Protect ANY Form of Real Estate You May Own

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@mey7579 Ай бұрын

I worked for a title company so I know the difference between joint tenancy and tenancy in common. I had to consult an estate attorney when my mother needed a nursing home. He saved us $40,000 from my mother’s estate before she qualified for Medicaid. Fast forward 20 years and my children and I saw an estate planning attorney this summer to ensure my assets are protected should I ever need a nursing home. I’m 71 and my parents lived to their late 80s so while I expect to be around awhile longer, I know things can change quickly and I want my money to go to my loved ones.

@k.crosbie261 3 күн бұрын

Pocket square- these are really helpful videos

@Theretirementnerds 3 күн бұрын

Appreciate you taking the time to watch! 🟦

@happyron Ай бұрын

Pocket Square: once again the coolest nerds of them all (The Retirement Nerds) come through

@Theretirementnerds Ай бұрын

Thank you so much! 😊

@dbmmatthews5654 Ай бұрын

Excellent video pocket square

@Theretirementnerds Ай бұрын

Thank you!!

@drhuby6292 4 күн бұрын

pocket square. This was helpful, thanks!

@Theretirementnerds 4 күн бұрын

Thank you so much for watching! 🔷

@magicllama9614 Ай бұрын

Pocket square!!!!!! Thanks for another great video Eric. Jim, thanks a ton man. You were very patient and spoke to me several times personally to help me with my full estate plan. And we both learned that Twin Falls County in Idaho is also annoying for house deeds getting put in trust's name.

@Theretirementnerds Ай бұрын

Thank you so much for watching! Jim is great!

@dianesharpe1241 17 күн бұрын

Pocket square . Great information!

@Theretirementnerds 17 күн бұрын

@@dianesharpe1241 thank you!

@malucogonzo9680 16 күн бұрын

"Pocket square" what an amazing video! Thank you; thank you! If more people would watch videos like this instead of wasting time on airhead influencers, we'd all live on a better and smarter planet. I have a question regarding divorce and taking myself out of the title through a loan assumption. Can I still have a say or gain something in case of any future property sale and or profits?

@Theretirementnerds 15 күн бұрын

Thank you so much for watching and your kind words! 🟦 To your question: Once a spouse is removed from the title of a property, they generally lose their legal claim to ownership and any right to future profits from the sale of the property. However, this depends on the specific agreements made during the divorce and any additional arrangements recorded in the divorce decree or settlement.

@elizabethlibero1878 Ай бұрын

We have the ladybird deed in Florida

@MilaN-lt2mq Ай бұрын

Pocket square. Very interesting video. Thank you.

@Theretirementnerds Ай бұрын

Thank you so much for watching!

@brettster3331 Ай бұрын

Pocket square, great video Eric.

@Theretirementnerds Ай бұрын

Thank you so much!

@judyschultheis Ай бұрын

Pocketsquares look good on you, Jim! 😉 Thanks for the great info.

@Theretirementnerds Ай бұрын

Thank you for watching! Jim is so great!

@WakeUpAmerican000s Ай бұрын

I like your Pocket square Jim. Parents who put their home into a grantor (revocable) Trust while both alive have more flexibility in how the asset is 'managed' after one parent dies. The dead spouse's share often is placed into a new irrevocable trust that is first for the health and welfare of the surviving spouse and/or minor children. Then after the 2nd spouse/parent dies, remainder is distributed to the beneficiaries of the irrevocable trust from the first parent to die (usually the children- often adults by then). The irrevocable trust is where the first spouse's half can be protected from the surviving spouse who might re-marry, then get divorced. You don't want your half of your house to be part of that divorce settlement. The irrevocable trust must be constructed to give the surviving spouse the ability to sell the property, as long as proceeds are divided and kept in Trust for the named beneficiaries.

@AmyJo-54501 Ай бұрын

Pocket square! This is very timely as I’ve got an “estate planning” appointment coming up in about 3 weeks. My situation is very simple but just the 30 min consult us $500…other costs seem pretty high for this very small, town/ rural area. I was quoted pretty high prices (IMO) for the options they have for me. Frustrating n makes me want to have a living will n say to heck with the rest - I won’t be here anyway. But, between cremation (?) and “estate planning” there’s a huge price to pay, just to leave the world. I’ll have to check out the website n see what’s available. Thanks for the video!

@Theretirementnerds Ай бұрын

Thank you so much for watching! Check Jim out. He's awesome and doesn't charge hourly.

@jzschomler8229 Ай бұрын

Very informative but one topic that no one seems to bring up is property taxes that are owed after parent has past away, after the stepped up basis is accounted for and after title is changed. The child is now responsible for property taxes if they decide not to live in the parents house but rent it out. Here in California that becomes a huge financial burden for child.

@talksoloxtl 26 күн бұрын

@jzschomler8229 I would look at the situation in a different perspective rather than a burden. This is actually a good problem to deal with because the child is receiving an income generating asset by renting. The annual income received from the rental home should exceed all expenses including California property tax 1% and local proprty tax around .25% to 1%. If the child/children do not want to become a landlord and manage the property then a local realtor can assist with selling the asset. Either scenario, it is a win win situation for the beneficiaries. I didn't even mention real estate appreciation which the cherry on top.

@katherts Ай бұрын

Pocket square! I miss that is dress. Thank you.

@Theretirementnerds Ай бұрын

Thank you for watching!

@karinhart489 Ай бұрын

I had to look up what a pocket square was, thought it might be a small version of the tool in carpentry for drawing a straight line on a board, but that’s a Combination Square. 🙃

@Theretirementnerds Ай бұрын

Haha! Thank you so much for watching! Jim was an excellent model of the pocket square

@Scott-mtgldr Ай бұрын

Pocket Square. When you both were talking about a trust and it stepping up the basis on the home, are you talking about about a revocable or irrevocable Trust? From what I understand a revocable Trust does not do this? If that’s the case, is there a way to make the trust revocable while the parents are alive but irrevocable upon their passing to avoid the capital gains? I read the post from the person detailing a revocable trust changing to irrevocable if one parent passes but what if both parents pass at the same time, is changing to irrevocable for the beneficiaries still an option?

@Theretirementnerds Ай бұрын

Thank you for watching! The trust is revocable while both spouses are alive. Upon the death of the first spouse, the surviving spouse can inherit an unlimited amount without estate taxes due to the marital deduction. After both spouses pass, the trust becomes irrevocable to ensure the assets are distributed as outlined in the trust.

@leonaowen9234 Ай бұрын

In Texas we have TODD BUT if you have a home with TODD with mother and daughter and mother goes into nursing home, how does that effect 5 yr look back from nursing home????

@Theretirementnerds Ай бұрын

Texas has an option for you. Send me an email to erik@theretirementnerds.com and we can go through it

@dcl8175 Ай бұрын

@@leonaowen9234 possibly go to estate attorney and inquire about a Ladybird deed?

@buckwildz Ай бұрын

To add to this, what if you have a TODD, but then move to a state that does not recognize TODD and use Medicaid and then pass away? Does the TODD still protect from Medicaid collecting the estate?

@boogalookid9562 Ай бұрын

pocket square i needed this video

@Theretirementnerds Ай бұрын

Thank you so much for watching!

@brendaharless9879 Ай бұрын

Pocketsquare is an interesting key word.

@Theretirementnerds Ай бұрын

Thank you for watching! 😊

@garysanders2888 Ай бұрын

I love you talk on trust. Pocket square ! I live in California and wife and I took our title as Community property with survivor rights. It is one of a few states that have this an option. This is call double step-up in basis. Can you come give some color on this for california and some other states. We the first sponse