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Long-Term Care Planning

LGBTQ+ Estate Planning with a solid last will and testament is essential for your family #LGBTQ [Video]

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LGBTQ+ Estate Planning with a solid last will and testament is essential for your family #LGBTQ

LGBTQ Estate Planning with a solid last will and testament is essential for your family. Regardless of whether or not you are an LGBTQ plus couple if you are not married, there can be some horrible consequences if one of you gets sick or if one of you even passes away without LGBTQ estate planning. If you have not legalized your partnership or marriage then there are several things that you need to be on the lookout for and need to be aware of and should have solid estate planning in place to protect both you and your partner if anything were to happen.

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0:00 Start
0:10 Same-sex marriage legalized
0:30 Consequences of NO estate planning
1:01 Have you legalized your LGBTQ+ partnership or marriage
1:22 Rights to make health care decisions for Minors
2:12 Health care decisions for your partner
3:33 Financial access and decisions
5:15 LGBTQ Estate Planning

https://youtu.be/QHAu8swclto

YOUTUBE Playlist:
“Who needs an Estate Plan” https://youtu.be/JSFWSXPKzCM
“Oklahoma Power of Attorney” https://youtu.be/2jJFq3KH-X0
“2019 Estate & Gift Tax Exclusions” https://youtu.be/8Rzip7VxLdQ
“Incapacity Planning” https://youtu.be/e5RlLCudIJo
“Health Care Power of Attorney” https://youtu.be/Ub0tQJUisVM
“Living Will” https://youtu.be/Byv9p2rLE-Q
“HIPAA Authorization” https://youtu.be/osliALWvzIc

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#estateplan #estateplanning #probate #trust #stevecortes #corteslawfirm

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Categories
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: 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 😎

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Long-Term Care Planning

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