs. They are not motivate to this this quickly.
@jjlawca 2 ай бұрын
Depends on the state we suppose, but in California it's not an annual percentage fee paid to the representing attorney, it's a one time fee for typical administrations. That actually incentivizes the attorney to get it done as quickly as possible, but the Court system will keep it hung up for 12 - 18 months in most cases waiting on hearings. Either way, we 100% agree everyone should have a plan in place to AVOID this Court process and cost altogether for their family, and that's the focus of our law firm.
@ArabellaPottery 2 ай бұрын
@@jjlawca To bad most don't live in california. But either way it's not the heirs that are first in line.
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@Bull53 3 ай бұрын
Good idea!
@pagosabob10 3 ай бұрын
It depends on where they choose to live. But, yes leave it to them to sell if want. And families are different. Some can leave house to children and some should never do it. Give to a charity instead. Life can be complicated. Not all families get along.
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@user-jj5zd5dq1p 3 ай бұрын
As an attorney, I would rarely ever recommend transferring title in your home while still alive, either individually or as joint tenants. This subjects yourself to potentially having your home sold out from under you while still alive. The concept of transferring your home into a Trust (preferably a Revocable Trust) is a viable concept, since you would still be able to change your mind later and remove the home from the trust. However, another solution that wasn’t mentioned in the video, is to simply devise the home to a beneficiary in your last will and testament. The same “step up basis” applies as with a Trust. The valuation of the home is “stepped up” to market value at the time of the conveyance under the will. This is an IRS regulation under IRC 1014(a)(1) that has been in effect since 1921. An effort was made in 2021 by liberal congress to alter this tax advantage in an effort to deprive the public of a much needed tax break, but with no success.
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@mattsmith817 3 ай бұрын
This video should be taken down. There is a new death tax I California so none of these strategies will allow you to not pay a huge tax when inheriting a home.
@jjlawca 3 ай бұрын
@mattsmith817 That’s completely false. You’re likely mixing up Proposition 19 and its effect on property taxes with Federal capital gains taxes. They are completely separate concepts. See this video if you’d like to learn more: Death Taxes, Inheritance Taxes, Capital Gains Taxes, Property Taxes, and Income Taxes - Learn here! kzfaq.info/get/bejne/ibeog8eI0Z3SnGw.html
@mattsmith817 3 ай бұрын
@@jjlawca I remember this death tax just passed.
@mattsmith817 3 ай бұрын
@@jjlawca the link you sent is 11 months old. This death tax is new. I think it passed in January
@jjlawca 3 ай бұрын
@@mattsmith817 No, no it didn’t. Feel free to cite the specific code you’re referring to and we’d be happy to review it (but a CA death tax doesn’t exist). The new “death tax” in California people loosely refer to is Prop. 19 which altered past Prop 58 intergenerational exclusions on property taxes. This is a few years old now and does greatly alter how property taxes are reassessed on inherited property, but it’s different than estate taxes and/or capital gains taxes. Actually, Prop. 19 is a very good reason to ensure a stepped up basis is received with inherited property (the topic of this video) to make sure if the kids are forced to sell property they don’t owe capital gains taxes on the sale!
@mattsmith817 3 ай бұрын
@@jjlawca so my parents house is in a trust with me and my siblings currently. When they pass we won’t have to pay the current value of the home in property taxes? It is my understanding that the home will be reassessed at current market value when we take possession? Is this not correct?
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@domvasta 3 ай бұрын
Can I leave conditional bequests? party A only gets $1mif they have biological children, otherwise they get $300,000 with the remainder being withheld until such time as they have children?
