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THIS IS NOT LEGAL ADVICE. If a beneficiary purchases the shares of a property from their siblings outside of a trust, the property will likely be reassessed on the 2/3 that was bought. Consulting an attorney could help explore ways to potentially avoid this reassessment. You can contact our office and we can see if there is anything we can do to help: www.cunninghamlegal.com/california-law-offices/contact/

Whether or not you are required to go through Probate depends on a variety of factors, like if there is a Will or a Living Trust, if the Living Trust was properly funded, and if there are any conflicts between beneficiaries (to name a few). To understand your situation more fully, I highly recommend contacting our firm for a free 15-minute call with a client specialist, where we can gather these types of details and provide you with additional information. Please contact us at: www.cunninghamlegal.com/california-law-offices/contact/ or view our video archive on our website: www.cunninghamlegal.com/blog/after-a-death-trust-administration-trustees-executors-and-probate/

Jacob, thank you for your question. It would be inappropriate for us to give you legal advice on a UA-cam post, so please contact our office if you are seeking legal advice. In terms of information, generally, if the parent to child reassessment exclusion was based on Prop 19 which was effective February 2021, the FTB has taken the position that once the property ceases to qualify for the homeowner’s exemption, the reassessment exclusion ($1M+) goes away, and the property taxes go up accordingly. With more facts, we can walk you through this on a consultation. You can contact us by filling out the form on our website: www.cunninghamlegal.com/california-law-offices/contact/ or calling us at 866.988.3956

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge, And it also all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.

Reason I decided to work closely with a broker ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.

That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind suggesting the adviser you're using ?

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

I agree with you that California does have a higher than average percentage of homeless people. Statistically, however, the homeless population is rather consolidated to major areas: The homeless population in cities is more than ten times the rural homeless population. These cities in California hold the largest homeless populations, totaling 64% of the state’s homeless population: Los Angeles (38%), San Jose (5.8%), Oakland (5.7%), Sacramento (5.4%), San Diego (4.9%) and San Francisco (4.5%). [SOURCE: www.ppic.org/blog/homeless-populations-are-rising-around-california/#:~:text=The%20largest%20cities%20and%20CoCs,Francisco%20(4.5%25)%20far%20behind.]

Thanks for posting the time stamp. There is a lot of other really important relevant information in the video that I encourage you to watch also.

You are welcome! I'm glad you enjoyed it.

Hi, I'm not sure that I completely understand your question. Businesses are usually "controlled" by entities (LLC, Corporation, Partnership). There are vessels designed to be used by several generations, such as a Dynasty Trust. You can find more information on both here: www.cunninghamlegal.com/dynasty-trusts-not-just-for-the-super-rich/ and www.cunninghamlegal.com/choosing-between-types-of-business-structures/. You can also learn more about Living Trusts here: www.cunninghamlegal.com/how-much-should-a-living-trust-cost/

There isn’t a simple form to change a trust from revocable to irrevocable. Many of the terms of the trust would need to be revised. Revocable and irrevocable trusts have different purposes and implications. Irrevocable Trusts come with various tax implications, an annual tax reporting requirement, and the potential need for Court involvement if changes are needed in the future. In addition, some assets might not make sense to title to an irrevocable trust and are better suited for the revocable trust, which may mean you need to have both a revocable and irrevocable trust. It would be best to speak with an attorney to discuss these issues and the reasons you want to set up an irrevocable trust to determine the best course of action for you.

@@CunninghamLegal I just want to be able to afford a care center for my wife without going broke in the process. We own our home outright and have a savings of $150,000.00 (that would be depleted in about 4 years). This means I would have to sell my house and then I would have no place to live. I'd be better off just moving to Mexico and coming back across the border for the benefits. I am not going into debt after accumulating what we have.

@@doirmad It sounds like you might want to look into Medi-Cal options since it is income based and could be a good fit for you, based on the details you explained in your comment. Here's a helpful CA Gov resource for Medi-Cal: www.dhcs.ca.gov/services/medi-cal/pages/applyformedi-cal.aspx and some FAQs: www.dhcs.ca.gov/services/medi-cal/eligibility/Pages/Medi-Cal_CovCA_FAQ.aspx

Hi there! Thank you for watching our videos and getting the book! We do have a couple videos on putting real estate in LLCs: 1. Real Estate Investing... NOT in California: ua-cam.com/video/F3FF6qT1KKc/v-deo.html 2. Using an LLC for Real Estate Investing: ua-cam.com/video/RaNbnMaE9bg/v-deo.html 3. Asset Protection and the Corporate Veil: ua-cam.com/video/JcXNliHWEEY/v-deo.htmlsi=QKFprLVyDgCIDCAq

Thank you for leaving a comment and I hope you enjoy the book! would say a large percentage of people who work with an attorney to set up a quality estate plan (about 75% have wills, while 18% have trusts), follow instructions to fund their trust properly and update it every 3-5 years or upon a major life event change, can successfully avoid probate. It certainly can be possible! The biggest issue we find is not funding trusts properly and subjecting assets to formal probate or a simplified probate process to collect assets.

