How To Keep Your Heirs and Your Estate Out of Probate Court
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My father in- law had a trust set up. He sold his home before he went into a nursing home. Divided the money for the children. No taxes for the kids. Gave everything away before his death. He died poor, as he wanted it that way. All belongings were given to the children. No fights, no arguments. Everyone was happy.
I cannot believe that it was that simple! What a smart man...
@@trudydavis6168 Well, if he goes to a nursing home within what is it, five, six years, the government will want that money back from what he gave his offspring!
I don't know how happy I would be as a Medicaid nursing home patient. Obviously, he would have had to anticipate nursing home placement and gift the majority of his assets 5 yrs in advance. Is that what happened? Where did your fil live for at least the 5 yrs after he sold his home?
@@Swedetwin Very Good questions. Btw, my neice in her fifties is in a nursing home under Medicaid and she has had excellent care....while very sick and a very heavy person.
Rare!
People like you is the reason I love TH-cam. Thank you for helping others!
With Utube plaudits just push politically “right” agendas and see how nice they are!
We had a trust when my husband passed away. Amazing! I had no problem when he passed.
I never thought I’d ever understand estate planning. You are a great teacher. Thanks for sharing. I think it’s a real kindness.
My LORD, one of the BEST discussions I have listened too on basic aspects of a Trust. Most keep you confused by design; this guy was clear and to the point. How refreshing.
Hi,
My dad passed & made me his executor. Currently going thru probate now. Totally ignorant about probate court. Wish I discovered u sooner at least for the knowledge.
Thx for ur educational vids..
Nippy
Thank you from Wisconsin. When our Mother died my five sibs...divided things 5 ways. SHE RAISED US RIGHT AFTER DADDY DIED. BLESSING!
I’m a temporary legal assistant turned recipient at a private law firm and this information is helping me build up my paralegal skills! Thank you so much
When I was getting my bachelor's degree in legal studies and took Probate Law, I learned a lot about putting bank accounts and car in both names to keep out of probate, as well as term life insurance. But LIVING TRUSTS were never explained as so important. Thank you!
My paternal grandparents had a living trust, Thankfully... and when my grandma passed away it made my life a little easier. It's almost been a year but I've been able to handle most issues ok. Thank goodness for good Attorneys to help also.
After our experience handling her death and final expenses, we immediately set up our own Trust to protect our assets for our kids.
If it wasn't for my twin sister stating she wanted to be cremated and I get her ashes my niece was trying to take it from me! Even the photo albums she labeled "Lori's #1 and #2" this evil child took from me. Even the $280,000 my sister left HER children wasn't enough for the oldest child. Just small things to me had her screaming. She hit me not once but 6 times. I even shared the ashes for everyone to spread as they traveled... It wasn't enough. The amount of ugly after death is insane.
Wish I had known about all of this when my Mom got sick (dementia) It went through Probate when she passed away. My sister(executor) paid the nursing home before it went to probate. Thinking that would narrow what could be taken by them. Not true. They end up charging her another 5,000 dollars even after they had been paid. After all was said and done her children received 240 dollars each!!! Ignorance of the law doesn't help. I wish we had looked into all the options or at least seen your very informative videos Sir. I have heard horrid stories in the past about Probate and Nursing Homes. Please, if you have a sick parent with assets check out everything before you become become a victim of the system.
My sister was a nurse and she knew about nursing homes taking everything so as long as it’s been out of their names for 5 yrs nursing homes can’t touch it…that’s why my mom did a life estate which was bad in a way because she grew up in Poland as a child and Natzi Germany from age 13-18 she was afraid someone would take everything away from her. We 4 girls were her only family and she really didn’t trust us.
That is horrible as a R.N. don't know how the nursing home could get more after they were paid
@@loumarlin3040 ,
How did the nursing home take more after they were paid? Something is amiss here.
