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
Does Revocable Trust Need a Bank Account
Video Summary
Does revocable trusts need a trust account or bank account? The answer to the question is yes. If you have an account that you want controlled by your trustees, you need to by your trust, you need to name, to set up the account and your name as trustee of your particular trust. The reason for that is, is if it’s just in your individual name, then the provisions, the trust do not apply. So sometimes you see people that have set up a wonderful trust and it says everything. And the idea is to avoid probate, but they don’t turn around and retitled their assets and their name is trustee under their trust. So whenever they pass away, you have to go through a probate process to get an order for the assets to go to the trust and then have the trust, distribute the assets, which defeated the whole purpose of setting up the trust to avoid probate. So if you want assets to be controlled, by your trust, you need to title them in the name of your name as trustee under your revocable trust and name your as trustee and name your trust in the, how you title the asset for it to be controlled by the, the provisions of your trust. If you have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Probate, Trusts, Videos
Are There Any Hidden Costs in Buying A Foreclosed Home
Video Summary
Are there any hidden cost in buying a home in a foreclosure sale? The answer, is yes, you need to be very careful before you bid at a foreclosure sale to purchase a purchase the property. Some of the hidden cost or liens as it may be is if it’s a condominium or in a homeowner’s association. If you’re a third party bid, you’ll be responsible for paying any back due homeowners association liens, or, undo amounts that are paid. So that is one area that you have the hidden cost. I’ve seen any number of times when people would buy the property at a foreclosure sale. Whenever the homeowner’s association or condominium association is foreclosing on their assessments. And it looks like a really good deal, because they get this, you know, expensive property and they only have to pay a few thousand dollars whenever the property’s worth two or $300,000. While you take it subject to any superior mortgages, meaning mortgages or liens that were filed before, the foreclosure action or whatever the lien or, second mortgage that was being foreclosed upon.
And so when you take title to the property, it’ll be subject to that and your interest can be foreclosed out by the first mortgage holder. And, or if there may even be a federal tax lie or any number of lie that can be attached to that. So,you need to do a title search on the property to make sure that there, that there are no prior mortgages and it’s hard to tell whether or not there’s any back due homeowners association, liens or condominium liens, unless they filed it. And then there’s usually even more on top of that. So, if you have any questions, you can give me a call at (727) 847-2288.
- Published in Real Estate - Foreclosure, Videos