@jjlawca 3 ай бұрын
@@domvasta Great question! In our opinion, conditional gifts are not something you should try to do in any DIY Planning, as those types of complexities are more likely to cause issues absent an Attorney’s insight and guidance. For example, in your scenario what happens if the party never has biological children and under what terms should the remainder be held - these need to be custom drafted to be done properly. Here’s a video discussing this in more detail: kzfaq.info/get/bejne/d997rKR_s9bIlmQ.htmlsi=Fqle1I0dklIVT_d8
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@jjlawca 3 ай бұрын
Have questions about Estate Planning? Drop a comment and we’d be happy to help! Be sure to subscribe to catch all of our Estate Planning tips 🎉
@starchaser160 3 ай бұрын
A married couple retires and income is 94,000 a year or less for both then they sell the house than they would pay 0 capital gains tax. Quit scaring people.
@jjlawca 3 ай бұрын
Not scaring people and your comment has nothing to do with the topic of this video (nor is it a correct interpretation of tax law). This video is related to the 1014 basis adjustment under the Internal Revenue Code that can apply to inherited property if done correctly, not a lifetime sale by the married couple. Thanks for stopping by though!
@starchaser160 3 ай бұрын
@@jjlawca Thing is a lot of people that get their parents deed transferred to them are nearing retirement. I'm not a 1 percenter or even a 5 percenter and I imagine most of your viewer are not either.
@jjlawca 3 ай бұрын
@@starchaser160 It’s even more important for someone with limited means to properly pass on an inheritance. The “rich get richer” because they don’t make these simple mistakes with generational wealth. And no, an attorney is not always required for this either so there’s no blockade on the 99%, see our video on Beneficiary Deeds or our seminar on the 7 ways to create an estate plan for an in depth discussion on the topic.
@rupe53 3 ай бұрын
I am 70 and wife is 68, living in Ct. House is fully paid off and worth maybe $500k. In addition, we have around $1 million in various investments, IRS, 401k, etc. I understand some of this carries forward to my kids in a will, but all is not protected. I can "gift" lumps over time into their names, but then I have lost control of my spending should they have financial issues. I also enjoy a nice (local) property tax break due to being over age 65, which may be lost if I start changing how the house is titled. I made some of these moves with my folks years ago and I protected things with a two million insurance liability policy.... just in case. What's my best bet / move at this point? I'm thinking about talking to an elder planning lawyer soon so want to update my questions.
@jjlawca 3 ай бұрын
Talking with an Elder Law Attorney local to you in CT would be a great step to fully evaluate your options. You’re likely looking at either a Beneficiary Designation type plan or utilizing a Trust to pass everything on to your beneficiaries outside of Probate Court and with additional contingencies built in, though in some States Will based plans are still popular as well as the Probate process isn’t so bad. Talking with local Counsel is important to understand how funding a trust can affect property taxes and long term care planning (it doesn’t change anything at all in CA where we practice, but may in other States). Here’s a primer on Beneficiary Designations (Ladybird deeds, Transfer on Death Deeds) vs a Trust if it’s helpful. It’s from a CA perspective but the concepts carry over: Beneficiary Deed Vs. Living Trust - Which is Right For You? kzfaq.info/get/bejne/i8Cil6WHy9XblH0.html
@pagosabob10 3 ай бұрын
My experience is that all is protected. . Maybe CA gets their hands on some? A trust would be worth looking into.
@debracampbell3273 3 ай бұрын
If you have a beneficiary that does collect government benefits what should you do ? What does a trust do to help that situation ?
@jjlawca 3 ай бұрын
In situations like these a Supplemental Needs Trust can allow the beneficiary to have access to their inheritance (through a 3rd party trustee) without the inheritance actually passing to their personal name in a way that would disqualify them for benefits. The exact structure will depend on the type of benefits being protected and which state they’re in, but in general you can safeguard an inheritance this way to provide for the beneficiary’s care and well being without compromising their existing benefits.
@claudettealexander5204 3 ай бұрын
Short to the point and clear. Thanks much.
@jjlawca 3 ай бұрын
Of course!
