I LOVE Jim's POCKET SQUARE 😀 Because of your video, I knew Exactly what questions to ask my attorney. I appeared so knowledgeable, and was able to hold up my end of an intelligent conversation. 😎 Thank you both!!!. I'm eating these videos up, like manna from heaven. Jim is a Godsend.
I worked for a title company so I know the difference between joint tenancy and tenancy in common. I had to consult an estate attorney when my mother needed a nursing home. He saved us $40,000 from my mother’s estate before she qualified for Medicaid. Fast forward 20 years and my children and I saw an estate planning attorney this summer to ensure my assets are protected should I ever need a nursing home. I’m 71 and my parents lived to their late 80s so while I expect to be around awhile longer, I know things can change quickly and I want my money to go to my loved ones.
Pocket square!!!!!! Thanks for another great video Eric. Jim, thanks a ton man. You were very patient and spoke to me several times personally to help me with my full estate plan. And we both learned that Twin Falls County in Idaho is also annoying for house deeds getting put in trust's name.
"Pocket square" what an amazing video! Thank you; thank you! If more people would watch videos like this instead of wasting time on airhead influencers, we'd all live on a better and smarter planet. I have a question regarding divorce and taking myself out of the title through a loan assumption. Can I still have a say or gain something in case of any future property sale and or profits?
Thank you so much for watching and your kind words! 🟦 To your question: Once a spouse is removed from the title of a property, they generally lose their legal claim to ownership and any right to future profits from the sale of the property. However, this depends on the specific agreements made during the divorce and any additional arrangements recorded in the divorce decree or settlement.
I like your Pocket square Jim. Parents who put their home into a grantor (revocable) Trust while both alive have more flexibility in how the asset is 'managed' after one parent dies. The dead spouse's share often is placed into a new irrevocable trust that is first for the health and welfare of the surviving spouse and/or minor children. Then after the 2nd spouse/parent dies, remainder is distributed to the beneficiaries of the irrevocable trust from the first parent to die (usually the children- often adults by then). The irrevocable trust is where the first spouse's half can be protected from the surviving spouse who might re-marry, then get divorced. You don't want your half of your house to be part of that divorce settlement. The irrevocable trust must be constructed to give the surviving spouse the ability to sell the property, as long as proceeds are divided and kept in Trust for the named beneficiaries.
Pocket square! This is very timely as I’ve got an “estate planning” appointment coming up in about 3 weeks. My situation is very simple but just the 30 min consult us $500…other costs seem pretty high for this very small, town/ rural area. I was quoted pretty high prices (IMO) for the options they have for me. Frustrating n makes me want to have a living will n say to heck with the rest - I won’t be here anyway. But, between cremation (?) and “estate planning” there’s a huge price to pay, just to leave the world. I’ll have to check out the website n see what’s available. Thanks for the video!
I had to look up what a pocket square was, thought it might be a small version of the tool in carpentry for drawing a straight line on a board, but that’s a Combination Square. 🙃
Very informative but one topic that no one seems to bring up is property taxes that are owed after parent has past away, after the stepped up basis is accounted for and after title is changed. The child is now responsible for property taxes if they decide not to live in the parents house but rent it out. Here in California that becomes a huge financial burden for child.
@jzschomler8229 I would look at the situation in a different perspective rather than a burden. This is actually a good problem to deal with because the child is receiving an income generating asset by renting. The annual income received from the rental home should exceed all expenses including California property tax 1% and local proprty tax around .25% to 1%. If the child/children do not want to become a landlord and manage the property then a local realtor can assist with selling the asset. Either scenario, it is a win win situation for the beneficiaries. I didn't even mention real estate appreciation which the cherry on top.
I love you talk on trust. Pocket square ! I live in California and wife and I took our title as Community property with survivor rights. It is one of a few states that have this an option. This is call double step-up in basis. Can you come give some color on this for california and some other states. We the first sponse
Pocket Square. When you both were talking about a trust and it stepping up the basis on the home, are you talking about about a revocable or irrevocable Trust? From what I understand a revocable Trust does not do this? If that’s the case, is there a way to make the trust revocable while the parents are alive but irrevocable upon their passing to avoid the capital gains? I read the post from the person detailing a revocable trust changing to irrevocable if one parent passes but what if both parents pass at the same time, is changing to irrevocable for the beneficiaries still an option?
Thank you for watching! The trust is revocable while both spouses are alive. Upon the death of the first spouse, the surviving spouse can inherit an unlimited amount without estate taxes due to the marital deduction. After both spouses pass, the trust becomes irrevocable to ensure the assets are distributed as outlined in the trust.
In Texas we have TODD BUT if you have a home with TODD with mother and daughter and mother goes into nursing home, how does that effect 5 yr look back from nursing home????
To add to this, what if you have a TODD, but then move to a state that does not recognize TODD and use Medicaid and then pass away? Does the TODD still protect from Medicaid collecting the estate?
I LOVE Jim's POCKET SQUARE 😀 Because of your video, I knew Exactly what questions to ask my attorney. I appeared so knowledgeable, and was able to hold up my end of an intelligent conversation. 😎 Thank you both!!!. I'm eating these videos up, like manna from heaven. Jim is a Godsend.
Appreciate you watching! ☺️
Jim is the best!
I worked for a title company so I know the difference between joint tenancy and tenancy in common. I had to consult an estate attorney when my mother needed a nursing home. He saved us $40,000 from my mother’s estate before she qualified for Medicaid. Fast forward 20 years and my children and I saw an estate planning attorney this summer to
ensure my assets are protected should I ever need a nursing home. I’m 71 and my parents lived to their late 80s so while I expect to be around awhile longer, I know things can change quickly and I want my money to go to my loved ones.