Amen
I'm forever grateful to find your channel. Synchronicity...my father is battling pancreatic cancer and has homes, IRAs, life Insurance the list goes on...my mother is emotionally exhausted. So I'm left to care for both and every decision making. I'm learning so much and now preparing. One thing we all cannot avoid is death and it better to be informed, and knowledgeable for our families.
You would never believe what I have been through...in the process of my parents aging problems and illness. My father in law. who was a recent widower, got involved with a crooked housekeeper who married him and wanted all he had and tried to poison him with food. While all that was going on my daughter was involved with a bad head on collision and later my husband had Parkinson and died. Believe me it pays to be learning before things start happening. So I now have a revocable trust...for my family, so learn all you can. BTW, we won over the crooked house keeper even though she had spent a lot of his money. The trust is for my daughter who has a brain injury and the other daughter will have to care for her after I die. Do like this man says and don't put so many demands in the will as things change daily. Put it in the Trust and keep it simple.
@@carolyndrummond3455 thank you! God bless you!
@@lizabethcaceres I was so sad to read about what you have been through. That is a lot for you on top of such a loss. I am so glad you were able to get prepared. These presentations are helping me as well. I do have an attorney I like and trust, and learning the language and issues here helps me to be prepared and address questions I have in the process. Blessings your way…
Hello from Nashville. I've shared your site with almost 15 people. Your information is extremely important especially when you provide different scenarios . What an incredible job you do. From the bottom of my heart, THANK YOU.
Va
My mom died on January 24, of this year. I am working with her estate attorney to wrap up her finances. Step, by step, everything is falling into place. Thank goodness she had an excellent attorney. So far, no problems or delays.
How is everything going? My mom died in January as well with no will and then my sister died in February. It's been a mess.
My brother hired a estate lawyer but has been acting really weird. Didn't tell me before he did or who he hired and he flipped out when I told him I consulted a lawyer for advice.
Good morning, I just found this, and I want to know everything I need to know about this topic, this is so very important to know all the information available, thank you for sharing this!!
You are a good person for making these videos. May God bless you!
Binge watching your videos. Thank you for this valuable information 👏
The way that you include multiple scenarios in your videos is very helpful. Thank you, Paul.
If your state allows, set up a beneficiary for your real estate by recording a Transfer on Death Deed. No probate. None of the tax consequences of adding a person to your deed while still alive.
It is taking longer and longer not only because of the courts being shut down, but because of the IRS failing to process estate returns! Our 2019 returns are still not processed as of July 2021. It is insane.
I heard The fed is defunct. We are going from Maritime law to constitutional law.
Thank you for the video
Hope the IRS doesn’t decide to audit the estate!
Very informative! I definitely need to set up a trust, in-fact I remember after inheriting a bulk when my dad died in 2018 I had no clue what to do with the funds. Because generally what would come to mind is how to invest in something long term with guaranteed returns. Fast-forward to now, I did find a way to mitigate the best areas of in vestments and I’m reaping tremendous benefits.
I had a will dispute with siblings for years, as soon as it was settled I thought in vestment right away. It’s possible to achieve outstanding growth in port folio diversification in a short period of time as long as you stay consistent and do things different from the vast majority.
Yeah true! in vesting in good company stocks is a great idea and a good tra ding technique or system put in place would guarantee you many days of success.
I feel bit achieved since I started in vesting shortly before retirement, monitoring my portfolo performance which has grown exponentially to 3 million dollars, now I understand why experienced experts make enormous returns from the ever unstable mar kets.
Wow, interesting. I got a stash in cash inheritance, savings & 401k too, it’s not growing and I have fears of in-flation.
@@kristennn850 I would like to get something started with it. Do you have anyone that helps you achieve this level of success in tra des? you seem to be doing well
Just found you and I am in the process of binge watching your videos. Thank you very much for these excellent presentations----they are well thought out, easy to understand and well put together. I appreciate you taking the time to educate us!!! Thanks again.
Guess every state is different we didn't have to go threw all thT when .y mom died.