That's great to hear!

Please see our recent video where we give a more updated fee breakdown: ua-cam.com/video/Q5m1ynLXCrY/v-deo.html

Thanks for leaving a comment. I'm glad to hear that you like Boise and the early retirement sounds great! From my experience, many Californians don't stay in Idaho long because of the snow, the drier air of the high desert, and the cultural differences. But I'm happy to hear that you were able to find a place that fit your needs and that you are happy to call home.

That's great!

Yes, we have Spanish-speaking staff and Jim has lived abroad in Spain!

I appreciate that. Thanks for leaving a comment!

That's great to hear!

According to the Public Policy Institute of California, "California is often considered quite liberal, with strong support for the Democratic Party-but the state encompasses many people with differing political views." Here's the full research report: www.ppic.org/publication/californias-political-geography/

By overfunding, do you mean not all money is going into a life insurance policy? Or if the life policy becomes a Modified Endowment Contract?

Yes, you're talking about creating FinCen ID for the Corporate Transparency Act reporting requirements. If you own or partly own an LLC, a partnership, or a corporation, this law is something you need to understand-and you may need to take action. The Corporate Transparency Act (CTA) requires specific information about the ownership of most small businesses to be reported to the United States Financial Crimes Enforcement Network (FinCEN), which can be reported here: boiefiling.fincen.gov/. *To your point, @PedroOjeda, if your business ownership changes, you must update this information within 30 days. If you have an existing company, you must file by January 1, 2025. Complying with the CTA might seem like a daunting task, especially for smaller businesses. We’re here to help make the process as easy as possible. Please contact our office if you would like assistance with the filing process. We have further materials on this here: www.cunninghamlegal.com/corporate-transparency-act-what-you-need-to-do-now/

Yes, these are the rules in CA. Now, not all states have these rules- many base the fees on the time involved.

The Preliminary Change in Ownership report in Part 1 Transfer Information box J “This transaction is recorded only as a requirement for financing purposes or to create, terminate, or reconvey a security interest (e.g., cosigner). If YES, please explain: _______” can be used to avoid reassessment. For example, dad could convey to dad and daughter as joint tenants, get the loan, then daughter re-conveys (transfers) the property back to dad. THIS IS NOT LEGAL ADVICE! Get legal advice before doing any of this!! www.boe.ca.gov/proptaxes/pdf/sample-boe502a.pdf

An irrevocable grantor trust can be written in a way to be excluded from a decedent’s gross estate. A grantor trust is ignored for INCOME tax purposes while the grantor is alive. It is not ignored for estate tax purposes. This can be an extremely valuable inter-generational wealth creation tool. Contact us if this is something you are interested in: www.cunninghamlegal.com/california-law-offices/contact/

No. The current gift tax exemption amount is $18K per person, per donee, whether outright or in the type of trust we described.

@@CunninghamLegal Hum... I searched this topic online and found "Crummey Powers ... in which the court ruled that the as long as a trust beneficiary has the right to withdraw a gift to a trust, the gift qualifies as a present interest gift and the annual gift tax exclusion will apply....", and "When you gift to an irrevocable trust, the gift must still be evaluated on a per donee basis. For the gift to qualify for the annual exclusion, each beneficiary must have a present interest in the gift. .." Anyway, I could be wrong, but just for your reference. Thanks.

@@ericchen1205 Broadly speaking you are correct. One human can give another human up to $18K in 2024 and not have to file a gift tax return. A “Crummey Power” permits a gift to a trust and still qualify for the annual exemption. If one human gives another human $18,001, then a Form 709 Federal Gift Tax Return must be filed.

The Preliminary Change in Ownership report in Part 1 Transfer Information box J “This transaction is recorded only as a requirement for financing purposes or to create, terminate, or reconvey a security interest (e.g., cosigner). If YES, please explain: _______” can be used to avoid reassessment. For example, dad could convey to dad and daughter as joint tenants, get the loan, then daughter reconveys (transfers) the property back to dad. THIS IS NOT LEGAL ADVICE! Get legal advice before doing any of this!! www.boe.ca.gov/proptaxes/pdf/sample-boe502a.pdf

Thank you! I appreciate you leaving a comment.

