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Old 08-28-2019, 10:57 AM
 
Location: SNA=>PDX 2013
2,723 posts, read 3,108,310 times
Reputation: 3169

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Quote:
Originally Posted by ysr_racer View Post
And you people leaving things to your mom, may be in for a surprise.
Why do you say that?

Quote:
Originally Posted by ysr_racer View Post
Agreed, and delete your porn too
Why bother? Unless it's illegal stuff, then yeah, delete it. LOL

Quote:
Originally Posted by ysr_racer View Post
Umm, power of attorney ends when the person dies. And most care facilities won't honor anything from out of state or on that phone.

You guys REALLY need to see an attorney.
I'm just curious what this was in response to.
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Old 08-28-2019, 10:58 AM
 
Location: SNA=>PDX 2013
2,723 posts, read 3,108,310 times
Reputation: 3169
Quote:
Originally Posted by Pat Answers View Post
We just got a letter from a Dr. (after he asked if we had a living will) stating that since 1/1/2016 Medicare pays for Advanced Care Planning. Your Dr. and you will talk about what kind of treatment, etc. etc. end of life stuff. Discussion should happen during your annual wellness visit. Dr. will discuss Living Will (adv. directives), Power of attorney (medical proxy) and medical orders for life-sustaining treatment etc. which is used together with your living will...


I do not know how I feel about the government getting involved with me making these decisions. Apparently drs. get reimbursement from Medicare for this. They must have access to stock forms or something...what do you think about all this?

Well, this explains 5 minutes of my annual physical yesterday. I even got a handbook on what it is and how to complete the forms. lol
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Old 08-28-2019, 05:25 PM
 
Location: Rust'n in Tustin
2,433 posts, read 2,517,421 times
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Quote:
Originally Posted by psichick View Post
Why do you say that?
The chance of your mom passing before you are pretty good. Most parents don't outlive their children.
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Old 08-31-2019, 02:41 PM
 
Location: SNA=>PDX 2013
2,723 posts, read 3,108,310 times
Reputation: 3169
Quote:
Originally Posted by ysr_racer View Post
The chance of your mom passing before you are pretty good. Most parents don't outlive their children.
True statement, but not a good enough reason to not leave your estate to a parent.
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Old 08-31-2019, 05:06 PM
 
Location: Rust'n in Tustin
2,433 posts, read 2,517,421 times
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Quote:
Originally Posted by psichick View Post
True statement, but not a good enough reason to not leave your estate to a parent.
Umm, yeah that's a pretty good one for most of us. Not many people in their late 60's/70's have living parents.

If you're young and don't have any children or a spouse, that's a topic for another thread
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Old 09-01-2019, 10:52 AM
 
98 posts, read 17,465 times
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Quote:
Originally Posted by ysr_racer View Post
But you have a medical directive and power of attorney, right? The reason I ask is, most people without a will also are without those.
Yes we have medical directives on file with our Doctors & local hospital but I haven't taken a photo copy and placed it in our after death file. Thanks, I better get to doing that.

To sum it up...since someone else asked I'll reiterate in the same post.


1. Beneficiaries- bank accounts. Easy peasy.
2. Beneficiaries- DMV. Easy peasy
3. Small retirement account- Beneficaries. Easy peasy



Not everyone needs a will if it is limited to the above, at least here in Calif. No real property, no need for a will.

If real property is below 150K (which vehicles are excluded) then a will/trust is in order.Beneficiary just needs to sign an affidavit and it's theirs per Calif Law.


You can skip this part but for that other person who asked...

In our instance, the 20 acres & newly built home is likely worth more than 150K, closer to 200K.
County records show a 2 bdrm/1 bath home in 1910 but there isn't one. With that, it reduces any building fees to just a remodel if we say there was one wall remaining standing. Though we opted to build a tiny home within that range, it got bigger..then bigger...now it's 850 sq feet which if the County ever stopped by, though they never come to this town due to crime, it would trigger a new assessment and higher property taxes. Also we are building a large garage so that would increase the value. The home is under heavy trees so their use of Google earth, at this moment, wouldn't be effective.

One of our 2 kids will be put on the deed at one of our deaths. They know who and what each is getting, keeping it 50/50. I see no need for a will/trust nor want to risk it being drawn up incorrectly

Last edited by SaraR.; 09-01-2019 at 11:16 AM..
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Old 09-01-2019, 11:09 AM
 
417 posts, read 113,853 times
Reputation: 1103
Everyone's situation is going to be different - esp in regards to family dynamics.

Your plan kinda sounds good, but what would happen if you and your spouse died at the same time? Back to probate.

And putting a child on title to your real property? That's a can of worms. Are they married? Cuz a divorce later leaves the house open for grabs in the settlement. Or what if they were sued?

I love my kids fiercely, but I protect myself first while still ensuring their legacy with my estate with a properly set up trust in CA.
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Old 09-01-2019, 11:11 AM
 
73,259 posts, read 73,051,102 times
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Adding kids to a deed is a really bad idea ..tax wise it can be a horror ..they get your cost instead of inheriting it at a stepped up basis..you can dump a load of taxes on them if they sell where as if the inherit it they may have paid nothing
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Old 09-01-2019, 11:13 AM
 
98 posts, read 17,465 times
Reputation: 91
Just a tidbit but regarding our County assessments, and what they count as "sq feet" to charge

In our County of California, they boast the highest fees BUT ...these items do not count as "square feet"


1. Tall ceilings- we opted for 20 foot. Part of the house has 15 foot ceilings
2. The loft -200 sq ft, 80% is walkable standing up.
3. leaning 2 story greenhouse

We planned to make our own rock wall as we've done before then realized we can just make a frame and add green house panels to it. Add a floor then a second greenhouse.

Adds space to the technically 850 sq ft house.

This should reduce any assessment fees for our child inheriting the home IF their CPA inspector comes up.
Otherwise the low property tax should remain the same. One good thing is California has a law which limits the property tax to 1% + any special assessment fees
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Old 09-01-2019, 11:15 AM
 
98 posts, read 17,465 times
Reputation: 91
Quote:
Originally Posted by mathjak107 View Post
Adding kids to a deed is a really bad idea ..tax wise it can be a horror ..they get your cost instead of inheriting it at a stepped up basis..you can dump a load of taxes on them if they sell where as if the inherit it they may have paid nothing
what do you mean by that? nevermind I'll look into it. The homes here only sell to people who know each other. Thus when you buy a property, just as we did, nothing was stated about the Springs since it would increase the value. Actually the owner inherited it and likely didnt know about the springs. I've always felt if it was sold, that's the deal. You always go out to a property here, there is often more than what is in the MLS real estate listing

Last edited by SaraR.; 09-01-2019 at 11:24 AM..
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