Exactly!!! He is great 👍
Thank you so much for helping a green horn like me, as I am quite tense being an executor of my sisters estate that being split with her living spouse..
@@kattiethomas4687 So much valuable knowledge presented for our benefit by a very generous attorney!
@@trudydavis61681
I’m a older man. Kinda worry about my passing and grown kids and grandkids like to know I have my Ts crossed I s dotted. Thanks for the videos.
The easiest way is to fund your going into the twilight. So buy a prepaid funeral insurance plan as up to a certain amount medicaid will allow. Get it all set up and tell people where the policy is. Pick out all the stuff, coffin, music, transport...... That will be a big help.
Also is have the cash find some way to fund them traveling to your funeral and stay at hotel. Maybe an insurance policy in one of the trusted childrens name they cash in to fund everyones trip.
Medicaid does a five year look back policy. There is a trust that protects your money. Look into it. Is a special one. So can give before five years gifts of up to 16,000 per year to person with no gift tax. Easier to give it up front unless use special trust.
The way care works seem to be best in one of those homes where you start out with an apartment and then as get worse and worse go to the more help more expensive step until in nursing home and pass. Don't make them give up their life for you. They will be happier to see you and visit you more if they do not have the burden of putting life on hold to take care of you. 40 percent of caregivers die before patient. Better to use money so they are not stuck and a prisoner taking care of elderly for how many years? sometimes twenty.
Just settled my dad's estate through probate here in SC. Left it all to me and it was fairly easy. No lawyers involved at all.
The judges assistant told me that the judge takes a very dim view with credit card companies (dad owed a lot). They helped us quite a bit even through covid, etc.. CC companies got zilch..
My Grandfather, had a law degree, placed everything in the people's names before he passed. He did the paperwork to have it where he had use of it until his demise. This was done in the 80s and passed in 95
My Parents gave us their land before either got too advanced in age. Oklahoma now has a Deed upon death deed years ago it was called a Dresser drawer deed that people kept so when they passed a deed would transfer property easier.
It’s also called a ladybird deed. I’ve done it with my properties. I die and my kids go to the tax assessors office with the DC and voilà it’s put in their name.
😅
My daddy gave away everything to us when diagnosed with alz/dementia
My brother died in December and probate was just signed off June 1. Omg! Costly and additional heartache
I wish you were in Georgia . You are so knowledgable and explain things so clearly.
Me too
Georgia doesn’t need a trust. Would like to hear him address Georgia’s requirements for avoiding probate.
What is the average price of a living revocable trust in Ky?
I just finished watching your video on probate, etc. I recently spent a few weeks researching information on Living Trusts (my wife and I are 80 years old) and have a meeting with an attorney next week to set up a Revocable Living Trust. We want to make it as easy and fast as possible for our family to dispose of our assets upon our deaths. I found your video very helpful and reassuring that we are going in the right diredtion. You did not mention that the
revocable living trust becomes an irrevocable trust upon on of our deaths.
The people go beserk when the parents die. Be sure to do the trust. Will save much fighting over will and getting a new will that other child does not know about when have dementia. Consider working way to give them as much as can before die as it lessens the fighting.
Nothing is frozen with a Living trust, no expensive lawyers needed for probate only needed to draw up the trust documents and you don’t need to go through a court probate and get any ruling with a judge. Everyone just has to be on the same page.
How much does this cost
How much does it cost how much does it cost
I just started watching you late last night 6 hours later I've just finished your last video very informative glad I found you awesome. Texas guy here.
