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Should You Have Your Home in a Trust?
Manage episode 168257767 series 1087857
Το περιεχόμενο παρέχεται από το tim@calhomesearch.com. Όλο το περιεχόμενο podcast, συμπεριλαμβανομένων των επεισοδίων, των γραφικών και των περιγραφών podcast, μεταφορτώνεται και παρέχεται απευθείας από τον tim@calhomesearch.com ή τον συνεργάτη της πλατφόρμας podcast. Εάν πιστεύετε ότι κάποιος χρησιμοποιεί το έργο σας που προστατεύεται από πνευματικά δικαιώματα χωρίς την άδειά σας, μπορείτε να ακολουθήσετε τη διαδικασία που περιγράφεται εδώ https://el.player.fm/legal.
Today I am here with Reba Birmingham from Long Beach Law to talk about the pros and cons of having your home in a trust.
The main pro to having your home or property in a trust is avoiding probate. Probate is very expensive, and it typically takes 10 months to a year. It cost 4% of the first $100,000 and 3% of the next $100,000. It then costs 2% of the next $800,000.
Something important to know is that real estate is valued at its fair market value. So, if you have a $1 million house with a $900,000 mortgage, you don’t have a $100,000 probate, you have a $1 million probate. So, if you want your loved ones to inherit the house instead of having to sell it, it’s best to do a trust.
The con to having your home or property in a trust is that is does cost a little bit. Always avoid Internet bargains because you could get scammed. If you do want to put your property in a trust, have a professional help you.
If you have any other questions, you can get a hold of Reba by phone at (562-621-6300) or go to www.longbeachlaw.com.
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