Trojans, Football, Frank discussed on Money Matters with Ken Moraif

Automatic TRANSCRIPT

Trojans football one station a seven ninety K. thing being see who wants to be a millionaire have flashy flunky is everywhere who wants to bother the country estate wants to wallow in Sam we are wallowing in supersonic private okay Frank cool it we got a show to do here man you get that guy singing any doesn't stop but you know what he's so good it's okay anyway we are back this is money matters with can mores and of course I am your host can raise thank you Jack I am a senior retirement planner and retirement planners of America and we are a firm that specializes in retirement planning so we work with people who are over fifty who are retired or trying soon so that's you this show is designed for you and for you and for our clients we are we have two goals one is for your money to last as long as you do we want your money to be there for the rest of your life and secondly we wanted to have financial peace of mind we don't want you to worry we want you to relax in joy all these years of work now you're going to retire your golden years as a column we call your second childhood without parental supervision we want you to go play and have fun and not worry so if you can accomplish that we are one happy camper and recently Forbes named our financial advisory firm one of the top one hundred wealth managers and we're very proud of that but they wouldn't even know who we were it was not for our beloved and most valued clients so clients thank you thank you thank you all right this is a time of the show we talk about how to pass on to greedy unwashed undeserving airs the fruits of your labor sports happy and that's what you want you want happy squirts because I'm happy squirts it ain't pretty let me tell you a scene it now you don't want that so this week we're gonna talk about how to pass your home on to your heirs and reduce the taxes if not eliminate them all right so but before we do that Jack can you play it and no one IBM and of course that is Tony Bennett with rags to riches and you know the estate taxes and probate all that kind of stuff it's actually designed to do the exact opposite this is gonna take you from riches to rags we do not want that to happen to you so every week at this time we have our state tip of the week so this week we're gonna talk about a trust for your home which is called a qualified personal residence trust and since that's a lot of words to say is an acronym for it and is Q. P. R. T. and we call it a cure for he said that to her no that's how you say it you know Jack mine eyes it's two part there you go good job so he's like over there playing bore at for me is like Hubert no it's okay QB boom nope you part all right so the way the estate tax laws work is that upon your death they look at all the stuff you own all your assets and they they Adam all up and that becomes your state and then your state is subject to estate tax now currently the estate tax isn't due until you get over almost twelve million dollars per person twenty four million for a couple so I would guess just about everybody listen to the show you're under twenty four million as a married couple so you have to worry about it but here's the deal those laws change as fast as the Congress changes okay because the twenty four million it wasn't here three years ago all right and not too long ago in my memory anything over six hundred thousand was subject to estate tax okay so don't think it won't happen again you know it the government is sinking deeper and deeper into debt we got to pay for social security and Medicare we got to pay for all these other things that we're doing and if we don't have the money for it we're gonna get it from well likely is they're going to get it from the quote unquote the rich people and so what they're gonna do is maybe because the state taxes to go back down to you know anything over a million is subject to tax or whatever so this is an opportunity right now to take advantage of while it's available the tribe tax law by the way this twenty four million I just mentioned it sunsets in two thousand twenty five anyway goes away alright so this is a window so if you have an expensive home and I know many of you do you know I was in California combine yeah okay with a hammock in is like two million dollars but anyway so if you if you have an expensive home and you want to pass it on what you can do is you can put it in this trust and you get to live in it even though it's owned by the trust and the Trust is owned by your greedy unwashed undeserving airs and you put a time zone on you say I'm gonna die within twenty years now hopefully you won't but you have to tell when you are going to die so after twenty years the home and this is a downside reverts to the greedy unwashed undeserving airs so they own it now and they can yes they can kick you out that's right so you got to be sure that you love you love your kids I but hopefully if you have an expensive home you have other things and you can tell them Hey if you kick me out all this in here at the the other side and maybe that's more than the home but be that as it may the value of it is that by putting your home in that trust then whatever that value is that ends up in the trust it's outside of your state and upon your death there's no tax on it okay no estate tax on it it'll pass on to the greedy unwashed undeserving years tax free so that's really a big deal especially for those of you who have expensive homes so it's called a Q. Bert qualified personal residence trust and just for practice can you say that there you go good job Jack I like it Hey you know what we're having more fun than a human being should be allowed to half walking talking about all this boring financial stuff in my wrong so let me tell you that if you are over fifty if you are retired or you are retiring soon and we would love to meet you we would love to help you we'd love to give information to help you to have a successful retirement and we have two goals the first is for your money to last as long as you do and secondly we want you to have financial peace of mind we call your retirement or second childhood without parental supervision so we want you to play enjoy spend time with grandchildren all that good stuff and for that we believe you need to have a financial plan that gives you that.

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