Pocket Square: once again the coolest nerds of them all (The Retirement Nerds) come through
Thank you so much! 😊
Pocket square!!!!!! Thanks for another great video Eric. Jim, thanks a ton man. You were very patient and spoke to me several times personally to help me with my full estate plan. And we both learned that Twin Falls County in Idaho is also annoying for house deeds getting put in trust's name.
Thank you so much for watching! Jim is great!
Excellent video pocket square
Thank you!!
Pocket square- these are really helpful videos
Appreciate you taking the time to watch! 🟦
pocket square. This was helpful, thanks!
Thank you so much for watching! 🔷
Pocket square . Great information!
@@dianesharpe1241 thank you!
"Pocket square" what an amazing video! Thank you; thank you! If more people would watch videos like this instead of wasting time on airhead influencers, we'd all live on a better and smarter planet. I have a question regarding divorce and taking myself out of the title through a loan assumption. Can I still have a say or gain something in case of any future property sale and or profits?
Thank you so much for watching and your kind words! 🟦
To your question: Once a spouse is removed from the title of a property, they generally lose their legal claim to ownership and any right to future profits from the sale of the property. However, this depends on the specific agreements made during the divorce and any additional arrangements recorded in the divorce decree or settlement.
I like your Pocket square Jim. Parents who put their home into a grantor (revocable) Trust while both alive have more flexibility in how the asset is 'managed' after one parent dies. The dead spouse's share often is placed into a new irrevocable trust that is first for the health and welfare of the surviving spouse and/or minor children. Then after the 2nd spouse/parent dies, remainder is distributed to the beneficiaries of the irrevocable trust from the first parent to die (usually the children- often adults by then). The irrevocable trust is where the first spouse's half can be protected from the surviving spouse who might re-marry, then get divorced. You don't want your half of your house to be part of that divorce settlement. The irrevocable trust must be constructed to give the surviving spouse the ability to sell the property, as long as proceeds are divided and kept in Trust for the named beneficiaries.
Pocketsquares look good on you, Jim! 😉 Thanks for the great info.
Thank you for watching! Jim is so great!
Pocket square! This is very timely as I’ve got an “estate planning” appointment coming up in about 3 weeks. My situation is very simple but just the 30 min consult us $500…other costs seem pretty high for this very small, town/ rural area. I was quoted pretty high prices (IMO) for the options they have for me. Frustrating n makes me want to have a living will n say to heck with the rest - I won’t be here anyway. But, between cremation (?) and “estate planning” there’s a huge price to pay, just to leave the world. I’ll have to check out the website n see what’s available. Thanks for the video!
Thank you so much for watching! Check Jim out. He's awesome and doesn't charge hourly.
Pocket square. Very interesting video. Thank you.
Thank you so much for watching!
Pocket square, great video Eric.
Thank you so much!
Pocket square! I miss that is dress. Thank you.
Thank you for watching!
We have the ladybird deed in Florida
I had to look up what a pocket square was, thought it might be a small version of the tool in carpentry for drawing a straight line on a board, but that’s a Combination Square. 🙃
Haha! Thank you so much for watching! Jim was an excellent model of the pocket square
Very informative but one topic that no one seems to bring up is property taxes that are owed after parent has past away, after the stepped up basis is accounted for and after title is changed. The child is now responsible for property taxes if they decide not to live in the parents house but rent it out. Here in California that becomes a huge financial burden for child.
@jzschomler8229 I would look at the situation in a different perspective rather than a burden. This is actually a good problem to deal with because the child is receiving an income generating asset by renting. The annual income received from the rental home should exceed all expenses including California property tax 1% and local proprty tax around .25% to 1%. If the child/children do not want to become a landlord and manage the property then a local realtor can assist with selling the asset. Either scenario, it is a win win situation for the beneficiaries. I didn't even mention real estate appreciation which the cherry on top.
Pocketsquare is an interesting key word.
Thank you for watching! 😊
Pocket square ! Will be coming back
Thank you so much!
I love you talk on trust. Pocket square ! I live in California and wife and I took our title as Community property with survivor rights. It is one of a few states that have this an option. This is call double step-up in basis. Can you come give some color on this for california and some other states. We the first sponse
Pocket Square. When you both were talking about a trust and it stepping up the basis on the home, are you talking about about a revocable or irrevocable Trust? From what I understand a revocable Trust does not do this? If that’s the case, is there a way to make the trust revocable while the parents are alive but irrevocable upon their passing to avoid the capital gains? I read the post from the person detailing a revocable trust changing to irrevocable if one parent passes but what if both parents pass at the same time, is changing to irrevocable for the beneficiaries still an option?
Thank you for watching!
The trust is revocable while both spouses are alive. Upon the death of the first spouse, the surviving spouse can inherit an unlimited amount without estate taxes due to the marital deduction. After both spouses pass, the trust becomes irrevocable to ensure the assets are distributed as outlined in the trust.
Pocket square!
@robertryan3490 thank you!!
pocket square i needed this video
Thank you so much for watching!
In Texas we have TODD BUT if you have a home with TODD with mother and daughter and mother goes into nursing home, how does that effect 5 yr look back from nursing home????
Texas has an option for you. Send me an email to erik@theretirementnerds.com and we can go through it
@@leonaowen9234 possibly go to estate attorney and inquire about a Ladybird deed?
To add to this, what if you have a TODD, but then move to a state that does not recognize TODD and use Medicaid and then pass away? Does the TODD still protect from Medicaid collecting the estate?
I’m a nobody but I think new roofs are normally a repair instead of an improvement and do not add to the basis. Might want to check in this…
Pocket square
Thank you!
pocket square.
Thank you! 🟦
Pocket. Square. Thanks
Thank you so much for watching!
Pocket square
Thank you so much!
Pocket square
Pocket square
Thank you! 🟦