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If the trust assets are included in your estate for estate tax purposes, even though the trust is irrevocable, then yes, there is a basis adjustment at death. If the assets are not included in your estate for estate tax purposes, then no basis adjustment. Your intent in creating the trust will determine how it is designed.

@@rouletlawfirmp.a.4922 thanks for the clarification. 👍

@@lamabryant9758 You're welcome.

I would suggest just setting it up in FL. You could set it up in CA, however then you would need to register it to do business in FL. If you need help setting it up in FL, we'd be happy to help. You can reach my assistant at 941-909-4644 or through our website at Rouletlaw.com

Please call my office at 941-909-4644 and my assistant can discuss what you may need and want and possibly give you an estimate based on that.

Hi, I answer your question in this video: th-cam.com/video/3Lwq88VuxJk/w-d-xo.html

If you just need a deed to put your home into your trust, we can help. If you also need to update your documents to operate under FL law rather than Iowa, we could also help. We are located in the Sarasota area.

Here is a link to my video discussing why I do not suggest putting your kids on title to your property.

Hi, Here is a video I did on how to use a specific type of trust to protect your home from nursing home and long-term care costs. th-cam.com/video/ZFmSbUI59cA/w-d-xo.html

If you put your home into a revocable trust, you are usually the one creating the trust and the trustee of it. You would still pay the mortgage.

@@rouletlawfirmp.a.4922 thanks. that's something to consider before i put my parents home in a trust.

Well detailed video. Things are a bit strange right now. Inflation is making the dollar weaker for buying things like basic needs, but it's getting stronger against other stuff. So, stuff like stocks, houses and precious metals aren't doing so great because folks are putting their money into banks for safety but I'm worried about my retirement savings losing value fast

If you are in cross roads or need sincere advice on the best moves to take now its best you seek an independent advisor who knows about the financial markets. It's better to hire a skilled financial planner especially if you're not one yourself. I hired one, after my retirement pension took a hit in April due to the crash

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Thank you for putting this out, it has rekindled the fire to my goal

We don't sell your information.

Thanks for your question. Yes, it can make it a bit more secure since if they want to transfer a property out of a trust, in most instances they would also need to prepare and record a certificate of trust and/or affidavits of trustee in addition to a trustee's deed which examples of may not be as readily available and easy to create for a layperson as a quitclaim or warranty deed.

Thanks. For some reason it didn't sync when I uploaded to TH-cam. I've added the links to the guides and masterclasses in the description. And I love your profile pic!

Thanks for checking in. We lost some roof tiles on our home and our office sustained damage. All things considered, we were very fortunate. Unfortunately, many of our friends, clients and neighbors were not so fortunate.

Hi, as mentioned in response to other questions, a properly prepared trust should not impact your property taxes or exemptions and I'm not sure what you are referring to when you write "difficult to contest property insurance." Who is "contesting" property insurance?

@@rouletlawfirmp.a.4922 NYS for example gives credits to people, and various exemptions. You'd be paying more if the land were owned by a trust, and not an individual. And they access higher. What a coincidence. And they cannot contest their taxes easily.

@@normbograham3 As I am not licensed in NY, I wasn't aware of their obviously odd rules. Thanks for sharing.

@@rouletlawfirmp.a.4922 NY is a big state, but outside of the NYC area, and cities, it seems a bit of the wild west out there. They seem to have a contempt for businesses and even trusts.

@@normbograham3 Unfortunately, not surprising.

Hi, I'm glad you found this helpful. You should confirm your personal situation with your CPA, but a revocable trust should not, barring something else, impact the home office deduction.

@@rouletlawfirmp.a.4922 Thanks a lot for your answer.

Thanks. I'm glad you found this video and my channel helpful!

Thanks for your comments. I'm glad you found the video as well. The downside you are having is not that your mom's home was put into a trust. Rather, it is that she decided to design the trust to keep assets in it for some period of time after she passed away (and there are often good reasons for doing that). If instead of maintaining assets inside of the trust, they were distributed to you and other heirs after her passing, then only a final tax return would have been required instead of ongoing returns. So it was the design of the trust and not that a home was in a trust that is the "downside" for you. I hope that helps.

@@rouletlawfirmp.a.4922 thanks for the additional context and information. In my case, the trust lasts until the last of my sister and I die, at which point all the assets in the trust go to charity. My biggest concern about the trust is who will do the paperwork when I’m no longer able to do it myself.

I am not licensed in Illinois so I cannot comment on what you may need to change, if anything. You should contact an attorney in Illinois to discuss whether or not any changes are needed.

All states have a specific amount of money/assets that if you own them in your own name without a surviving joint owner or beneficiary or that you did not have in your trust, then probate is required for those assets. So yes, if there were assets not owned by the trust and without a surviving joint owner or beneficiary that total over the amount specified by state law in IL, probate would be required.

Thanks for your question. Here is a link to a video where I previously discussed the differences between revocable and irrevocable trusts th-cam.com/video/pzUfS5jwKRM/w-d-xo.html

Thanks for your comment.

I know this lady you just mentioned. Evelyn Infurna Services is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Evelyn Infurna has demonstrated expertise in investment strategies n has been involved in managing portfolios and providing guidance to clients.

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Use her name to quickly conduct an internet search.

SHE’S MOSTLY ON TELEGRAMS APPS WITH HER NAME.

Thanks for your comment, and yes, that is often the case.

You still receive the basis step-up when in a revocable trust. An irrevocable trust can also be drafted to receive the basis step-up..

