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Old 01-17-2019, 10:02 AM
 
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Quote:
Originally Posted by jiminnm View Post
Probate is not needed for any assets that are titled in the trust or incorporated by the trust. However, you stated that the house was the only asset in the trust. That means that all the other assets are not in the trust and probate would be necessary to distribute those assets (except for assets with stated beneficiaries).
right...so again---if all her assets are with schwab and have designated beneficiaries she will avoid probate correct?
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Old 01-17-2019, 10:07 AM
 
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Originally Posted by FREE866 View Post
right...so again---if all her assets are with schwab and have designated beneficiaries she will avoid probate correct?
yep
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Old 01-17-2019, 10:16 AM
 
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great

thank you everyone--really appreciate your help!
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Old 01-17-2019, 10:58 AM
 
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this is why i pulled my money from vanguard . they dropped the ability to have beneficiaries on all joint accounts .

they did not even even tell us .

there answer when confronted was we think you all need trusts , which our trust department can do for you , or split up the joint account in to two individual accounts .

no thanks --bye --- fidelity and chase both thought vanguard was nuts doing what they did , both have no problems with beneficiaries on joint accounts in case of common death in an accident .

the only trust we have and it is not active is a trust we needed years ago when new york only had a 1 million dollar estate tax exclusion .

it is a very special trust called a disclaimer trust . it allows the survivor 9 months after the death of a spouse to activate an irrevocable trust that splits the estate in two passing 2x the amount tax free .

with ny now the same as the federal i don't need it , so it just sits transparent and in place if it is ever needed
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Old 01-17-2019, 12:06 PM
 
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So there's no need for spending money on trusts if accounts have beneficiaries designated, correct? Also how does the brokerage know if someone passed away.? Let's say my family member had an account and name me beneficiary, but he or she passes and I do not know they had an account with that brokerage?
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Old 01-17-2019, 12:11 PM
 
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Originally Posted by mathjak107 View Post
you avoid probate on accounts by just having a beneficiary. in ny we can't do real estate that way but all accounts can certainly pass directly and free of probate
In NY does that mean there no benefit to putting a house in a trust?
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Old 01-17-2019, 12:29 PM
 
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Originally Posted by DonaldJTrump View Post
In NY does that mean there no benefit to putting a house in a trust?
a living revocable trust i assume you are asking about , not irrevocable which does have all kinds of benefits .

it depends ... are minors involved ? do you have special instructions to be carried out ? will a delay being probated be an issue ?

or will medicaid planning and preserving the house be a goal ?
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Old 01-17-2019, 12:30 PM
 
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Quote:
Originally Posted by DonaldJTrump View Post
So there's no need for spending money on trusts if accounts have beneficiaries designated, correct? Also how does the brokerage know if someone passed away.? Let's say my family member had an account and name me beneficiary, but he or she passes and I do not know they had an account with that brokerage?
the brokerage will not know . it is up to the heirs .
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Old 01-17-2019, 07:28 PM
 
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Quote:
Originally Posted by mathjak107 View Post
a living revocable trust i assume you are asking about , not irrevocable which does have all kinds of benefits .

it depends ... are minors involved ? do you have special instructions to be carried out ? will a delay being probated be an issue ?

or will medicaid planning and preserving the house be a goal ?
For Medicaid planning. And I know there's a senior citizen exemption on property taxes...will exemption still apply for a house in trust?
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Old 01-18-2019, 02:00 AM
 
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Originally Posted by DonaldJTrump View Post
For Medicaid planning. And I know there's a senior citizen exemption on property taxes...will exemption still apply for a house in trust?
no !

a house not in personal name becomes an unprotected asset in a trust . it loses it's ability not to be counted as dollars when first qualifying for medicaid .

it loses that protected status in trust name . it is subject to the look back if you want to take it out .

so typically the house has to be sold and the dollars spent down to even get medicaid .

this is something many general practitioners and not estate attorneys fail to realize when they push clients in to living trusts to avoid probate
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