To control and protect assets from creditors, death taxes and taxes such as probate taxes
To prepare in advance for incapacity (80% chance of mental or physical disability)
An estate is comprised of all assets that you own. Probate (tax) is triggered when assets are more than $150k and your house equity is greater than $50k.
Gift taxes occur when gift is greater than $15k per year per giftor.
Capital gains from the sale of real estate depends on tax bracket and can be >15% with step up basis for inherited houses.
Benefits of Revocable Living Trust
no probate
no time delay
estate is private
hard to contest
more control and flexibility
Create a trusts, put all assets in a trusts and do not add your children to your house deed when you are still alive.
There should be no co-mingling of assets for inherited assets belong to the beneficiaries.
When husband died first followed by the wife, the family of the wife inherits the estate.
Pitfalls of joint tenancy: potential liability, tax consequences and delays probate.
Probate in California can take a minimum of 2 years.
Probate costs averages between 4-8%
In 2014, there is a $5.34 M death tax exemption (Federal) tied to inflation and there is no state death taxes.
Power of attorneys should include:
Advance health care directive
Financial power of attorney
Please share your stories about revocable living trusts and absence of trusts. motherhealth@gmail.com
There is a place where there is no probate and no taxes on your wealth accumulation: Index strategy Universal Life policies
caregiving
Published by connie dello buono
Connie Dello Buono is based in Sunnyvale California. Her first ebook is about women's health, Birthing Ways Healing Ways and her recent one is about cancer prevention, Curated Healing Ways. She had helped women have holistic childbirth as childbirth educator, founded Motherhealth, to serve seniors in the bay area with holistic caregivers and blogs at www.clubalthea.com with more than 10,000 health and finance related posts.
Connie trains her own caregivers, which are the favorites of most bay area seniors who are home bound and alone.
She is active in the rehab and nursing facilities, volunteering on music and movement for seniors.
She is a member of Lion's club and offered scholarships to students in the Philippines.
She is active at churchinsunnyvale.us and has Fridays Bible home study in Sunnyvale using the recovery version of the Bible , free at biblesforamerica.us
She loves dancing and teaching and her courses can be found at
https://teachclub.com/@thriveafter60
She is California Life Insurance licensed providing life insurance for older adults with health issues and helping women retire safely with income for life.
at menloassetca.com , she helps with 401k rollover.
3 Benefit plans
- Mortgage protection using term life insurance to pay for mortgage balance in event of death
- Final Expense plan using Single Issue Whole Life Insurance, with cash back, disability benefit and guaranteed in the presence of health issues
- Fixed Index Annuity retirement plan for safe, accessibility, less fees, less taxes, avoids probate as it goes directly to beneficiaries, rate of return with no downside market participation.
She brings compassion and understanding to the needs of her clients, bringing holistic approach in health and life insurance. Her goal is to free families from worries especially during covid with caregivers and life insurance in the presence of health issues, especially for women.
She can be reached at 408-854-1883 , motherhealth@gmail.com
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