Thanks for your comment. You may want to check out this article on my website where I discuss the hidden dangers of transfer on death deeds (which I will be turning into a video soon). www.rouletlaw.com/blog/the-dangers-of-transfer-on-death-deeds-what-you-must-know.cfm Yes, you are correct that you don't want to change the ownership of qualified retirement accounts to a trust as that would be a taxable event and naming beneficiaries on them avoids probate. However, a properly drafted trust can be the beneficiary and still get the "stretch". This can be a benefit when you have minor children and/or you do not want to leave them outright to a beneficiary for some reason such as poor money management skills, a divorce, substance abuse issues, creditors or if they are receiving certain types of government benefits.

You still get the step up in basis for assets in a revocable trust. You can also get it for assets in an irrevocable trust. Only when the trust is designed to move the property out of your estate for estate tax purposes do you not get the basis step up.

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.

I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.

oh here we go again with the back in the day comments about interest rates, yes they were higher, but the prices of homes were a lot less than they are currently. BACK IN MY DAY BACK IN MY DAY.

I can't comment on all states and all types of trusts. However, in MN you do not lose homestead for transfers into a revocable trust. In FL you do not lost homestead as long as both the trust and the deed transferring the property into it contain the required language.

Well as you know bigger risk, bigger results, but such impeccable high-value trades are often carried out by pros.

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How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.

Trust doesn’t change income taxes.

A “ living trust” does not change the income tax result. Other trusts may well affect income tax.

A guardianship is when a court appoints a third party to help take care of someone. A conservatorship is when a court appoints a third party to help manage someone's financial affairs. These are completely separate from a trust and one does not supersede the other.

That sounds pretty fishy that Wells Fargo would be made the executor of a trust. That would seem to mean that they would have been able to determine how the trust contents would get distributed. But I'm sure they have your best interest when they did that, Don't you think ?

Not sure how Wells Fargo got on the trust. The trust has been around since 1990 Mother in law had two underage children. Also had a mortgage with Wells Fargo. While they would have been bound by law to act according to the trust, I am curious if they would have charged a "fee" to act as executor? Just not sure how it was decided to have WF on the trust. I am guessing WF probably pushed it? Saying something like since she had a mortgage with them they had to be? I am guessing back in 1990 things were much shady back then. Just a lesson to review all trusts and wills if they've been around for decades.

Wow. Shady. I hate Wells Fargo.

Where he talks about the cost. I printed the trust documents out for free online and paid 5$ to have it notarized when done.

Do you know what step up in basis is?

You still get the step up in basis for assets in a revocable trust. You can also get it for assets in an irrevocable trust. Only when the trust is designed to move the property out of your estate for estate tax purposes do you not get the basis step up. And if you are doing that, it is because it makes sense to do it for tax planning.

@@rouletlawfirmp.a.4922 Ok thanks. Seems others on you tube say no step allowed if home is in a irrevocable trust.

I can't comment on all states and all types of trusts. However, in MN you do not lose homestead for transfers into a revocable trust. In FL you do not lost homestead as long as both the trust and the deed transferring the property into it contain the required language.

While it depends a bit on the lender, that is largely the experience for us and our clients as well. Thanks for sharing.

Shouldn’t you only need to furnish a certificate of trust so that the bank doesn’t get to see the private details of your trust?

@@firehorsewoman414 You should only need the certificate of the trust but, I have had to furnish the entire trust. It has not been a problem. It is just another email document.

@@firehorsewoman414 Thanks for your question. Yes, the point of a certificate of trust is so that third parties who may need to interact with it (like a bank), have the information they need while the balance of your trust can remain private.

A fully funded trust can avoid probate. The 3% to 6% is an estimate of what probate costs.

@@rouletlawfirmp.a.4922 Who gets the 3% to 6% in probate? If you're talking about some thieving attorney, NO WAY! I don't need thieving "help" like that.

All the best!

I am a beneficiary of an SNT , I Live on SSI and the trust is running out Now as soon as it's down under 200 my Mom is supposed to grab it from the Fiduciary , My Dad added the House to the trust and said to move right in . I been here 11 years and just now took the electric bills off of the trusts name into mine and this Single family home used to be a Duplex in the 70's . My Dad had it legally turned into a single family in the early 90's by having the Gas meter removed , the upstairs Mail box , He had stairs put in but forgot about the eclectic as he could just pay the bill until he could Die and he did pay the city and it was and is a single family , even on Zillow and all other real-estate sites , on the Taxes I have had the trust pay the last 11 years it says single family . Well when I had called the electric company to take the bills out of the name of his trust and into my name it trigged Health and Human services to send me a letter saying they want it inspected for $200.00 within 30 days , I live on SSI Money now and that's $963.00 a Month in Mo. , I guess I'll have to go down and explain that this is a Single family . If you've been living in a single-family home that was previously a duplex and now people suspect someone is trying to move into the upstairs unit because you recently updated the electrical system .. New System triggers this I guess ?

Olo

good video, But, the "How to Protect Home & Life Savings" did not show. can you forward this to me? Thanks in advance.

@@bobcathymattson6065 Hi, there is a link in the description. That being said, here is the link you can use to request your copy of "Save Our Home: How to Protect Your Home and Life Savings from Long-Term Care and Nursing Home costs" www.rouletlaw.com/reports/how-to-protect-your-home-from-nursing-home-costs.cfm

Yes you can.

True, we paid out $19,500 inhertnance fees.

Thanks for sharing. Every client that we have worked with that previously went through the probate process for a family member has wanted to avoid it for their own family.

Check out my video here th-cam.com/video/pzUfS5jwKRM/w-d-xo.html