Different Ways To Leave Your Estate To Your Kids and Grandkids

[@melbasalcido4708]

I am 74 and own my home free n clear, my estate attorney drew up a document called transfer of title upon my passing. My question to you is upon my passing and my daughter decides to sell the house which will likely appreciate in value will she have to capital gain taxes?

[@suzyerichsen6184]

You talk about a son in law..." we like him but you just never know". That also goes for siblings that are to inherent from the parents. You just never know the individual until money becomes involved... it's called greed and believe me I have seen the best individuals go bad to greed.

[@ABab-jf2jb]

Thank you.

[@suzie4816]

What about TOD's?

[@shibui99]

Can all three adult children be the Executor Trustee of a Revocable Living Trust if the trust is extremely low in assets,, (i.e., car, house, & a little cash)?

[@LS-sh8mv]

Yes, please do a video about Corporate Trustees!!

[@dianachau7857]

How do you open stock accounts for the minor or grandkids? Do I need to list the minor account in the living trust?

[@BillU1492]

Brokerage’s (Schwab, Fidelity, etc) have custodial accounts where you can buy any of their products (stocks, ETFs, Mutual Funds, Bonds, etc) within the minor’s account.

[@MariaJones-r3o]

Thanks for the forecast! A bit off-topic, but I wanted to ask: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?

[@TheFtm22]

I am amazed that so many people are worried about keeping money away from spouses. There are lots of good solid marriages where a husband has been providing for a wife and children. So what if an inheritance is divorce proof and that son-in-law who took good care of that daughter gets cut out? What gratitude is that for the care of an honoring marriage? I just don't understand - I am a daughter who has been married for decades to a solid man who has been sole provider for decades. There are many people out there like me, but to hear the lawyer speak it sounds like the encouragement is to have these elderly people think the in-law will not be the good person they have been. I understand that there are lousy people around. It's just not everyone and there doesn't seem to be an interest by attorneys in general to consider such an idea. Also, corporate trustees seem to be recommended a LOT by lawyers and those people earn quite a fee from the inheritance .

[@rajbeekie7124]

Many marriages end in nasty divorces. As a result, keeping it in the family is a legit concern.

[@TheFtm22]

@rajbeekie7124 I understand. My point is to know your family and stand up for the good people rather treat everyone like a not so great person.

[@rajbeekie7124]

@@TheFtm22 I hear you. Unfortunately, you NEVER know when a relative's relationship will head south. I am guessing you have best friends who have surprised you.

[@TheFtm22]

@rajbeekie7124 if you want to do that to your children and their spouses, then they deserve to know BEFORE you are dead. Surprises like that only play well in the movies. In real life, it hurts more than you can imagine.

[@Cocora22]

It's great to know there are people who have long standing marriages, based on trust and honesty. However, even the best of people get pissed off and what was suddenly an idyllic situation may go south. We have worked hard to leave our son an inheritance that might not be huge, but it definitely will go a long way to make his life very comfortable combined with his good financial decisions. The girl he is marrying is lovely and loves him very much and I truly hope they will have a long happy marriage till death do they part. Just in case though the trust is well protected so no one can separate him from it. If the spouse is offended by these arrangements prior to a marriage, or offended by a prenup.........hummmm maybe they aren't nearly as great as they appear to be.

[@robjohn6943]

In my case, I am not using a will or trust. I have about a $1 million estate. I am using joint accounts with my oldest son, I have three son's. I have ensured my joint accounts, pensions, IRA and annuities have them identified as beneficiaries once my wife and I pass away. My home will already be sold and the funds put into the joint accounts before my death. This leaves vehicles which can be simply transferred after death with a simple form and a death certificate. My sons will not face the delays and difficulties of probate or a trust. Very little expense, if any will be involved. The assets will be divided equally by my oldest son.

[@grl57]

You are assuming you and your spouse will be alive when the house is sold. Let’s cross our fingers! However in CA if you or your spouse predecease each other and the house is still not sold, there is an option (affidavit of death of spouse). Not meant to be legal advice. Good Luck!

[@robjohn6943]

@@grl57 Actually the rest of the story is my house will be going on the market to sell before I retire in a year. My wife and I are selling everything and will be spending our retirement traveling. I admit, I can follow this path because I can trust my oldest son. Unfortunately Transfer on Death Deeds arent available here. I only bring this up here as yet another method to settle an estate in advance.

[@rajbeekie7124]

Selling the house will result in taxes. If the kids inherit the house there will be no taxes.

[@robjohn6943]

I’m not leaving them the house. They will inherit any remaining funds and any vehicles. According to calculations at least half the value of my estate will be left for them.

[@rajbeekie7124]

@@robjohn6943 You will have to pay taxes on the capital gains over $500,000 if married.

[@MariaVazquez-uz3iy]

I have a disabled son with MS. He is married and has a baby. How do I protect him from inlaws

[@Cocora22]

I am MOST definitely NOT an advisor or qualified to be one or very knowledgeable in the matter, but my suggestion is you should make an appointment with a good estate planning attorney and get that in the works ASAP.

[@macoeur1122]

"if Sally subsequently splits from her spouse, she and her spouse split their shared $$$$$$" :P :))

[@dks13827]

No, dont comingle the money with the lazy husband. Get a new separate bank account.

[@macoeur1122]

@@dks13827 Never fear....I'm only having fun with the tongue twister.....

[@RogerGunn-p8g]

If Sally uses a Prebate Probate Paper Pushing Pansy instead of a NICER Financial Elder Defense System Trusted Advisors, Sal the Spouse will forge the Trust and Sell it all.

[@ocean1233]

Scenarios...NO how to info