Passing It On: Estate Planning for Families

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Avoiding probate should be a key part of your estate planning strategy. Here are the top four reasons why: First, probate can be a lengthy process, often taking months or even years to settle, which delays your loved ones from accessing their inheritance. Second, the probate process is public, meaning anyone can access details about your estate—avoiding probate helps keep your financial affairs private. Third, probate can be expensive, with legal fees and court costs eating into the value of your estate, so probate avoidance can save your heirs money. Finally, by avoiding probate, you maintain control over how and when your assets are distributed, rather than leaving those decisions in the hands of the court. If you want to learn more about how to avoid probate and ensure your estate plan is airtight, follow me for more estate planning tips and strategies. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com "Can you refinance a home that’s inside a living trust? The answer is yes, and I’m breaking down exactly how it works in this video. If you’ve placed your home in a revocable living trust to protect your estate and you’re thinking about refinancing, you don’t need to worry! Lenders are typically comfortable with properties held in trusts, and the process isn’t much different than a regular refinance. But there are a few key steps to know about before moving forward. In this video, I’ll cover what lenders look for, how the trust impacts the refinance process, and what paperwork you’ll need to have on hand. As an estate planning attorney in California, I help clients protect their assets while navigating the ins and outs of estate planning, including refinancing a home held in a trust. If you live in California and have questions about this process, or want to schedule a consultation, click the link in my bio. #LivingTrust #Refinance #EstatePlanning #CaliforniaAttorney #TrustsAndWills #HomeOwnership #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Are you considering adding your child’s name to your home’s deed and creating a joint tenancy with right of survivorship? This estate planning strategy can be a smart move to avoid probate and ensure a smooth transfer of property ownership. However, before you take that step, it’s important to understand the pros and cons of this approach and how it affects your overall estate plan. Adding a child to the deed as a joint tenant is a popular estate planning tool because it allows the property to bypass probate upon your death. This means the property automatically transfers to your child without the delays and expenses often associated with the probate process. For homeowners, this can be a valuable way to ensure your assets are protected and passed on according to your wishes. However, there are potential drawbacks to be aware of. One of the biggest concerns is the tax implications. By adding your child to the deed, you could trigger gift taxes, and your child may face significant capital gains taxes when they eventually sell the property. Unlike an inheritance, where the property’s value gets a “step-up in basis,” adding your child to the deed could result in them owing more in taxes if the home’s value has appreciated. Another critical factor is control. Once your child is added to the deed, they become a co-owner of the property, and you can’t remove them without their consent. This could lead to complications if your child encounters financial difficulties, such as bankruptcy or divorce, as their ownership stake could be at risk. Creditors might even place a lien on the property, putting your home in jeopardy. For those considering Medicaid eligibility in the future, it’s essential to know that adding your child to the deed could be considered a gift, which might affect your ability to qualify for Medicaid benefits. This could have serious implications if you need long-term care, so it’s crucial to factor this into your decision-making. Family dynamics can also come into play. If you have more than one child, adding just one to the deed might create tension or disputes among siblings. Estate planning is about more than just the legal aspects; it’s about preserving family harmony as well. Be sure to consider how this decision will affect your relationships and your legacy. In summary, while adding your child to your home’s deed as a joint tenant with right of survivorship can be a useful estate planning strategy, it’s not without risks. This approach can help avoid probate and provide some peace of mind, but the potential tax consequences, loss of control, and impact on Medicaid eligibility need to be carefully weighed. Consulting with an estate planning attorney can help ensure that this strategy aligns with your overall goals and financial situation. Watch the full video for a detailed explanation of how this strategy works and whether it’s right for you. Don’t miss out on protecting your home, your assets, and your family’s future. #EstatePlanning #RealEstate #AvoidProbate #HomeOwnership #JointTenancy #TaxPlanning #MedicaidPlanning #ProtectYourAssets #FamilyFinance #FillThatBucket”

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com When somebody is either in the hospital or on hospice care, estate planning can be very difficult. We want to avoid this by planning ahead. However, crisis, or deathbed planning is something that can sometimes be done. Estate planning is always important, but it’s not always urgent. But sometimes when it’s urgent, it can be too late. #Hospice #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Dykstra a revocable living trust gives you control. That means it doesn’t restrict you from selling the home, renting the home, buying a new home and putting it into the trust, putting in addition on the home, painting, a home, putting in a pool, adding a deck, or anything that we normally do with real estate while we’re alive. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com bad trustee. It is essential that if trustee follow the terms of the trust as written. Some trust makers don’t want their grandkids to inherit things until they are a certain age, like 35, 40, or 45. It is the obligation of the successor trustee to make sure those wishes are carried out. If the trustee doesn’t want to do that, they should resign and let somebody else take over. not following the terms of the trust that trustee at risk of lawsuit. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Gifting assets during your lifetime is a powerful estate planning technique that can help you avoid the probate process after death. By strategically transferring property, cash, or other assets to your loved ones while you’re still alive, you can significantly reduce the size of your estate. This means less for the probate court to handle, minimizing the costs and delays your heirs might face. Gifting also allows you to have more control over how your assets are distributed, ensuring that your loved ones benefit from your generosity on your terms. Plus, it can be a fulfilling way to witness the positive impact of your gifts in real-time, rather than leaving it all to be sorted out after you’re gone. If you’re looking to simplify your estate plan, reduce probate costs, and make sure your legacy is passed on smoothly, gifting could be the right strategy for you. Follow me for more insights on how to avoid probate and protect your family’s future through smart estate planning strategies. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com a revocable trust means we have complete control over it while we are alive. That is the opposite of an irrevocable trust. The living trust is set up while we are alive as opposed to a testamentary trust that is set up after we pass away.

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Estate Specialist probate in California can take a very long time. Remember, probate is the government controlled state supervised. Judge approved asset distribution program. We can avoid this by setting up a complete estate plans surrounded by a revocable living trust. Probate often takes 18 months to two years and more. We really need to avoid that ##EstatePlanning##LivingTrust##FillThatBucket##Pevney##financialfreedom##orangecounty