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Long-Term Care Planning

Will Asset Transfers Derail Your Medicaid? [Video]

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Will Asset Transfers Derail Your Medicaid?

If you transfer assets to family members thinking it will help your loved one qualify for Medicaid to pay for nursing home care, it can come back to bite you later.

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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

Hello everyone! In today's video, we're discussing a few terms in estate planning. If you are interested in securing your legacy through estate planning, then one important aspect is understanding the key terms used in estate planning. So, there are quite a few terms you should be familiar with and we are defining key terms used in estate planning.WATCH MORE LIKE THIS:Understanding the Key Terms Used in Estate Planning - Part 1: https://youtu.be/QnpKXk03J14Elements of an Estate Plan: https://youtu.be/Xb3x-J3_brUWhy You Need an Estate Plan: https://youtu.be/pN7Sfj8j7W8************************************************************************Florant Law Group LLC (Your Legacy Bestie™) was founded by our managing attorney, Shamala Florant, Esq. (aka Shama). Attorney Shama has operated in the digital space for well over a decade and as a lawyer, entrepreneur, and content creator, she understands how all of these different roles interplay with each other from a legal perspective.⚖️________✨OUR MISSION: We focus on helping digital entrepreneurs, online business owners, content creators, influencers, and anyone operating in the digital space, create and protect their legacies today for a secure tomorrow. _________✨FAQs:What services do you offer? We provide legacy planning services that focus on estate planning, business succession and business law (formation, contract/agreement drafting, and reviews), IP (Trademarks and Copyrights), and Real Estate)In what states do you offer legal services? Shama is licensed in the states of NY and NJ so the majority of our services are performed specifically within those states. However, we perform our IP services on a federal level and we take clients in all 50 states.__________✨BOOK A CONSULTATION:Book a consultation: https://florantlawgroup.com/schedule-a-consultation/_________✨STAY CONNECTED:WEBSITE: www.florantlawgroup.comINSTAGRAM: https://www.instagram.com/yourlegacybestie/SHAMA’S INSTAGRAM: https://www.instagram.com/theunapologetichappylife/FACEBOOK: https://www.facebook.com/florantlawgroup________‼️ DISCLAIMERS:☞ We do not own the rights to any music in this video and proper credit has been given where appropriate.☞ Although we are a law firm and our attorney(s) appear throughout the videos, the videos posted on this channel are for entertainment and informational purposes only and do not constitute legal advice. Your engagement with this channel through comments, watching content, or otherwise, does not create an attorney-client relationship with the firm or any of its attorneys. ☞ The information shared throughout this channel is based on our own opinions and experiences and does not constitute professional advice of any sort. Please be sure to consult with the appropriate professional in your jurisdiction before taking any action or making any decision based on information obtained from this video.☞Some links posted on this channel may be affiliate links. That means that we get a small percentage of money if you purchase either the exact product linked or any other product through the link provided but the price you pay is not affected in any way.