If this can help… I went through this I didn’t get involved in the beginning I let my sister’s handle it. After a year I got a Lawyer because my mom’s money stayed in the bank. Because no will made it sit there. Good because some children think they may can go to the bank and get the funds when it belongs to the estate (all the kids if the father is dead) now who ever gets the lawyer first will be over the estate. But if the spend one dime or penny on their self they could go to jail and have to pay it back. If you have bad money manage skills don’t get over the estate please! You will get in trouble. I’m a business woman and handled my moms estate I rented her house out and put all the money in the bank I made sure the taxes were paid on her home. I had to get an tax ID number for her estate. Now the state took mom’s money because it sat in the bank 1 year and no activity was happening, the state took it and gave it to the state for free lunches to schools and what ever the state want to use it. The lawyer did a good job. One week after they took moms money I got it all back. Stock was involved also.It took 2 years to go to court everything was in tack and I wrote checks to all my siblings in the lawyer office. I must tell you this I took my money to hire the lawyer and I was hated because my siblings didn’t know the law they called and thought I was trying to take everything. I had a home a good job owned 2 businesses and had a book published. So I didn’t have to take anything. I knew how to budget. If this can help someone then good! Hang in there it will get done God bless.
In Alabama my dad died there was 3 of us there was 3 CDs my brother got 2 and my sister got 1 they took everything out of the safety deposit boxes
You are doing a great job explaining. I appreciate this so much!
I’m Louisiana , learned a couple things today thank you
My father had a home and a checking account only. Put my name on both. No problem.
This is a difficult subject, but best to plan before you are in the hardest part of life.
Thank you for providing all this important information.
God bless you for helping especially seniors !
Perfect! It is 5am, and I awaken at 3am, every time that I am awaken early! I am truly blessed. Thank you
Such great info. Keep doing this!!
Super valuable info.
I'm from Delaware ,and your video's have been invaluable to me ! Just wanted to say THANK YOU !!!! (Subbed after 1st video ! )
Thank you for taking time to share such important information.
I'm happy that I found you to. I am going to redo my will. I have learned so much. Thank you
Excellent!! Living in Missouri. Thank you very much for imparting SOME your very helpful information… trite, but you are a wealth of knowledge. 🖖🏼
Thanks so much for the invaluable information. Stay well and safe.
A new subscriber now. Thank you for your generosity for giving all these detailed informations. Hello from New York! God bless you.
From Ohio, so happy I found you.
I like your easygoing personality seeing all sides very clearly explaining these things my dad left a notorized grant deed with a life estate and I recorded it after I found it in his safe and there still making me have a court order for the title if you were in California I’d hire you in a heartbeat
So glad you cleared this up for me!
Hello, watching from California…we thank and appreciate you very much. Thank you for educating us…
Hello from Texas,just found you,&LEARNING ALOT DO THANK YOU!!
ANY TIME lawyers or government get involved.... the PEOPLE LOSE!!
In Florida, creditors have 2 years from death to claim against assets. After that, if funds not collected by creditors, family can try to claim assets.
thanks so much for giving your time and knowledge to us - really helpful information
Great job Sir, we appreciate your sharing this important information.
Hello from New Mexico. Thank you for your valuable and helpful info!
The bank holding the estate can waive probate if there is enough documented proof that the executors or beneficiaries are directly related to the deceased. What if there is only one surviving heir with no dependants? Love your videos by the way.
Thanks for letting people what needs to be done.
You came into my life at the right time. Thank You!!!!
In MA...listening to as many videos of yours that I can find. It often takes a number of listenings to let the info sink in but that is ok. None of this is anything I deal with day to day! Thank you!
I am from PA & the house trailer is in NJ - thank you for sharing these videos!
You have been such a wonderful asset of knowledge.to me and my husband. Thank you so much.
I had a Will prepared about 7 years ago and I received notice from the Law Firm 2 years ago that I may need to look at it again for any updates. I have heard about Trusts but seemed overwhelming not knowing what are the things involved in all that. So I haven’t done anything. Thank you so much for your videos. Now I have a much better idea on what questions to ask and what I would like done. Your videos are very helpful. And yes, I have subscribed!
Nice informative presentation. Thanks. God bless.