@lauradoyle1111 3 ай бұрын
My uncle lives in California. He is the sole survivor, out of 4 children, that holds the deed to the property that I reside on. I live in Georgia. What would be your recommendation on what I can request? I plan to ask him to leave the property to me and I am clueless. Should he put it in a trust or can he do a title change at death? Any help is appreciated, thank you!
@jjlawca 3 ай бұрын
Hey Laura, thanks for commenting! Your best 2 options will likely be a Trust (whether software driven like our Ready-Made Plans or a more comprehensive, Attorney drafted plan) or a Transfer on Death Deed. We’re actually putting final touches on a seminar that will walk you through the 7 options available to create an Estate Plan, and all of these will be covered. Be sure to subscribe so you see it post, but we’ll try to tag you in a follow up video linking the pertinent videos as well.
@jjlawca 3 ай бұрын
@lauradoyle1111 Here's a video regarding transfer on death deeds: kzfaq.info/get/bejne/i8Cil6WHy9XblH0.htmlsi=OEnLNKcBotXBm9PV In the linked video description, you'll find a seminar on all of your options around estate planning as well!
@KAT-dg6el 3 ай бұрын
Everybody wants to live in San Diego. 😂 I have no desire to even step foot in California!
@jjlawca 3 ай бұрын
Thanks for taking the time to comment! 😆
@grassroot1100 3 ай бұрын
How' about a Transfer on Death instrument ?
@jjlawca 3 ай бұрын
They definitely can work as well, and we actually recommend them over some other DIY or low cost options. We actually just filmed a video on this topic and will be posting it soon along with a full seminar on all the options available to get an estate plan in place. We’ll try to tag you in a follow up comment with the Transfer on Death Deed video. Be sure to subscribe to see that when it posts!
@jjlawca 3 ай бұрын
@grassrott1100 Here's a video on Transfer on Death Deeds: kzfaq.info/get/bejne/i8Cil6WHy9XblH0.htmlsi=OEnLNKcBotXBm9PV
@shelleyobrien8180 3 ай бұрын
This is what I chose too do.
@jjlawca 3 ай бұрын
@@shelleyobrien8180 👍 Beats no plan or forced Probate 💯
@sandym8787 3 ай бұрын
Problems - I don't have money for a lawyer and If I make my grown son that lives with me - joint tenant - then does the taxes matter if he still lives here and doesn't sell it , which is what he wants ?
@tomg962 3 ай бұрын
This is a great question, any answers?
@jjlawca 3 ай бұрын
Transfer on Death Deeds (aka beneficiary deeds or Ladybird deeds in some states)can work as well, and we actually recommend them over some other DIY or low cost options. We actually just filmed a video on this topic and will be posting it soon along with a full seminar on all the options available to get an estate plan in place. We’ll try to tag you in a follow up comment with the Transfer on Death Deed video. Be sure to subscribe to see that when it posts!
@jjlawca 3 ай бұрын
@@tomg962 Transfer on Death Deeds (aka beneficiary deeds or Ladybird deeds in some states)can work as well, and we actually recommend them over some other DIY or low cost options. We actually just filmed a video on this topic and will be posting it soon along with a full seminar on all the options available to get an estate plan in place. We’ll try to tag you in a follow up comment with the Transfer on Death Deed video. Be sure to subscribe to see that when it posts!
@jjlawca 3 ай бұрын
@@tomg962 Here's a video on Transfer on Death Deeds: kzfaq.info/get/bejne/i8Cil6WHy9XblH0.htmlsi=OEnLNKcBotXBm9PV
@jjlawca 3 ай бұрын
@sandym8787 Here's a video on Transfer on Death Deeds: kzfaq.info/get/bejne/i8Cil6WHy9XblH0.htmlsi=OEnLNKcBotXBm9PV
@zeke5491 3 ай бұрын
Kids these days make a hundred thousand a year. Spend your money on yourself
@jjlawca 3 ай бұрын
100% it’s your money that you’ve scrapped to save, so use it as you’d like while alive. BUT have a plan in place for anything that happens to be left over when your number is punched!
