Interesting how homelessness wasn't mentioned as a con. California has the largest population of unhoused people, which explains some of the crime epidemic. Not to mention the totally soft on crime politicians. I have lived in CA my entire life, and it has some beautiful areas, but in my opinion, the state as a whole has been deteriorating, and I don't see anything coming from our politicians that will make it better. Nearing retirement now, and I think I'll look for a better quality of life elsewhere. As long as you don't mind aggressive panhandling or having to sidestep some tents on the sidewalk, you'll love it here. The weather is great.

ZEP TO 11:11 TO FIND THE COST AND SAVE YOUR TIME...

Thank you. Excellent presentation.

Best way is to have a family trust setup for the family name and how to control the trust name as a business in due course over the living revocable trust

Your living in the matrix fictional system Washington DC and their states agency they are not American they are slave's to the crown of England

I just want to make my revocable into an irrevocable. My wife and I agree to this. Isn't there just a form or something simple?

Hi Jim, I’m on my third pass on this video. Also have about 60 pages left in your book as I slowly chew through it. Really interested in a proper LLC for a beach house we own to pass to our 3 adult children. I understand a lot of the California pitfalls but was also curious about putting Washington state rental into the LLC to offset costs as time goes on. Are there any videos on out of state property held in an LLC. Trying to get our ducks in line before meeting with you.

I believe this can be one of the ultimate question: in your professional field, please give me some figure(s) how many cases or the numbers of the average percentage who successfully operated/handled living trust, living will, last will,... perfectly to avoid probate pit falls? The more I hear from lawyers like you about surviving from probate, the more my concerns grow: I even feel "not possible." Addition to that, having not many "certified" professionals out there in the country, and it seems like "you don't know what you don't know" appears every corner I walk... I wonder how others handling, succeeding this process. I bought your book, "Savvy Estate Planning" and also listening in Audible daily. I will learn, and I will be careful, but I am also worry. But thank you for your detailed, heartwarming helps for all of us :)

I moved to CA from a state with a low flat tax and paid less state tax in California because of the graduated tax rates.

I called for 15 minute free consultation and was told that I cannot speak with a lawyer so any questions that I asked could not be answered.. I was told I need to make a 60 to 90 minute appointment consultation to speak with an attorney and it would cost me $595. Couldn’t even tell me a ballpark figure of how much it would cost to put one property in a revocable trust for my child I need to have a 90 minute consultation to find out the cost to do this and pay $595

We moved from Long Beach, CA to Boise Idaho and bought a 4 bedroom house for the price of a 1 bedroom Condo in Long Beach. Not traffic. The weather is awesome. We actually spend more time outdoors here than California because of accessibility and the time you don't spend battling crowds and traffic. With the money we're saving I can retire a full 7 years early. I do miss good Mexican food, but it's not worth the high cost of living and crowds.

Great video, but I have a few questions: 1. The amount of assets division in A/B trust - in your video you made the examples of A/B trust in many places as "If a couple has 2M assets, then A will have 1M and B trust will have the other 1M....". But in my understanding of how A/B trust is commonly set up, it's not meant to be divided 50-50. Usually the B trust is the amount of federal life-time exemption amount and A trust is the remaining. This was developed to make sure the deceased spouse's federal exemption is not wasted. I understand that with the portability rule later in effect this is no longer necessary, but that was the original intention. Anyway, necessary or not, the division of A/B trust amount was never meant to be 50-50. 2. The other factor is the unknown estate tax rate and exemption amount in the future. For high net-worth couples, there is a benefit with the irrevocable B trust as any growth and appreciation in the B trust will be exempted from the estate tax when the surviving spouse passes away. Let's say the lifetime exemption amount is 7M at the death of the 1st spouse and a B trust of 7M is created. Later when the 2nd spouse die, the $7M has grown to $14M. It seems to me it's not simple clear answer if getting a step-up on cost basis for that 14M assets to save 30+% capital gain tax for the children beneficiaries is always better than saving 40% estate tax on the $7M growth. Am I missing something? 3. A/B trust with disclaimer - if the A/B trust had the disclaimer option setup, then the surviving spouse has the option to decide whether and how much to set up the B trust anyway within 9 months after the death of 1st spouse depending on the estate tax law at that time and asset situation.

I live in California. Love it! Been here for years! ❤

Wow i never realized you had content in Spanish! Super impressive!

Best video about LLC and Corps. Thank you!

I’m not leaving CA, yeah

There is no diversity of political thought in California 🙄

What happens if you overfund an ILIT?

Makn issue woth that Finra thing is you have to keep it updated. For example if ine of the owners changes address you have 30 dats to update Finra. If you have many LLC, this is cumbersome. Best thing is to make a Finra ID to auto update all LLC

Probate being based on gross value and not net value is nuts!

What about temporary transfers where an adult child goes on the deed with his mother so the property can be refinanced?

Another question - Irrevocable Grantor Trust - the video in time 10:30 says for Irrevocable Grantor Trust the assets are not part of the owner's estate".... I think that's not correct. According to IRS, the assets held in an irrevocable grantor trust generally remain included in the grantor's estate for estate tax purposes. So if the goal is to reduce estate tax, then one should set up Irrevocable Non-Grantor Trust, not Irrevocable Grantor Trust?

