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Long-Term Care Planning

Estate Planning Blog Topics USA UK 2021| Indianmomvlogs [Video]

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Estate Planning Blog Topics USA UK 2021| Indianmomvlogs

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Categories
Long-Term Care Planning

Estate Planning for Your Unique family Situation [Video]

Hear from top elder law attorney Lynn St. Louis, founder of Elder Law Group PLLC, as she reviews estate planning for a unique family situation. Elder Law Group PLLC is here to help with Estate Planning, Wills, Asset Protection, Durable Power of Attorney Financial, Durable Power of Attorney Health Care, Health Care Directives, Medical Asset Preservation Strategies, Obtaining Medicaid Benefits, Long Term Care Planning and Probate & Trust Administration.

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Long-Term Care Planning

Today we'll be covering some estate planning mistakes way too many people make; putting your house in your child's name. Yes, it will avoid probate, but will open them up to a big world of taxation. When you add your child to the deed of the house, they take on the same cost-basis you have. A cost-basis is defined as, "the original value of an asset for tax purposes, usually the purchase price". So, if you paid $70K for your house 25 years ago, and now it's worth $800K in this wild market we have currently; your child will assume the property upon your death with the cost-basis of $70K. So if they wanted to sell the property at today's value, the $800K, they'd be on the hook to pay tax on $770K. This is an oversimplification, but hopefully you get the drift. On the contrary, if you set things up so they properly inherited the house, their cost-basis would be whatever the house was worth on the date of your death. So if it was worth $800K the day you pass away and your child sold it a little later for $800K; they would owe nothing in taxes.Unfortunately, I can not tell you what the "proper" way of planning your estate is in this video due to everyone having a different set of circumstances. Every state has different laws and you would need to consult with a tax or legal professional on the best way to setup your estate. Estate planning trustsEstate planning willsEstate planning tipsEstate planning basicsEquipment I used for this video:Camera: https://amzn.to/3fQt5LUTripod: https://amzn.to/2K2dzMfLighting: https://amzn.to/2SB8IppSoftware for Mac: https://amzn.to/2Sw4hw9Software for Windows: Davinci ResolveCheaper Alternatives:Camera: Cell phoneTripod: Balance on a book 🤷🏽‍♂️Editing Software: iMovie or Video Editor for Windows or use your phone.Lighting: The sun 😎