@lauradoyle1111 3 ай бұрын
What if your parent passed before putting the title in your name?
@jjlawca 3 ай бұрын
In most cases, that’s when Probate would be required to transfer the property (assuming a Trust or Beneficiary Deed wasn’t used).
@ThePoacher-j3b 3 ай бұрын
My parents had a will but no trust and now we have to go through probate but my lawyer doesn’t keep me informed with anything so I have no idea how to transfer the house to my brother and myself (Illinois).
@jjlawca 3 ай бұрын
Sorry to hear this! Perhaps reach out to another attorney - we have a duty to keep clients informed on their case and to explain the expected steps and timeline for an administration.
@xaoticusrex9429 3 ай бұрын
What about a beneficiary deed?
@jjlawca 3 ай бұрын
They definitely can work as well, and we actually recommend them over some other DIY or low cost options. We actually just filmed a video on this topic and will be posting it soon along with a full seminar on all the options available to get an estate plan in place. We’ll try to tag you in a follow up comment with the Transfer on Death Deed video. Be sure to subscribe to see that when it posts!
@RJMEL24 3 ай бұрын
Yeah, but what happens if we have to go to a nursing home and don’t have money to pay the atrocious monthly costs. Are my kids protected in a trust or does the Nursing home still have first dibs on the home? Thanks,
@marthajean50 3 ай бұрын
Having your home in a trust can protect them and you from that (check your state, though) but it's important to put the house in the trust EARLY ON. Otherwise, there may be Medicare penalties and problems. Definitely get a lawyer to advise you, and don't wait on it.
@jjlawca 3 ай бұрын
This will vary greatly depending on State. An Elder Law Attorney in your state can advise what your options are for both qualifying for care via a state program and/or avoiding reimbursement from the program after death. In California as an example, as long as the property avoids Probate there is no reimbursement to Medi-Cal, and there’s no asset limitation on qualifying any longer (only income), so it’s not as complex, but many states will have very different scenarios on this.
@muzakeyeemmanuelina3828 4 ай бұрын
What is your phone number?
@kithall1 5 ай бұрын
Does a Transfer on Death arrangement also give my kids a step up in basis?
@jjlawca 5 ай бұрын
It does! We don’t often recommend them as they don’t provide for any contingencies whatsoever or optimize an inheritance, but in the simplest of scenarios a TOD Deed can get the job done. If it gets done properly, certainly beats going to Probate!
@kithall1 5 ай бұрын
@@jjlawca who decides what the new basis is. Who actually decides what the market value is when there is no sale.
@kithall1 5 ай бұрын
And how do they do it?
@jjlawca 5 ай бұрын
@@kithall1 You get a date of death valuation from a licensed appraiser to establish the new basis. It doesn’t get filed anywhere or anything like that, you just save the appraisal to prove basis in an eventual sale. As to how it’s done, an Attorney can prepare the deed or many County Recorder’s will have courtesy templates/instructions as well. They’re very simple to complete, but all formalities must be followed exactly to ensure it works when the time comes.
@jjlawca 3 ай бұрын
@@kithall1 Here's a video on transfer on death deeds: kzfaq.info/get/bejne/i8Cil6WHy9XblH0.htmlsi=OEnLNKcBotXBm9PV
@kithall1 5 ай бұрын
Does a transfer on death get a step up in basis?
@jjlawca 5 ай бұрын
It does! We don’t often recommend them as they don’t provide for any contingencies whatsoever or optimize an inheritance, but in the simplest of scenarios a TOD Deed can get the job done. If it gets done properly, certainly beats going to Probate!
@jjlawca 3 ай бұрын
@kithall1 Here's a video on Transfer on Death Deeds: kzfaq.info/get/bejne/i8Cil6WHy9XblH0.htmlsi=OEnLNKcBotXBm9PV