Long-Term Care Planning

Estate Planning Essentials: How Does Estate Planning Protect Me, My Family, and My Money? [Video]

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Estate Planning Essentials: How Does Estate Planning Protect Me, My Family, and My Money?

You have 2 choices:
1. Plan
2. Don’t Plan

The choice is yours.

Without a plan, your estate and affairs will be managed by a Judge using State law. A Judge and the State decide who gets what, when, how, and how much! It’s a long, stressful, frustrating experience…

With a plan, you gain peace of mind because you’ve avoided the cost and stress of probate.

✔️ Don’t Lose a Lot of Money and Time Probate and Guardianship
✔️ Protect Your Family and Their Inheritance
✔️ Stay in Control Instead of a Judge Controlling You
✔️ Decide Who Gets What, When, How, and How Much Instead of State Law
✔️ Ease Worry, Anxiety, and Frustration Before They Start


Long-Term Care Planning

Estate Planning Mistakes | Putting Your House In Childs Name [Video]

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: for Mac: 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 😎

Long-Term Care Planning

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