Setting up a trust can be a great estate planning tool for passing down your home tax-free. There are two main types: revocable living trusts, which offer flexibility, and irrevocable trusts, which provide stronger asset protection. You should consult with an estate planning attorney to determine the best option for your situation and proper creation and funding of that trust. Thanks for watching!
That is correct. Having a will does not bypass probate. A will still needs to go through the court for validation. To avoid probate, you might consider using alternative tools that are designed to bypass probate -- like living trusts, joint ownership arrangements, or payable-on-death accounts. These can facilitate a smoother and more private transfer of assets if used properly -- but they must be used properly. Consulting with a professional can provide you with options tailored to your specific situation.
Thank you for your kind words and support! We completely agree-Medicaid rules and regulations can be quite complex and challenging to navigate. Our goal is to break down these topics into more digestible and straightforward information, so viewers like you can have a better understanding of the subject matter. Stay tuned for more videos on Medicaid and related topics. We appreciate your engagement and hope to continue providing valuable content. Thanks for watching!
Homestead exemptions and rules can vary depending on your location and specific circumstances. Generally, if you have part ownership of a property and it is your primary residence, you may be eligible to claim a homestead exemption. However, there may be additional requirements or restrictions based on local laws and the type of ownership you have. To determine your eligibility for a homestead exemption and understand how it would apply to your situation, it's essential to consult with a local attorney or tax professional who is familiar with the laws in your area. We hope this helps! Be sure to check out our other videos on estate planning for more information. Thanks for watching!
You're absolutely right, it's challenging to create a complete guide with this length of video. We'll be producing longer content in the future to cover more information on this topic. Stay tuned for these more in-depth videos. Thanks for watching
What about setting up a Trust?
Setting up a trust can be a great estate planning tool for passing down your home tax-free. There are two main types: revocable living trusts, which offer flexibility, and irrevocable trusts, which provide stronger asset protection. You should consult with an estate planning attorney to determine the best option for your situation and proper creation and funding of that trust. Thanks for watching!
This is our article series from our blog.
www.heritagelawwi.com/blog
My understanding is that a will isn’t enough, ie the beneficiaries will still have to go through probate.?
That is correct. Having a will does not bypass probate. A will still needs to go through the court for validation. To avoid probate, you might consider using alternative tools that are designed to bypass probate -- like living trusts, joint ownership arrangements, or payable-on-death accounts. These can facilitate a smoother and more private transfer of assets if used properly -- but they must be used properly. Consulting with a professional can provide you with options tailored to your specific situation.
@@heritagelawoffice yup. Unfortunately that ship sailed for now. I’m the in law. I tried to tell them. Won’t happen again.
Revocable living trust
Is this for Canada as well?
Thank you for watching the video. Unfortunately, we are unable to provide any information on Canadian law.
Thank you for another well-done video. Folks don't make medicaid easy to understand do they!?
Thank you for your kind words and support! We completely agree-Medicaid rules and regulations can be quite complex and challenging to navigate. Our goal is to break down these topics into more digestible and straightforward information, so viewers like you can have a better understanding of the subject matter.
Stay tuned for more videos on Medicaid and related topics. We appreciate your engagement and hope to continue providing valuable content. Thanks for watching!
If I get part ownership, can I homestead it?
Homestead exemptions and rules can vary depending on your location and specific circumstances. Generally, if you have part ownership of a property and it is your primary residence, you may be eligible to claim a homestead exemption. However, there may be additional requirements or restrictions based on local laws and the type of ownership you have.
To determine your eligibility for a homestead exemption and understand how it would apply to your situation, it's essential to consult with a local attorney or tax professional who is familiar with the laws in your area.
We hope this helps! Be sure to check out our other videos on estate planning for more information. Thanks for watching!
Can't be a complete guide in under 4 minutes
You're absolutely right, it's challenging to create a complete guide with this length of video. We'll be producing longer content in the future to cover more information on this topic. Stay tuned for these more in-depth videos. Thanks for watching