Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#16
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retiredguy: makes sense. If the LBT is just a titling change, wondering now how to accomplish that. Don't you need a lawyer to set up a LBT before you just change the title? |
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#17
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Estate Planning with Sebastian Guerra and Leslie Marenco! - YouTube
Check this out: skip to 51:00. Good and realistic description of Lady Bird Deeds and alternatives. |
#18
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I think that maybe a title company could do it for you for a few hundred dollars. In my opinion, I think the lady bird deed would be appropriate for a lot of retired people in The Villages, who only have a few assets and no mortgage.
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#19
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Good luck. |
#20
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Trusts?
We share our time between TV and Pennsylvania and maintain PA as our residency. Our PA attorney is retired from the Air Force having been stationed in FL. He is licensed to practice law in both states. His advice on a trust......probate is expensive in FL but not in PA; trusts are expensive in PA but not in FL. As long as we remain PA residents a trust is not necessary. Should we change to FL residency he would recommend a trust. So....you may want to discuss the costs of each, probate/trust in Michigan until/if you become a FL resident.
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#21
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Not all situations are the same....do yourself a favor and spend an free hour on your situation with Eric or Jennifer. |
#22
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Ladybird clause
I was told by the closing agent on my house here in The Villages that the Florida equivalent of joint tenants with rights of survivorship is a "ladybird" clause. I executed that at closing, and the deed to my house goes directly to my two children upon my death with no fees or probate required.
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#23
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Two musings: Taxes and homesteading TAXES - The consideration for both LBD and a trust would be capital gains taxes. In either of those cases, I'm guessing that the beneficiaries named in the LBD or trust would be responsible for full capital gains when sold. If the home is passed on through a will, there is a step up in basis, so the beneficiaries pay no capital gains taxes. HOMESTEADING - I'm guessing that Homesteading is possible with a LBD. I know it's possible with a Revocable Living Trust, since we currently have one. |
#24
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We went with Andrew Curtis to create ours. We are now FL residents and thought a trust written in FL and following FL laws was the best idea. He is a Villager himself. He advertises in the paper and on this site you should be able to find him. I do suggest getting your answers from a FL lawyer, even if you don't draw up a trust here.
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#25
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#26
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Also, when you say "We have the deeds to our properties in the name of both of our trusts," I assume you mean that both properties are in your SINGLE trust. ...or did you creaye two trusts? |
#27
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#28
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The deeds to our houses are in the names of both trusts, i.e. instead of John and Jane Doe, it John Doe Living Trust dated May 15, 1995 and Jane Doe Living Trust dated May 15, 1995. |
#29
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Step up basis in a RLT? Any educated guesses?
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#30
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Closed Thread |
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