Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Sometimes, a will isn’t enough for a complete estate plan. Often times, a revocable, living. Trust is the best way to go, especially if you live in California, own real estate, or have little kids that are either under 18, or not the most responsible people in the world. Living trusts, save you from the high cost probate, give you a lot of control over your assets from beyond the grave, stay private, instead of going through court, and take a lot less time than the Court probate process. #EstatePlanning # #LivingTrust #FillThatBucket #lastwillandtestament #FillThatBucket

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com A lot of people think it’s a good idea to get their own name on the Dittu their parents house. However, this could crush you in capital gains taxes in the long run. The better solution for your parents, put the home inside of a living. Trust with you, the children as beneficiaries. That way there will be a step up in tax basis that will save you a lot of money in capital gains taxes when it finally comes time to sell that home, #Taxes #capitalgains #Living #EstatePlanning #FillThatBucket #OrangeCounty #MissionViejo

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com P. Who gets to see a copy of your trust? A beneficiary doesn’t get to see a copy of a trust until they actually become an active beneficiary. Meaning if you are leaving all of your property to your kids, they don’t legally get to see a copy of that trust until you pass away, and they become current beneficiaries. As a practical matter, though, it’s a good idea to let both trustees and beneficiaries know that there is a trust, and especially that the successor trustee wants to act as a trustee. Because remember, a trustee doesn’t have to be a trustee, they can always resign, or choose to not take on the gig. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com Don’t leave your kids any money when you die. This is a little bit of a trick, because ultimately you want your kids to benefit from your inheritance. The best way to do this is to set up a living trust, leave your inheritance to the trust, and have the trust distribute money to your kids, or on behalf of them as the beneficiary. This does two things. First it protects them from making bad decisions themselves, and also can protect that money from people they owe money to like creditors, bankruptcy, lawsuits, and even spouses. #Kids #EstatePlan #Beneficiary #FillThatBucket, #Pevney #OrangeCounty #California #LagunaHills #SanJuanCapistrano

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com 𓆉 MoonlightWildflowers 𓆉꧂ not the best idea to buy a home jointly with somebody that you’re not married to yet. If one of you passes away and you’re broken up, guess what? You might come home with your exes mom how does that sound? #State #Marriage #LivingTrust #PutARingOnit #fillthatbucket. #Pevney #daveramsey

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com if a home is going to be left to children after parents pass away, sometimes one child wants to buy the other siblings out of their share. The problem is, if the house isn’t currently in a trust, and there isn’t currently in a state plan in place, this can’t be done until the Home goes through the entire probate process, which, in California can take up to two years. the better solution, is for the parents to set up a living trust, place the home inside of the trust by using a quitclaim, or grant deed, and make specific provisions about what is supposed to happen with the Home after they pass away. #Deed #EstatePlan #Siblings #ParentsDying #FillThatBucket #Pevney.

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com houses with mortgages on them, are still owned by the people on the deed to the house. That means that the house can go inside of a living trust. The mortgage just tells us who owes money on the property. Yes, if you don’t pay the mortgage, the bank can foreclose on the home. However, the fact that a home has a mortgage on it does not mean that the house cannot go inside of a trust. The large majority of homes that I, as an estate, plan, lawyer, put in trust for my clients, have mortgages on them. #Mortgage #EstatePlan #estateplanninglawyer #FillThatBucket #Pevney #California #OrangeCounty #MissionViejo #LagunaHills #LagunaNiguel #AlisoViejo, #LagunaBeach.

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com TOD or POD beneficiary can be a great way to get assets into a living. Trust after you pass away. But what if your bank doesn’t allow it? #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #beneficiary

Free Estate Planning Strategy Session for California Residents www.ocestateplanlawyer.com one of the great advantages of a trust is that it is a private document. That means that it doesn’t have to be filed with any government agency. That does mean, though, that it’s important to keep the originals, and that the next trustee to come after you knows where they are, that means they need to be accessible whether that be in a safe, or maybe just simply in a bedroom closet. It’s also important to make sure there are copies, often digital copies. But not copies of drafts, copies of originals that are after they have been signed and notarized. I maintain digital copies of full estate plans for my clients, and urge them to give their successor, trustees access to their original documents, and often a digital copy of that original. #Privacy #LivingTrust #RevocableTrust #FillThatbucket #Pevney #California #OrangeCounty #Realestate #FinancialFreedom.