Question - I don''t quite understand the number you showed in "Gifts in Trust" at time 4:00 of the video. If the couple gives each of the 3 children the annual gift tax exemption, that's total of 6 times the annual gift tax exemptions. Plus, they can each gift the irrevocable trust up to annual gift tax exemption as well, right? That's another 2 times the annual gift tax exemptions. So together it should be 8 times, so why you show under "Total Gift" column as 6 times? My understanding is that people can gift to the irrevocable trust with their children being beneficiaries separate from gifting to children directly, am I correct?

What about if the children went on the deed with the mother so the mother could qualify to refinance the home? After the new loan is in place, the children deed the home back to the mother as sole owner. Would the property taxes change because of this?

Interesting & informative as usual

Does a survivor spouse personal brokerage account get a step up basis on the death of a spouse in California? Reply

I am trying to reach you to create an LLC but your team wants me to pay first for a consultation...

👍👍 thank you!!

As Californian retiring from the Army soon, I've decided to return home to California for now. I still may leave if I do find another state, but unfortunately, most look unappealing, despite considering I'm a world traveler. And California has a great veterans program, too. Not many states can compare. Ultimately, the diversity in people, cultures, weather, and opportunities are the main reasons for my return. The only cons for me are the poor public schools and health care in rural or poorer communities. I don't have to worry about public schools or health care since I'm going to be a veteran, but I know these two topics are a big deal in a state as huge as California. Thanks for making this video. It's very informative.

California diverse???? I have no restaurants except taco , hamburger, and pizza places. Sorry, California sucks now. Ive lived in cali since 1965. It's overcrowded, expensive, liberal and getting worse.

Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.

What about if you are affiliate marketer or network marketing individual?

Jim, your content is incredible and extremely beneficial. Thank you for all the eduction! You are helping people save millions of dollars.

If I were 72 and making $53 K per year from Social Security and a pension, Is it possible that if I needed to go into a long term care facility that I'd qualify for Medical assistance if I didn't have long term care insurance?

It is all very easy to understand, the government gets all it can and the people get what the government wants to give them and only for a while but it always collects the taxes and decides on the amount. Loopholes after loopholes protect the ruling class who have control of the citizens government. Speaking of a loophole can a widow marry her son and when she dies there is NO transfer of property from wife to husband.

nm is bad state to live in for taxes. forget how low property taxes are. look at the state taxes and capital gains taxes. i was going to move there until i found out that i was going to have to pay 60 thousand dollars just on a capital gains tax that i have to pay soon when i sell some of my stocks etc... so now im going to move to a state that has no state tax or capital gains tax. these types of things are killing that state and people with money wont move there.

"Uncle Gavin" - I died

I need help with my structure

CA, the ultimate gilded sun shiny cage

Even tho California has no asset limit for medi-Cal Beneficiaries, Medi-Cal requires you report 100% of your inheritance within 10 days. How can you do this within 10 days when it takes months? Covered California, on the other hand, says you don’t have to report when you receive and inheritance, but have to report when you sell an asset. Why the discrepancy?

so most people who move to CA is from the worst states? that is not a good thing...if you move from the worst state, then anything is better...i've lived in CA since i came in US, but with all the things i've seen since, i can tell you everything is going down...outdoor activities are getting more limited, budgets are down for public services, taxes are going up, more unqualified people to receive social services are getting them easier than legal tax payers, crime is higher each year, middle class is getting destroyed, tax payer is getting less out of their taxes...long term, retirees are better off some other state...i would keep my property in CA as second home because i still think it's got the best in overall living condition, but would rather live in middle class friendly states...the key i take here is that CA is good for low income earners which makes the point that CA hates middle class...who wants to stay in low income earner just to live in CA?

Thank you… not leaving CA after watching your video. We have been frugal and invested/saved consistently… now we’ll enjoy California… living in Napa.😊

At 17:25 - looking forward to example text for "Additional Powers Granted" such as speaking about grades or talking to the registrar...

THANK YOU‼️ I’m sharing this w/my son. He needs to know this as I don’t think I have that many yrs left.

Money enables freedom, so if you're rich CA is fine.

Listening to this makes me so glad I’m retired. I spent about 16 years explaining things like Prop 58, Prop 60 etc. But I can’t even imagine trying to explain Prop 19 over the phone!

Prior to Prop 19, California already had Prop 60/90 which allowed the transfer, of existing property tax base, to a new purchase. Prop 19 is the realtors scam -- however, the market is crashing because of blue policies and fed rates. There is so much property sitting on the market right now, no one is buying.

Great presentation! Answered lots of my questions. Thank you,

What about a parent who passed away years before prop 19 went into affect with leaving the property to his two children (remainder men) but he got married before he died he had a second wife she still living and she has a life estate in this home she’s not on the title nor owner of the home it was our childhood home we grew up in. Tile is held in irrevocable trust. Would that be under prop 58 still? He passed with intention of us being able to keep family home he never knew about this prop 19 change. From what I have read it goes by date of death of owner. How does this work with her still living in it past the prop 19 law passing. is her death the change of ownership or his? any info would be so appreciated.

My husband will be successor trustee after his parents decease. Both parents are still alive, but his mother has dementia and is incapacitated. Should we be working now to remove mom as a trustee? I'm worried it will be more complicated if dad passes first. We were able to add my husband as co-trustee on the trust savings account with the credit union, but have addressed nothing else yet.