How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Christopher B, Esq Your Own Question
Christopher B, Esq
Christopher B, Esq, Attorney
Category: Estate Law
Satisfied Customers: 2677
Experience:  Litigation Attorney with education focus on estate planning and tax
84496330
Type Your Estate Law Question Here...
Christopher B, Esq is online now
A new question is answered every 9 seconds

Couple has a house worth ?$250,000 paid off 401 k about

Customer Question

couple has a house worth ?$250,000 paid off 401 k about husband $277,000 of husband 401 of wife $85,000 checking and saving of both: want to do something (either will, trust, or living trust) for 4 chidlren in a way to minize tax or any additional fee)
is there way to transfer property to children equally without addtion fee tax, governent fee, ect..) they want to transfer the asset at the time of deadth
Submitted: 1 year ago.
Category: Estate Law
Expert:  Christopher B, Esq replied 1 year ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.
If you want to avoid probate you could establish a living will. This could be a revocable trust with both you and your husband as trustees, so you would be able to revoke it during your lifetime. You could still enjoy the assets during your life. In 2015 you each have a lifetime exemption amount of 5.43 million which is well above the amounts you are speaking of. You and your husband could also give away 15k each per year and avoid any gift tax. Any estate planning attorney could set up a trust such as this and tailor it to your needs. Normally the other spouse will inherit the trust initially in order to take advantage of the marital exemption and it will then be passed to the children at the other spouse's death. If you have assets you think will increase in value you could also gift those to an irrevocable trust and lock in the value at present day if you think your estate could reach the lifetime exemption at some point. Like I said previously, you can have a local attorney set an instrument like this up.
Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated.
Customer: replied 1 year ago.
i need additional help. can you give me your phone so i can call you.
Expert:  Christopher B, Esq replied 1 year ago.
I do not do phone calls as it could be considered a violation for my states bat association and put my license into jeopardy. How else can I help you?
Expert:  Christopher B, Esq replied 1 year ago.
Please let me know any further questions you might have, I would like to be able to earn a positive rating. I want you to be satisfied.
Expert:  Christopher B, Esq replied 1 year ago.
Is there any chance for a positive rating?

Related Estate Law Questions