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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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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We we’re talking about asset protection in a different style. The first video we talked about anonymity through an LLC. This video we’re going to be talking about is an irrevocable trust or irrevocable, however you want to say it is a trust that you cannot change, the people that created the trust cannot change it. So it’s set solid, and you’re giving rights away in some sort of way. Whether it’s to a third party trustee or your family trustee. And the point of the matter is that this trust is irrevocable and you are now foregoing ownership rights.

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Let us talk about a style of asset protection called Anonymity. What is anonymity? Anonymity means I want to become anonymous to the work so that if someone looks up my property, they don’t see Liran Aliav owns this piece of property. What they see is X, Y, Z owns this property.  Anonymity can be in so many ways. The most common style of anonymity is an LLC. You can name your LLC, ABC LLC. Well, that doesn’t say Liran Aliav on the title, so no one could find out just by that document that it’s me. Now, there are.

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A lot of people ask me, “What do I do in order for myself that all my assets to be invisible and no one could find them with no judgment. I could be judgment proof, but I have all these problems. What do I do? How do I get to that point?”  Well, first of all, we’re going to go through some asset protection basics. First off, asset protection is not a fool-proof, 100% way to get yourself out of judgment, especially if a lawsuit has been already filed or it’s currently about to be filed. Usually, that’s not when.

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Why do I need a power of attorney if I have a trust? How do they play together? Well, this is very important. So again, this all starts with a trust.  A trust is a bucket. You fill it up with things. Now if you become incapacitated or go into the hospital and can’t make decisions, the trust turns on and when it turns on the powers of the trust control, another person could come into place and manage those assets. But what happens if those assets are not part of a trust, right?  Let’s say they are left outside.

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