If it is the community property of both spouses, or the separate property of the deceased spouse then yes. If it is the separate property of the surviving spouse then no. I hope this helps! *INFORMATION ONLY AND NOT LEGAL ADVICE.

Thank you for the reply! I will further consult with the CPA.

This is correct. Although there is no charge for our UA-cam content, we do charge for our time. If you would like to receive a discounted consultation fee you may attend one of our many in-person workshops.

You are welcome!

Thank you for sharing your perspective! I'm glad to hear that you have traveled the world and still have a place in your heart for California.

California has some serious culinary diversity, and the roots of California Cuisine can be traced back to four foundational pillars: Colonization, nearby Mexican territories, immigration, and agriculture. Even the places around you are diverse, even if they may seem common to you. Tacos are considered Mexican food, Hamburgers come from here in the US, and pizza is Italian! That's pretty diverse, when you really break it down. I'd encourage you to check out this web page on Visit California if you're looking for more diversity: www.visitcalifornia.com/experience/how-experience-californias-delicious-culinary-diversity/

@CunninghamLegal unless you live it the Metropolitan areas...it is a wasteland. I grew up in San Diego and traveled extensively in Mexico. The Mexican food here in ventura County is mediocre AT best. I'm well aware of history and immigration. I grew up in southern California, and it is not a place I would suggest anyone move to. Overrated, over taxed, overfilled!!!

Thank you for your kind words and encouragement!

If you own or partly own an LLC, a partnership, or a corporation, you need to look into if you need to file a Beneficial Ownership Information report. We have more information here: www.cunninghamlegal.com/corporate-transparency-act-what-you-need-to-do-now/

I appreciate that!

In California there is no longer an asset test. Your income (minus $35) forms your share of cost. As of January 1, 2024, Medi-Cal will no longer count assets to determine eligibility. This means that anyone, regardless of how much they own, may receive Medi-Cal benefits, including: Individuals in skilled nursing or intermediate care facilities or those who qualify for home and community based services; people who are 65 or over, blind or disabled, low-income persons with dependent children; children under 21; pregnant women; and SSI and other categorically-related recipients are also automatically eligible for Medi-Cal. canhr.org/overview-of-medi-cal-for-long-term-care/

That’s a legal and cultural hard “no.” Sophocles has something to say about this. Of course, Oedipus didn’t know Jocasta was his mother….

Patrick, you should check out our recent video in retiring in CA!: ua-cam.com/video/WyKHDIXA7wE/v-deo.html

I'm glad you found it entertaining! Thanks for leaving a comment.

Come on in, Brian! We would be happy to take a look. You can fill out the form on our website or give us a call: www.cunninghamlegal.com/california-law-offices/contact/ (866) 988-3956

It sure seems like that sometimes. Check out our recent video: ua-cam.com/video/WyKHDIXA7wE/v-deo.html

There are different types of Medi-Cal and the rules are complex and often don’t make sense. www.canhr.com is an excellent resource.

Here's a list in the video of all of the reasons someone might want to stay in CA, but I noticed that you had your own reasons for staying in this beautiful state: 04:46 Reasons to Retire in California (PRO: The Arts) 06:00 More Reasons to Retire in California (PRO: Education & Outdoors) 06:51 Even More Reasons to Retire in CA (PRO: Food & Recreation) 25:27 Retiring in California PROs 25:49 Prop 13 Protections (CA PRO) 27:35 No Income Taxes on SSI (CA PRO) 30:33 No Death Taxes (CA PRO) 32:41 Adjusted Cost Basis (CA PRO) 36:05 CA Can be a Good Place for Low Income Retirees

Wonderful! I'm glad this video helped open your perspective. Napa is truly beautiful.

Are you home paid off or are you renting?

Give our office a call! That's something that depends on your circumstances and we would be honored to help you plan ahead: www.cunninghamlegal.com/california-law-offices/contact/

I'm glad you found this helpful! Thanks for leaving a comment.

We like to say that retirement brings freedom. Here's some parts of the video I encourage you to check out: 10:25 Retirement Brings Freedom 27:35 No Income Taxes on SSI (CA PRO) 36:05 CA Can be a Good Place for Low Income Retirees

Congratulations on retirement! We do our best to explain Prop-19 with videos, hour long consults, and written articles. It can sure be difficult since it is so complex. Here's a link to our website page: www.cunninghamlegal.com/california-legal-services/california-prop-13-protection-prop-19-strategy/