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Recent Revocable Living Trust questions

I am preparing my revocable living trust. I will be

I am preparing my revocable living trust. I will be transferring my house into the trust. But I don't want to transfer my bank accounts into the trust because it will be very time consuming and my bank account numbers may change over time. For purposes of making it easy for my children to receive the money in my bank accounts in the event of my death, can I just add their names as beneficiaries to the bank accounts? Will this be enough for my children to get the money in those bank accounts when I die? Or will it still have to go through probate court if those bank accounts are not in the trust?

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Loren

Juris Doctor

44,870 satisfied customers
I have a revocable living trust. My house in on the trust.

I have a revocable living trust. My house in on the trust. The mortgage Quickclaim Deed on my house says "The family trust of (MY NAME) trust, dated September 14, 1993"If I update my trust, do I also have to update the mortgage Quickclaim Deed on my house so it has the new trust date on it?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

54,072 satisfied customers
My mother just passed away and she named my the primary

my mother just passed away and she named my the primary trusteeJA: What state are you in? It matters because laws vary by location.Customer: floridaJA: Has anything been filed or reported?Customer: we are waiting on the trustee paperwork from Indiana. when I receive that i'm told I need a trustee i.d. numberJA: Anything else you want the lawyer to know before I connect you?Customer: i don't think so

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Richard

Owner

Doctoral Degree

49,880 satisfied customers
My brother got very ill and ended up with a brain injury.

My brother got very ill and ended up with a brain injury. His wife was an alcoholic. I ended up becoming his legal guardian. While being his guardian I divorced my sister in law for my brother to safeguard the house and life insurance policies. She had withdrawn his 260K 401K and spent most of it. The house at this point was owned half by my sister in law and half to the children. My brother bought the house from my father in 1987 for 175K. My sister in law didn't pay the taxes on the house which she was responsible for in the divorce. My brother went septic and passed away in 2004. With the 3 life insurance policies I because the trustee of those funds and set up trusts for his three children. I had to pay off a 30K lien on the house with the stipulation that the house would be transferred totally to my brothers three children. So I because the trustee on the house also. I kept them all in the house including my sister in law for almost 13 years. My sister in law passed away almost 3 years ago. Sept 2016 the terms of the trust for the two older children came to term. We decided to sell the home. I did many repairs and we sold the house on Jan 24, 2017 for 320K. My attorney (for the trusts) informed me that since the house went into a trust it is subject to having to pay capital gains. When the house went into the trust in 2004 I had the house assessed and its value was listed as 333K. My questions is - Do I have to pay the capital gains on the house from the 1987 date of 175K or do I have to pay the gains on the 2004 date when I and technically the children became the trustee's of the house? I can't seem to get a firm answer from the accountant I have used for years to prepare the taxes on the trusts. HELP!JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: New Jersey, Morris CountyJA: Has anything been filed or reported?Customer: No not yet. I had their 2016 taxes done on their trusts because the house closed in Jan 2017. Since we went into 2017 I have to do taxes for 24 days next year but not sure if the capital gains gets included in those taxes or if they are done separately. I don't even know where they get reported.JA: Anything else you want the lawyer to know before I connect you?Customer: no

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LegalGems

Juris Doctorate

18,990 satisfied customers
This question if for RayAnswers. Please leave it to

This question if for RayAnswers. Please leave it to RayAnswers to answer. Thanks.I have a Revocable Living Trust where I specify that after my passing the money to be used for the benefit of my grandkids. My daughter lives in CA, common property state. If I specify that any real estate or securities to be purchased in the name of the trust only, would it protect this property or securities from being divided between my daughter an her husband in case of their divorce?

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RayAnswers

Lawyer

Doctoral Degree

43,946 satisfied customers
I want to leave some of my estate to my daughter but in such

I want to leave some of my estate to my daughter but in such way that this money go to a trust in her name, and the money of this trust can only be spent in the benefit of my grandkids, and she must be the trustee of this new trust. Is it me who should create this trust nowith with instructions on how money to be spent?

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

54,072 satisfied customers
If my net worth is approx $1mm, if my life insurance

if my net worth is approx $1mm, if my life insurance benefits are paid to my revocable living trust, will they be taxable if they equal $1.5mm. Essentially, the payment of life insurance and existing assets fall below the exemption for estate taxes. I need to make my secondary beneficiary teh trust to control the use for the money in order to take care of a minor. Thanks MIkeJA: Estate laws vary by state. What state are you in?Customer: illinoisJA: What documents or supporting evidence do you have?Customer: I have a revocale living trust and I have changed teh beneficiary of the policy to refect teh trust as beneficiary.JA: Anything else you want the lawyer to know before I connect you?Customer: no

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

54,072 satisfied customers
Sister is named as successor trustee in mom's revocable

sister is named as successor trustee in mom's revocable living trust. mom is original trustor/trustee. trust states that successor trustee is to manage trust property if mom is certified in writing by a licensed physician as mentally incapacitated. sister obtained this certification from mom's psychiatrist. mom's house is in the trust. can sister now transfer house into her name as successor trustee?

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Loren

Juris Doctor

44,870 satisfied customers
My stepmom is willing to deed her half of a jointly held

My stepmom is willing to deed her half of a jointly held property over to my dad's living trust (note: son is successor trustee) with the promise that she can use the home during her lifetime. Upon her death, the property would be transferred over his son. Is “life estate” language (i.e. The Grantor's spouse, June Smith, shall be granted a life estate (the “Life Estate Term”) in the following real property (the “Property”) with the remainder to the Grantor's son:***** sufficient enough to accomplish this outcome?

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Infolawyer

Attorney

Juris Doctor.

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