Does My Will Have To Be Probated
Video Summary
Does my will have to be probated? Your will does not have to be probated unless you have assets that are just in your name alone by having a will designating, the beneficiaries does not avoid probate. What avoids probate is titling your assets with a beneficiary designation or holding those assets jointly. So whether or not your will has to be probate depends on whether or not you die owning any assets that are titled just in your name. Most of the time that I see is it’s real estate that is in the decedent’s name and there’s no beneficiary designated on the deed. So to avoid probate, you can do estate planning. So if you have any questions about probate or how to avoid probate and estate planning, call me at (727) 847-2288.
- Published in Estate Planning, Probate, Videos, Wills
How Do You Avoid Capital Gains On A Sale Of A Home
Video Summary
How do you avoid capital gains on the sale of your home when you sell your home? If you’ve lived in the home for two out the past five years owned and lived there, you can exempt up to $250,000 of gain. So that may avoid any capital gains tax. If you have a larger gain than the $250,000, then you will have to pay capital gains tax on any amount over and above that amount. If you’re married, you can exempt up to $500,000 in gain. And so if your house sells for less and you’ve lived there for two out of the past five years and owned it during that period of time, you can exempt it from even reporting to the IRS. However, if you do have to report the sale, you exempt the $500,000, of gain. And then if you have gained more than $500,000, you must pay long term capital gains. When you sell your home, it’s not subject to a tax deferred exchange that is only for investment property. And it is there’s many times a myth that people evidently this Smith’s been around for 50 years or more that if I sell my house and then I turn around and take the money and buy another house for that money, I don’t have to pay any gains on it. That is simply a myth and not true. If you have any questions, give me a call at (727) 847-2288.
- Published in Real Estate – Selling, Videos
Can I Terminate My Commercial Lease
Video Summary
Can I terminate my commercial lease? I think the answer would probably be no, unless the landlord had breached the lease. Yeah, so you don’t have a right to terminate your, lease your commercial lease unless there’s a provision in there called a buyout provision and some commercial leases have this provision, which is usually negotiated on the front end. Before you sign the lease, it says that if you pay the landlord a certain amount of money, then they will release you from the balance of the term of your lease. Otherwise you’re bound by the lease and unless the landlord breaches it, you are not able to escape liability. Only the landlord, the money’s due under the lease. If you have any questions you can call me at (727) 847-2288.
- Published in Real Estate, Videos
Revocable Trust Vs. Irrevocable Trust: What’s The Difference
Video Summary
Revocable trust vs irrevocable trust, What is the difference? Well, just using the words, I think help better describe it than anything, but a revocable trust is usually executed for estate planning purposes and allows you to change your beneficiaries, make any modifications. As far as the trust is concerned you name yourself as a trustee and you have complete control over these assets. You can even do away with the trust. So, you have complete flexibility as far as amending the trust. And, so it doesn’t become irrevocable until such time as you pass away. And, an irrevocable trust means one that cannot be changed, that would be the case. Whenever you die, your trust becomes irrevocable and it can’t be changed. And the successor trustee must distribute the assets pursuant to the provisions of your previously revocable trust. Also, an irrevocable trust can be set up. Most of the time that’s set up, for a life insurance trust, also set up for Medicaid purposes, but an irrevocable trust means that you don’t serve as a trustee. You do not control the assets and you cannot change the terms. There are some minor modifications that you can make to an irrevocable trust as far as the trustee, things like that, and there are some circumstances where they can be dissolved or modified, but we need the consent and everyone, who is a beneficiary or potential beneficiary to join in, to modify the provisions of an irrevocable trust. So, in essence, a revocable trust, You can change it, an irrevocable trust. You can, if you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
What Is a Testamentary Deposit Account
Video Summary
What is a testamentary deposit account? While testamentary means who you want to receive something upon your death. The most common form of a testamentary deposit account is one where you set it up with the bank and put the initials on it: P O D upon your death, if there’s any money in there or whatever money’s in there, it’s payable to whoever you’ve designated whenever you opened the account. And so they would be the beneficiaries, which would be a testimony account ITF, which is in trust for which is, did the same thing where you would hold the money in your name, but the account would be in your name and then upon your death, that would designate who would receive the account. So those are a couple of examples of testamentary accounts, which would pass to your beneficiaries upon your death. And that’s all set up through your banking. Also if you have brokerage account, you can set those up and those initials are T O D, which stands for transfer on death. So if you have an account, let’s say with, Merrill Lynch, you can in your name and you want to go to your son’s name, but not have he not have any access during your lifetime, you can check with your broker and say, I’d like to, make this account, go to my son automatically. And then they can set up an account with T O D, which means transfer on death, which would operate the same as a bank account. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos