Trusts are a way to protect assets from probate and may be used in estate planning. A common type of trust is a living trust, where assets are legally protected while the owners are alive. Assets may be put in a trust for a child who can access them only after reaching a certain age. Trusts may be revocable or irrevocable.
Ilyce Glink on WSB Radio – August 17, 2008
Today on the Ilyce Glink Show, Ilyce interviewed enrolled agent Bill Cartwright about the Mortgage Forgiveness Debt Relief Act, foreclosures and home equity lines of credit. John Ventura, author of "Kiplinger's Estate Planning," discussed choosing guardians for children, trusts and probate. Ventura, who's also a bankruptcy lawyer, also talked about the increases in bankruptcies and foreclosures and how to avoid foreclosure. Hour two of the show was a rebroadcast of listener calls from June 8. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
Estate Planning and Trusts Book Review
Learn about estate planning, including trusts from John Ventura's new book: "Kiplinger's Estate Planning: The Complete Guide to Wills, Trusts, and Maximizing Your Legacy." This estate planning and trusts book review shares that less than 50 percent of Americans have a will. Planning your estate and possibly a trust will ensure that your estate goes to the heirs you select. Estate planning and trust requirements will vary depending on where you live and what kind of property you own.
Transfer On Death Deeds Help Avoid Probate
A Florida homeowner asks whether she can avoid probate for her estate by using transfer on death (TOD) deeds. She wants to leave her condo to her son but does not want him to pay probate costs. Can she set up a transfer on death (TOD) deed so that her son avoids probate? Florida does not support TOD deeds for real estate but she can consult an estate attorney for help with probate laws and possibly setting up a trust.
Estate Planning Includes Transferring Title To Real Estate
As parents, you may decide you want to pass on your real estate holdings to your children. To figure out the right way to pass along property, without incurring excessive taxes or mortgage liabilities, you should do some estate planning with the help of an estate attorney and accountant. When you change the title of a property to the name of your children without proper planning the cost basis becomes the property's original value as opposed to that on the day of your death.
Looking For Information On Real Estate Investment Trusts (REITs)?
The National Association of Real Estate Investment Trusts (NAREIT) has relaunched its website. "Whether you're an investor, real estate professional,...
Property Transfers Into Revocable Living Trust
If you want to transfer property in to a revocable living trust - can you do so without a lawyer? Because it can be a complicated process and an error with the title could cause future problems, you should pay an attorney to do it. Or you can go to a title company for help.
Divorce Property Refinance and Buy Out: Put Quit Claim Deed in Trust
A woman getting divorced says her ex-husband is buying her share of their home through a quit claim deed and will refinance the home. Ilyce advises her to put the quit claim deed in trust until she gets the money from her ex-husband. Otherwise, the woman may not see the cash after handing over the quit claim deed and having her husband buy her share of the property.
Lawsuit Over Land In Trust
When government determines property ownership, it may miss land that's not listed on tax rolls. When that happens, the property's ownership may remain unclear. In this case, land owned by an estate was left out of a trust. The estate's trustee now wants to put the land back in the trust. How can the land be returned to the estate?
Estate Planning For Taxes Includes Property Inheritance
With estate planning you can either leave a property to heirs through a will thus creating an inheritance, or gradually give your family members shares of the property through gifts. From a tax perspective, giving property as an inheritance is better. Another factor to consider when bequesting property is how many and which family members may be interested in the property.