Inheriting real estate can feel overwhelming—especially if the property has an existing mortgage. The good news is that the rules around this are pretty straightforward. Here’s what you need to know if you find yourself in this situation. Step One: Don’t Call the Bank When you first inherit property with a mortgage, the most important thing to do is—nothing. Don’t rush to call the bank. Under federal law, if you are a relative of the deceased person, the lender…
Happy Sunday! We recently had a client that moved a property into a revocable living trust. When the next property tax mailer went out, included was a notice that they were being taxed more because of the move. They were understandably concerned, and we were too. To make a long story short (so you all don’t get freaked out) turns out it was an error from the assessor’s office, not anything they did or we did. It will be fixed…
Most families don’t need a giant law firm for their estate planning. In fact, for the vast majority of people, a specialized, boutique firm like ours is often the best fit. But there are situations where a big law firm might make more sense. If you’re wondering which route to take, here are five reasons you might consider choosing a larger firm over a niche estate planning practice. 1. Your Estate Exceeds $30 Million Our firm focuses on serving families…
When planning your estate, terms like support and maintenance can sound complicated, but they’re actually pretty straightforward once you break them down. Whether it’s a revocable living trust or an irrevocable living trust, this concept plays a key role in how beneficiaries receive distributions. What Is Support and Maintenance? Support and maintenance is a common method for distributing trust assets to beneficiaries after the grantor has passed away. It usually covers: Health and medical expenses Education costs Ongoing living expenses…
Estate planning isn’t just about money — it’s about protecting your family, avoiding unnecessary complications, and making sure your wishes are followed. Too many people put this off, but taking action now can save your loved ones stress and expense later. Here are five key steps I recommend everyone take before they die. 1. Create a Revocable Living Trust A revocable living trust is one of the most powerful estate planning tools you can have. It doesn’t matter if you’re…
Happy Sunday! I’m sitting in the Wichita airport waiting to board my flight back to Seattle (went back to Kansas to visit some friends) and thought I’d take this downtime to shoot you a newsletter! Today, we’re talking about “support and maintenance” in the context of a revocable living trust. If you’ve read a revocable trust, then you’ve probably seen something like “distributions can be made on a discretionary basis for health, support, education, and maintenance” when talking about distributions…
Passing your home directly to your children before you die might seem generous, but in reality, it can create a lot of problems. From tax issues to legal complications, giving your house away outright is often a bad idea for both you and your kids. Fortunately, there’s a smarter strategy that benefits everyone. Why Giving Your House to Your Kids Can Backfire Transferring your home directly can have several negative consequences: Tax complications: Both you and your children could face…
