Hidden Taxes When You Inherit

[@badgerlightning23]

Once again, great program. Informative, concise and interesting! Thank you and keep em coming.

[@CunninghamLegal]

Thank you for your comment and kind words @ badgerlightning23! Please subscribe for more!

[@BoomerFather]

@@CunninghamLegal KZbin Troll to Lawyer, the Trust is free at Tree of Life Legal so get on board the Turtle Super Safe Speed Train to NICER FEDS.

[@PragmaticClients-j7m]

He is the best even better than Tree of Life Legal who don't answer questions.

[@pch5938]

The day I inherit a million dollar IRA and am left with 100k. Is going to be a pretty good day....for me😂 Einstein said, it's all relative

[@CunninghamLegal]

Wise words @pch5938!

[@BoomerFather]

Honest Guilory says to inventory and appraise everything we don't want stolen in a Forgery Proof NICER FEDS Permission Ledger RLT, use Grantee Beneficiary designations on the items you can, while we gift small expensive items and weapons legally before they march.

[@ericr2zz]

Great information, Jim! thank you. If you live in a community property state (Washington) and buy property in a non-community property state (Colorado) while living in Washington State, is that property in Colorado still community property if you subsequently decide to move to Colorado and live in that property? i.e. does the Colorado property retain its "character" as community property? Love your channel!!!! Eric

[@CunninghamLegal]

Eric, thanks for the comment! I'm happy to hear you love the channel. You'll likeley need consult with a savvy Washington attorney knowledgeable in this area. It hinges on several factors, the first being the actual title of the property in Colorado. Also, if you move from Washington to a separate property state that would be highly relevant and you would need to consult again with a savvy lawyer to make sure you get all the benefits of an adjusted cost basis as a community spouse. Be sure to subscribe for more!

[@PragmaticClients-j7m]

@@CunninghamLegal Great answer, savvy pragmatic clients will give trusted advisors who put client's needs ahead of their own 4/5, and NICER FEDS who put legals needs ahead of their own 1/5, of a Prebate Nickel to spare our Kids a Probate Dime, and Litigation Quarter. Because we know what you know, a Bucket Trust is like a plane ticket needing dozens of services to fund, monitor, forgery check, defend, and certify rightful heirs, to transfer real estate and distribute policies and accounts with pro bono title validations and trust reading.

[@ericr2zz]

@@CunninghamLegal Thank you. Do you have any attorneys in Wash State that are knowledgeable on this issue?

[@CunninghamLegal]

@@ericr2zz We are a California based law firm and do not have any attorneys licensed in Washington. However, we have made connections within the estate planning field and would be happy to share them with you. Please reach out to our firm at team@cunninghamlegal or fill out the form on our website: www.cunninghamlegal.com/california-law-offices/contact/

[@mekrobar7872]

I live in Sacramento. I was injured at work in 2016 and won a large workers comp case. Bought a house in 2011. I am 100% perm handicapped. Had a pool built because I can barely walk and needed it for my health. I guess it triggered a reassessment because my taxes skyrocketed. A) is there a exemption for this and B) if so, is it too late. Thank you.

[@CunninghamLegal]

Based on the information in your comment, it should have only triggered a reassessment for the improvement. You might try calling the Sacramento Assessor and see if they will reduce your assessment for the pool improvement. However, it may be too late. I am, however, VERY glad you posted this question. There may be some relief, albeit with a catch. The State Controller’s Property Tax Postponement Program allows homeowners who are seniors, are blind, or have a disability to defer current-year property taxes on their principal residence if they meet certain criteria, including at least 40 percent equity in the home (on title for at least 40%) and an annual household income of $53,574 or less (among other requirements). The pool of funds IS LIMITED and it’s a first come, first served program. The deferment of property taxes is secured by a lien against the property which must eventually be repaid. Here is the link to the State Controller’s Office www.sco.ca.gov/ardtax_prop_tax_postponement.html#:~:text=The%20State%20Controller's%20Property%20Tax,income%20of%20%2453%2C574%20or%20less