Series: Some basics ~ Trusts and Wills

Every year I assist folks in the ‘trust/ will/ estate’ conversation. It’s a ‘before/ during/ after’ situation that can change quickly. Taxation (filings/setup), real estate holdings (transfers & Anibal Group LLC elder care assistanceliquidations), and forensics (planning, investigating, or court professional witness) are all part of these conversations. Timing plays a critical role, and the sooner the better.
Many don’t know there was/is a fiduciary tax return to file. Others, think they are doing well to transfer deeds prior to death, but then leave family complications or large tax bills behind. Sadly, many families have ‘something seems strange’ situations where the numbers don’t seem to add up.
This chart shows some of the major differences between a Will and a Trust:
Tool allow: Will Trust
Name beneficiaries ? yes yes
Name guardians? yes no
Leave property to my children? yes yes
Avoid probate? no yes
Make changes? yes yes
Keep document private? no yes
Appoint someone to execute it? yes yes
Leave final wishes? yes no

What now? Please solicit advice from multiple sources based on various areas of Anibal Group retiree assistancespecialization….e.g.:

  • professional insurance/
  • legal/
  • tax/
  • financial planner/
  • lender/
  • realty broker/
  • and even a spiritual advisor. Yes, even your pastor will have great insights to share re: what the rest of us professional see ‘after the fact’. I can’t stress this enough, virtually every family has ‘issues’ when $’s and control come to play.  Many client families I’d never dreamed would have had disagreements have family splits, even when little to nothing was left to disagree over.

Well the key word is ‘now’. Advice & planning is worthless after someone becomes feedback_todo_checklistincapable of handling their affairs, or passes. Review your strategies and go forward. Later, the complexity and expense – financial and emotional – will grow exponentially!

Don’t know where to start? Do the clerical work. Don’t know where that starts? Contact me for assistance.

Our approach will be looking at the bigger picture. ( See our site) You can also begin by sharing you’re thoughts, dreams, needs, goals, and comfort parameters.

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Year-end tip(s):  Update your Assets spreadsheet. Keep a draft of your Trust/ Will documents on a google drive format for easy sharing with your insurance/ legal/ and tax counselors.

SERIES: Your net worth strategy~Another RNW Brokerage Perk: Income Tax Savings.

How much you can SAVE on INCOME TAXES using a REALTY BROKER (us) that gives INCOME & PROPERTY TAX ADVICE in the professional service package & offers ALA CARTE BILLING?

SERIES: Your net worth strategy just changed with the tax law changes. The ‘Portfolio Approach’ has never made more sense than now.AnibalGroupLLC_RealtyNetWorth_tax-savings-with-buy-sell-brokerage

Think about if you have, had, or are considering any of the below?

  • … income property?
  • … a small business or 1099 contract income?
  • … an entity such as S-Corp, LLC, or Partnership?
  • … using property as home office, land storage rental, pole barn use, attached apartment for related/unrelated, or style letting?
  • … college (or other) housing for student/ child?
  • … providing housing for parent?
  • … vacation/ seasonal property that may have mixed rental/ personal use?
  • … relocation related to work?

Here’s an example of what you could save over using another agent/ brokerage who will not be including or offering taxation perspective in how your deal is structured, financed, the timing, how title is held, and other topics from a taxation perspective.*

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* Anibal Group LLC does not offer legal advice. This article is not to be considered advice specific to your situation. Most financial decisions should involve advice from a trusted professional of your choice that will advise on insurance, legal, banking/ lending, structural/ property condition, and other transaction significant matters. We can offer referrals for CPA’s and other professionals.