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Pevney Estate Planing
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Sometimes, a will isn’t enough for a complete estate plan. Often times, a revocable, living. Trust is the best way to go, especially if you live in California, own real estate, or have little kids that are either under 18, or not the most responsible people in the world. Living trusts, save you from the high cost probate, give you a lot of control over your assets from beyond the grave, stay private, instead of going through court, and take a lot less time than the Court probate process. #EstatePlanning # #LivingTrust #FillThatBucket #lastwillandtestament #FillThatBucket
Replying to @Jaydee Investing in rental properties? 🏢 Concerned about asset protection and avoiding probate? 💼 Here's a powerful strategy: place your rental property inside an LLC for liability protection, and then put that LLC inside a trust for seamless estate planning. 🤯📜
This double-layered approach shields your assets from personal liabilities and ensures a smooth transition for your heirs without probate court hassles. 🛡️🔒 Plus, it simplifies your estate plan, making it a win-win for landlords and investors. 📈✨ Learn more about this game-changing tactic! 💡💰 #RentalPropertyInvesting #AssetProtection #EstatePlanningWins #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
This double-layered approach shields your assets from personal liabilities and ensures a smooth transition for your heirs without probate court hassles. 🛡️🔒 Plus, it simplifies your estate plan, making it a win-win for landlords and investors. 📈✨ Learn more about this game-changing tactic! 💡💰 #RentalPropertyInvesting #AssetProtection #EstatePlanningWins #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Put your home inside of a living trust for the following reasons. 1. cost. Probate is extremely expensive, especially if you live in California. 2. Control, control what happens to your stuff from byomd the grave. Three. Privacy, outside of probate nobody gets to see where your stuff is going 4. Time and hassle Save your heirs a year and a half to 2 years of court hearings even for a simple estates #onthisday #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Replying to @MJ you can put your home inside of a living trust and avoid a reassessment of property, taxes, in California. Property taxes are such a huge deal in a lot of places that some people are afraid to set up a complete estate plan and put their home inside of a living trust, a revocable living trust because they think it will lead to an increase in property taxes. For most of my clients in California, this is not the case because there is an exception to property tax reassessment. #EstatePlan #Propertytax #Reassessment #Taxes #FillThatBucket #realestate #Pevney #OrangeCounty
Replying to @Chyann Cypert if you’re home has a mortgage on it, it can still go inside of a living trust. There is specific federal law that says that a home with a mortgage on it, if it is your personal residence, can go inside of a living trust. The large majority of homes that I help clients put inside of their trust have mortgages on them.
Replying to @Da Trust are very flexible. Most living trust let you put new property that you buy or acquire after the trust was initially set up. Trust also give you a lot of control about how the assets are distributed to your kids after you’re gone. Want to wait until they’re 30 or 40, no problem. Put it in the trust.
Beneficiary designations are an important part of estate planning. Don’t forget about them. Make sure your ex spouse or your parents aren’t. The people who are going to inherit your 401(k) if you want it to go to your spouse and or children, and or trust. Better yet, in some cases, make a living trust, a beneficiary. #onthisday #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
After putting real estate inside of a living trust, you still have complete control over that real estate or home. That means you can sell it, rent it out, take out a second mortgage, use it as an Airbnb, everything that you could do before it was in a trust. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Replying to @Texasguy74 a step up in basis, has to do with capital gains taxes. When a home is passed on to a child, typically there is a step up in basis meaning that it is as if the child bought the home for what the home is worth when the parent passes away. This can save those kids a lot of money on capital gains taxes, this is also one of the reasons why it is typically a bad idea to put kids on the deed to the parents home before the parents passed away. The better solution, get that home inside of a living trust and make the kids the beneficiaries, this way they will benefit from getting the home without it, having to go through probate and get a step up in basis for capital gains purposes. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty ##Taxes ##Capitalgains ##stepupinbasis
Estate planning is always important, but it’s not always urgent. Sometimes when it is urgent, it can be too late. A complete estate plan that includes a revocable living. Trust is an important part to anybody’s financial and family life. Free estate planning strategy session for California families #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty
Replying to @ysolis6 joint tenancy with right of survivorship means that the last person living completely owns the home. Tenancy in common means that each person owns a percentage of that home. Be very careful about how the deed to your home is titled. Better yet, put that home inside of a living trust giving you complete control over the home while you’re alive, and then controlling exactly what happens to it after you are gone. #LivingTrust #RevocableTrust #EstatePlan #EstatePlanning #CaliforniaEstatePlanning #OrangeCounty #Parents #California #SoCal #Norcal
Replying to @user9640085676480 the cost of an average Southern California home to go through probate: $46,000 that money goes to lawyers, and other court costs, and not to the people you leave behind. Make sure that that Home avoids probate by putting the home in a revocable living trust#EstatePlanning #LivingTrust #FillThatBucket #Probate #California #OrangeCounty #MissionViejo
Replying to @Quartz Nation a reverse mortgage is a special kind of a mortgage, but it is still a mortgage. It can go in a trust. Putting it in a trust, will save you the time, cost, and hassle of probate, which is to be avoided. #EstatePlanning #LivingTrust #FillThatBucket #Pevney #financialfreedom #orangecounty #ReverseMortgage