I just watched your video. Thank you so much for all your information. I plan to see my Real estate lawyer soon. I live in Los Angeles, I think all the rules might be different but your informations are very helpful. Thanks again.🙏
Thank you! I have and continue to learn so much from you. Your explanations are easily understood. Please keep up the great work.You are helping so many of us to get through the legal messes in our lives.
This presentation was "super" and very well expressed. Thanks Evelyn Kennedy - Groton,CT
Greetings from California. Thank you for a clear explanation on estate planning.
Great video.
Kingston, Jamaica . I understand the processes and procedures, thanks for sharing.
From Atlanta and I thank you for this informative video. I never understood the value of trusts and living wills and after watching numerous videos, I feel a bit informed and comfortable to make certain decisions.
Thank you so much from the state of WA
Very informative! Thank you so much! I’m new at this and I’m from California. I was so confused & overwhelmed before watching your video but now I feel more confident I understand this process a little bit better. Thank you!
Thank you so much for teaching me so much.
God’s blessings to you and your family
Ana from Maple Shade Nj
Excellent information. Will have to go over my legal documents to make sure I have the Trust Documents you mentioned with my attorney here in Cape Coral, Florida. I am keeping your video to share with my adult children also. Thank you. Barbara L
I'm from Illinois. I really do appreciate what you're doing here. I'm so interested in the difference between a standalone wheel and a trust. One thing I do wish you were able to do is to guide me or is it us into finding an excellent lawyer to construct the trust for us. Thank you for your service it's truly appreciated.
From KY, love this info, thanks so much for sharing and doing this
Probate allows you to bar some creditor debt, which is a tremendous relief to my clients, especially those whose parent or spouse had significant medical debt. For that, I never understood the negative stigma with attorneys outside of Texas who discourage the probate process.
Probate isn't free either so you have court fees and lawyer fees to do any type of probate. Trusts will not have that expense and delays.
Thanks 🙏🏻 very helpful 👍🏻
Going through this now. Thank you for this information.
The real question is how to keep your money, homes, property out of states or nursing homes hands. My parents worked from teenagers to almost 80.
Binge watching all of your videos. Thank you
Love your videos!!
I have stock certificates from a past job there are not worth much now but could be. How do I add that to a Living Trust?
Joni from Vallejo, CA. Thank you for sharing your legal knowledge.
Hello from Texas… thanks so much for explaining a difficult situation.
Excellent information! I definitely need to set up a trust. I'm a dual U.S./Canada citizen. Lived and worked my whole life in the States, then retired to Canada. So, my IRAs are in the U.S., my real property is in Canada, and I have bank, investment, and stock trading accounts in both countries. Additionally, my beneficiaries are in both countries. If I don't make things as simplified as possible, my trustee/executor will curse my memory long after I'm dead and buried. LOL (P.S. My dog is a rescue from Lafayette, LA... living her best life way up here in the birthplace of all Cajuns... Acadia. 🇨🇦)
Give it to The charities your kids and sister don't need it
I am in West Des Moines, Iow. I really appreciate your reenforcement of my message that people should be prepared and knowledgeable on the various estate planning documents. Understanding of probate is so helpful to lay people. Thanks.
Hello from Missouri! The Show Me State! Thanks 🙏 for the videos.
Thank you I trust you. So happy to have found you!
I had no real knowledge of wills etc Thanks to your program I can begin to prepare myself for my final decisions. I shall always be looking out for your program
My brother was the executor of his friend's will, and he said that probate was a complete nightmare. It all went well, but he had to file a stack of paperwork, etc. Probate, to clarify further, happens when there are assets with a title. Real Estate as mentioned, but even things like vehicles. If you are married, one of the simplest ways to avoid problems is to have these things in both people's names. The lawyer here can correct me if I'm wrong, but that should prevent all of those assets from going to probate. Everything would go to the surviving spouse. And they could keep them or distribute them according to their best judgement. And if it's a business, it can also be in the name of the spouse or a surviving business partner. So, if this scheme works for you, it's probably the easiest way to avoid probate. This might work extremely well for someone who doesn't have a lot of titled assets. Maybe a house and a couple of cars, etc.
