Probate Attorney Blog

Looks like we’ve got a little bit of a real estate theme going on here the last couple of posts. That’s what people are asking us about, so that’s what we’re talking about. This time, we’re talking about real estate and estate planning where a house is set to go to multiple heirs at the death of the current owner of the home, and how to make sure that happens with as little conflict, animosity, and litigation as possible. To…

I had a conversation with a potential client today that asked me about whether or not excise taxes had to be paid on a real estate transfer into a revocable living trust. So I thought I’d answer that question right here. First, let’s define excise tax. At it’s most basic, excise tax is a sales tax on a real estate transaction. When real estate is sold, a tax is owed. Pretty straightforward. Second, however, it is important to note that…

Unfortunately not all marriages work out. When that happens all sorts of stuff needs to get updated, including your estate plan. Here’s the quick and dirty of what you need to think about updating, and why. FIRST, it’s important to know that if you die before your divorce is finalized, your spouse is going to be treated as your spouse. Translation = if you don’t want your soon to be divorced spouse from getting your assets, you need to update…

When people think about protecting their assets they often think of trusts. We always see in the movies how super rich people doing bad things or wanting to avoid taxes create trusts to shield their assets from lawsuits and the government. There are two truths we need to understand when it comes to revocable living trusts and asset protection. First, revocable living trusts provide ZERO asset protection for you, the trustor (the person that creates the trust). Second, most normal,…

The chances of you living in your house forever are slim. Like, very slim. A question we get asked often by our estate planning clients, either during the estate planning process, or after their estate plan is complete, is what happens if they have a revocable living trust and need to refinance their home? That’s a great estate planning attorney question and I’m happy to answer it. The short answer is, no, a revocable living trust holding real estate will…

A question I get asked often as an estate planning attorney is whether or not one has to record their revocable living trust once it is active. It’s a great question, and one that is important as many people create revocable living trusts in order to secure some privacy over their assets and their eventual distribution. Rest assured, your privacy is safe. There is NO requirement to record your revocable living trust. The only people that get to see it…

Umbrella policy quick tip. As an estate planning attorney I often get asked questions about asset protection. Particularly when it comes to ensuring rental homes and second homes. Should I use an asset protection trust? Should I create an LLC? For most people, those structures are not necessary. For most people, an umbrella policy will do the job (NOTE: don’t just run off and do this. Let’s chat first to make sure you’re doing the right thing.) An umbrella policy…