July 12, 2022
Advantages or Disadvantages of Having a Ladybird Deed vs Transferring Primary Residence to a Revocable Living Trust?
Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm www.wisdomwebinar.com to register or give our office a call at 844-885-4200. Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi. In this week’s webinar, Attorney and Advisor Chris Berry of www.castlewealthlegal.com answers the below questions.
- 0:00 Introduction/Positive Focus
- 2:27 Person dies Jan 2022 before filing 2021 taxes. Does the executor just file 2021 as final?
- 4:40 Quit Claim Deed to a Trust
- 10:02 What type of quitclaim deed is used to transfer primary residence to a revocable trust?
- 10:12 Is a primary residence that has been transferred to a revocable trust counted as an asset for Medicaid spend-down?
- 10:42 What are the advantage or disadvantages of having a ladybird deed vs transferring primary residence to a revocable living trust?
- 11:24 Does the ladybird deed uncap property taxes upon transfer?
- 11:43 Do beneficiaries still get a step-up in basis even though the assets go to the trust established by the person who died when the trust is named beneficiary?
- 13:02 Can you explain the Castle Trust?
- 17:12 Markets
About Castle Wealth Group
Contact Castle Wealth Group for all your estate planning needs. We build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.
Join our Weekly Wisdom Webinars
Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm www.wisdomwebinar.com to register or give our office a call at 844-885-4200.