Not true if both names are not on the home then it goes to living heirs and not the surviving spouse we just found this out in North Carolina
@@jackieburch6875
"If you are married, one of the simplest ways to avoid problems is to have these things in both people's names."
Read what I said one more time.
Not a lawyer....with Real Estate, house for example it depends on how the deed is noted. Joint tenants in common vs. joint tenants with right of survivorship. Right of survivorship, will pass to the next surviving owner and bypass a Will (heirs) and/or probate. Joint tenants in common can be distributed to heirs and needs to go through probate court. My mother and I owned a house together, our deed was JTWOS. This avoided probate.
@@TerryProthero The trouble with putting property and cars in spouse's name is if there is a seperation or divorce, One of the partners will demand half of the property or they will just abscond with it.
@@grandmajane2593
Yeah, that would be a possible downside. If your marriage isn't going so well, it might not be the best option. But if it is, it's a pretty simple way to go. That's the kind of thing that needs to be evaluated on a case by case basis. You need to realistically know who can be trusted and who can't be when making these plans.
Really useful info here, so thank you.
It took 14 minutes of preamble, but after that, thank you.
Thank you for sharing this information! We have a trust, but need to have it updated.
Thank you 🙏
You are so easy to understand legal words. Englesh is my second lenguajes. I have my own Bussines and I really apréciate how simple you are to teaching difficult things for me to understand. 👍🏻 Simi Valley CA.
If you have a business, talk to your lawyer about LLC. My husband and his brother have a business and their lawyer set up an LLC and we have a Trust for our personal stuff.
Very helpful...thank you!
Thank you Paul! Very informative. Linda from RAleigh, NC
Excellent well organized legal assistance.
Thank you so much for taking the time to explain this in layman's terms. Very helpful!
Hello My dad left a will with an assigned Executor, whom was a lawyer friend for years. This Executor Was sick with MS The judge appointed him .
It has been a year since my dad's death and I have no paperwork except for some. There are 3 beneficiaries which is me and 2 brothers my brothers are not of sound mind , and can not make decision...On top of that my dad's estate has 23 properties of which are divided into apartments. So we are talking about me managing tenants, repairs and maintenance such as grass cutting and trash removal. There are also real estate property management handling rental monies, and they are all insured. The estate pulls in about $9000-12000 a month.
My brothers ( beneficiaries) will not sign nothing, as in the will we are granted one third each of the estate residual. In the will, it also states to sell all properties or beneficiary can keep prope red ty of sme one third value.
Now in order to sell the titles must be cleared. There were judgements against some properties with violations. The Executor is now filing a petition to resign as he too I'll and the lawyer was his daughter straight out of law school with no experience, has caused one of my properties out of the city to be late on paying taxes. She is not communicative at all and has not paid my inheritance tax or $58,000 in judgements . The real estate is worth
3 million
Can you give me some advice as she has been incompetent in many ways. I have many tenants in properties, and I don't want lawsuits, nor malpractice with the lawyer of which has already happened.
My brothers are not of sound mind so they have been staring at the wall since birth.
I am the hopeful executor to come,, but need a place to start
I can leave my email and I am from Philadelphia, pa
What if you became executor by the courts for your deceased mother. Have a personal injury case which is ready to disburse funds and you have to pay inheritance taxes. Do you have to hire a lawyer? Pennsylvania
Great video. Hello from Los Angeles, CA
great job from CT
A revocable trust worked for my husband and I. He passed from cancer. He signed quick claim for our home. Within a trust is a will and a living trust. This is something to consider. I got out trust from a place that has the and paid 175 dollars for it. Everything needs to be signed by a notary. Anyway, it worked perfectly. I don’t know why this has to be so complicated.
Some people have twenty people waiting to get something and two million in assets. Causes lots of problems.
“Quit Claim.” Quick Claim?