We’re talking about whether you could sell a house that’s in a trust. All right if someone put a house in the trust, whether you are able to sell the property on the open market. The general answer is yes. If you’re the trustee of the trust, remember that, it’s important. Trustee is the “property manager” of the trust. They get to make the decisions on whether to sell. They’ll sign the deed, they will get the loan and apply. That person needs to sell the property and to be on board, so the trustee can sell trust assets.  An.

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We are talking about whether you can undo any backyard estate planning. What do I mean by that? Well, a lot of people put their children’s names on title to a piece of property and think that’s the right way to go ahead and do your estate plan.  They’re going to forgo many tax benefits for that property and that person might find out today that they did this in a problematic way. Which I will tell them that there’s probably a way to undo all of that and make it all solid, and the way you do that is.

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We’re talking about whether only rich people need trusts. This is a common conception, it’s a misconception out there that rich people are the only people that need trusts, and it’s absolutely incorrect.  The people that need trusts are anybody that have in the aggregate, so total amount of assets, over $150,000. If you have over $150,000, you will go through a process called probate and in order to avoid probate, you must do a trust.  You must sit there and draft a trust and then transfer the assets into the trust. That is the only way, not the only.

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We’re talking about a probate sale today, about when they happen and what usually is required in order for the sale to go through.  Now this is a general overview, so there’s a lot more technical details involved, but at the end of the day, when someone petitions for a probate, so that means that they usually don’t have a trust or the house is not in the trust and they go to probate, the judge will ask whether that person who is in charge can be bondable. And what that means is, can they get “insurance” if they commit.

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Let’s talk about how long does a probate take. If I file a probate in court today, how long until I could see any of the money as a beneficiary of the will, or just as an heir of that person.  Well, first off, we should talk about what a probate is. A probate is in order to transfer title from your parents or a person to a next-of-kin, or an heir, or somebody else, it has to go through probate unless it’s in a trust.  So if it’s in a trust, you don’t have to worry about it, but.

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Today, we’re talking about how to limit or avoid completely the estate tax. The estate tax is levied upon death. It’s called the death tax. It’s levied after the government gives you an exemption, an amount you can have without paying any taxes upon death.  So if you have less than $11.49 million as of today in 2019, You won’t have to pay a tax. But if you are over that amount, you will have to pay a 40% tax on all of those assets above the exemption. They want it in nine months. One question that was all all.

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Today, We’re going to be talking about the estate tax for a married couple. From previous blog, it said that if you have 11.5 million dollars of exemption as of today, which 11.49 but, it’s still 11.5 million dollars 2019 of federal estate tax exemption.  But in California, there isn’t any so you don’t have to worry, but for federal there is. So if you have less than 11.5 million dollars you’re good. If you have over 11.5 million dollars, it’s 40% of every dollar over 11.5 million dollars. So if you’re married, what happens? How much do you have?.

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Let’s talk about the estate tax. How far do you know what is the estate tax, also known as the death tax? It’s a tax that is levied upon you when you pass away.  Some government will have said like this “I know you’ve paid taxes all this time, “but how much you have left?” And some says, “Oh, well I have a couple million dollars.” And they will have said back, “Are you within the exemption? “If you’re not within the exemption, “you’re going to have to pay a tax.”  What’s the exemption today in 2019 or 2020? It’s.

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Will there be property tax consequences to making a living trust? So I keep telling people that they probably need a living trust, especially if you own property here in California, but many people are worried that if they touch the title that it will create a property tax reassessment.  I’m here to tell you that there is an exclusion for that, that you don’t have to worry about that. You could transfer property you own into a living trust without a reassessment. Now the only caveat to that is if it’s jointly held with another person that’s not your.

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Let’s talk about property tax. What happens specifically to your assets after you pass away in terms of property taxes, not about anything else, we don’t care about capital gains tax right now, we’re not talking about probates but we’re talking about just your property tax.  Well, the general rule you should know is that property gets reassessed when there is a death. So if someone passes away and moves to another person’s hands, you are now stuck with a reassessment. And that reassessment could be huge, especially if you bought it in the 70s or 80s or 90s because.

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