Castle Wealth Group Legal
Castle Wealth Group Legal
Our Family is Dedicated to Helping Your Family.
The firm was founded in 2005. Since its inception, the firm has been dedicated to helping families plan, protect, and preserve what is important to them. With an exclusive focus on estate, elder law, and retirement planning, the firm has carved out a niche and is one of the most respected firms in the state of Michigan.
The firm started as The Elder Care Firm, but with a new decade and expanded focus, changed its name in 2020 to The Castle Wealth Group Legal.
For over 15 years, the firm has helped countless families avoid probate, protect assets, and navigate through the long-term care journey.
Over the years, other attorneys have looked to the firm for assistance, training, and continued education.
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Can you get a ladybird deed if you have a equity loan on the home
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This is how covered calls would behave
So if my home is worth $150,000 will Medicaid put a lien on my home?
If the home ends up in probate, yes, Medicaid can place a lien on the home due to estate recovery
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I'm a victim of fraud deed they recorded without my authorization and my signature
Let's say I give my mom 18 thousand. But now I want to pay for her groceries monthly throughout the year. Do groceries count towards the gift tax?
Yes, if they are benefiting her, that would be a gift.
What about the situation where my widowed adult son is contributing to down payment cost of a new home we are buying and will also be living with Mom and Dad and will be helping with mortgage payments, taxes and living costs? Since he will be living with us, and I have other children, we thought Joint Ownership in this situation would protect his financial interest in the home without the other children creating problems for him later considering his financial commitment to the purchase and costs of this new home.
I would do a Ladybird Deed most likely. He will lose the step-up in basis through joint ownership.
If a Lady Bird deed is on file, does the recipient still get the step-up value at the time of the owner's death?
Yes, still gets the step-up.
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1:03 1:05 I Bonds
We had our Living Trust updated in 2018. I just had a certificate of trust created to take to the credit union for some financial things I am trying to get done.
A true testament to how inept our leadership is . Nov .make a change.
Subscribe to our channel to be updated on our latest videos and get free general advice about Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
Subscribe to our channel to be updated on our latest videos and get free general advice about Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
Subscribe to our channel to be updated on our latest videos and get free general advice about Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
Subscribe to our channel to be updated on our latest videos and get free general advice about Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
Subscribe to our channel to be updated on our latest videos and get free general advice about Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
Subscribe to our channel to be updated on our latest videos and get free general advice about Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
Subscribe to our channel to be updated on our latest videos and get free general advice about Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
Subscribe to our channel to be updated on our latest videos and get free general advice about Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
Subscribe to our channel to be updated on our latest videos and get free general advice about Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
Subscribe to our channel to be updated on our latest videos and get free general advice about Estate Planning, Elder Law, Tax Planning, Retirement Planning, Finances, and Asset Protection.
I own my parents property with 2 of my siblings and one change the deed to give herself 60% of the ownership and me and my other sister only got 20% each and she refuses to change it what to do? We had a explosive argument yesterday about it and she will not change it
Thank you for the explanation....I understand that the original owner of the house is excluded from the first $250k ($500k for couples) of the capital gain from selling the house; once a Lady Bird Deed is written, when /if the owner decides to sells the house during their life time, will the owner still have that capital gain tax exclusion?
Can u do a lady bird deed with a regular will in Texas?
I can't advise on what's best for Texas.
One word of caution on contingent beneficiaries. It’s important for the primary beneficiary, even if spouse, to name their own beneficiaries. If they do nothing and pass away, the account will go to their estate, not to the contingent beneficiaries.
I inherited an IRA in a trust and can confirm the 10 year rule applies as long as the beneficiaries are named in the trust doc.
So even if you are working a job and have taxable income the RMD can't be CONTRIBUTED to a Roth account? Not a conversion but a contribution.ll
I believe as long as you have earned income and you are within the income limits, you can contribute to a Roth. For example, if my RMD was $50k and I made $7k in part time income, I could contribute $7k to a Roth IRA.
No, RMD can never be used for a Roth Conversion.
@@CastleWealthGroupLegal If I earn $7k in PT income, I can contribute $7k to a Roth IRA. Are you disputing that?
