what happens without a will or living trust

[irvineboy]

1) attorneys are probably stating that the property does not escape probate, because when the 2nd joint tenant dies, it will go into probate, assuming nothing was changed after 1st joint tenant dies. so technically it is a true statement.

2) if i recall, properties in trust in community property states receive a step-up in basis for the entire property, not just the deceased tenant's half.

Trustuser, can you explain your second comment, using Ron's numbers as an example so we can understand better?

 

[Zigner]

Is this a real situation for you?

 

[irvineboy]

For someone I know.

 

[Zigner]

For someone I know.

Please have someone you know log on to ask his/her own questions, since they likely have information that you are not privy to. Thank you.

 

[irvineboy]

Zigner, that is why I have been posting. Their english and computer skills are not the best. I've posted the situation. Not sure what else you would need.

 

[Zigner]

Zigner, that is why I have been posting. Their english and computer skills are not the best. I've posted the situation. Not sure what else you would need.

You've posted a lot of hypotheticals...

 

[Zigner]

...in fact, based on post #5, it appears that you are trying to play the part of an estate planner on his behalf. "Someone you know" should seek professional advice...really.

 

[Silverplum]

...in fact, based on post #5, it appears that you are trying to play the part of an estate planner on his behalf. "Someone you know" should seek professional advice...really.

You are so right!

 

[irvineboy]

If they could do it, they would have hired someone already. But I guess based on the two scenarios, its difficult to explain which is the less tax heavy route. It sounds like TOD because there is no basis step up compared to JTWROS.

 

[Zigner]

If they could do it, they would have hired someone already. But I guess based on the two scenarios, its difficult to explain which is the less tax heavy route. It sounds like TOD because there is no basis step up compared to JTWROS.

With the dollar figures you are throwing around in your hypotheticals, they can't afford NOT to do it. It's really foolish for you to be advising on this. We're not talking about $10k in a savings account and a 10 year old car...