Its not a conversion its a CONTRIBUTION.@CastleWealthGroupLegal
@@johnkollm3243Exactly what I'm talking about.
I’m in Florida. Why is a $60k life insurance policy a countable asset when that money should go to the beneficiary. The money was put into it over a 30 year period of time.
It's making its rounds again.
I have a question, I have a uncle that is in the nursing home and he wishes to leave me the house, but I also know that my other uncle is part owner of the house, what would happen in that situation?
It may goto to your other uncle if it is joint ownership with rights of survivorship.
What state you in
CAN YOU DO A LADYBIRD DEED IF YOU HAVE BEEN ON SSI FOR 12 YEARS AND OWN THE HOMESTEAD HOME IN FLORIDA...OR DO YOU HAVE TO DO THIS ALL BEFORE YOU GET ON MEDICAID? IS IT TOO LATE?
Yes you could do a ladybird deed.
@@CastleWealthGroupLegal THANK YOU
@@CastleWealthGroupLegal DO YOU HAVE TO REPORT IT TO MEDICAID THAT YOU DID THAT?...
What's the problem with someone just selling annuities or iul if there is no loss if market goes down?
They are a tool, they shouldn't be the only tool you have to offer clients comprehensive planning. If your only tool is a hammer, everything looks like a nail.
I have a 401k. I wonder if iul or annuity is for me. I'm 38yrs old
But structured notes aren't readily available to retail investors.
Excellent 🆗 thank you!
5-8% return hit with 3-4% fees annually because of riders, m&e charges and underlying expenses ratios though? Thoughts there?
FIA are cd like vehicles if anyone pictures them as anything else run in the other direction
If I have a revocable living rust and do not have an EIN/Fed tax ID what do I put for the SS # when filling out the 401K Contingent Beneficiary?
Use your SSN
You start out talking way too far over my head so I could not follow your presentation, perhaps talk slower and explain terms that you take for granted which non-attorney individuals such as myself (a physician) do not understand.
Thank you for your valued feedback.
I have a quikclaims deed but when I went two weeks ago I was told needs be notary and address of witness the quikclaims was done in Abt 2017 does that still stand I can add myself to the house I understand contracts can't be altered
Sorry, not following the question.
In Florida what if we are applying for Medicaid and do the ladybird at same time will Medicaid override ladybird
Ladybird or enhanced life estate should be exempt.
If a person is on Medicaid or is spending down to become Medicaid eligible, can they use their income from a pension and Social Secuity to pay their Federal and State Income taxes and their local property taxes on their house and car?
Income is not an asset. All the income would have to goto the Nursing home except for $60 per month.
@@CastleWealthGroupLegal So if they are in a nursing home do they have to pay Federal and State Income tax, if they do how can they pay that on $60 a month and if they don't pay the taxes due won't they get in trouble with the IRS and state tax dept.?
@@deborahd.7281 Typically, there is not much tax generated since there is not much in assets. Maintaining a car or house can be problematic, that's why as elder law attorneys we work to protect assets.
Please Help me 🌹
Great explanation. But what if you need to name your CST as your IRA beneficiary to take advantage of your state Estate tax exemption. If your CST qualifies as a see-through trust and you name your wife has the primary beneficiary your wife will have to take the RMDs using the single life table. Is that not true?
Yes, if we are including estate tax planning (Currently $13mil and $26mil for Feds and Michigan), then the analysis will be more complex.
I have this book as an e-book. Looking to buy a paper edition in the future.
Could it be that Ed does not recommend naming the trust as the beneficiary because of the much higher tax rate (beginning at a lower income tier as well) a trust is subject to for the income that is retained in the trust? This could be significant if the trust limits the annual distribution to the trust beneficiary resulting in either full or partial IRA distributions being retained in the trust during the 10 year pay out period.
Not true since the trusts we use get the full stretch under the Secure Act and also are taxed at personal income tax rates, not trust tax rates.
Thanks for your quick reply. Does that apply to trusts whose beneficiaries are Non-Eligible Designated Beneficiaries (i.e. adult children)? Does the language you use make the revocable trust a "look-through" trust?
@@user-dm3ow7wz3f Yes, our trust is set up as a conduit trust or "look-through" trust, so they get the full 10 year stretch.
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