All Forum Posts by: Mark S.

Earnings on the 529 plans would come out tax-free if used for qualified higher education expenses. I would factor this in versus any possible taxes on selling the rentals.

Scenario: Remarriage later in life. Surviving spouse now owns house outright. Future 50/50 split desired to both sides of family upon surviving spouse's death. Current will states 50/50 split upon surviving spouse's death to each side of family. Considerations/Questions: 1.) House not owned by a trust. Would this be a better way to pass house down in Kentucky to avoid probate? 2.) Utilizing life insurance to "buy out" other side of family. Surviving spouse dies, beneficiary receives tax-free death benefit, beneficiary has option to "buy out" other side of family based on FMV of house at that time. What would be the best way to set this up? ILIT? Surviving spouse is owner/insured and premiums are gifted by beneficiary (keeping them under the annual gifting exclusion limits)? 3.) Do beneficiaries receive "stepped up" basis at surviving spouse's death to FMV at that time? 4.) If none of the above options are chosen, how would it work in terms of actually selling the house? Do both 50/50 sides of family have to be involved in the transaction? Yes, I know to consult with estate planning attorney, accountant, etc., however, I just want to bounce some thoughts/ideas around beforehand to those here. Thanks in advance for your responses.

Mark Ferguson you are correct: no loans from an IRA. Most 401(k) plans do allow loans: usually a general purpose loan is up to 50% of account value, capped at $50,000 with Max repayment over 5 years. Loans for primary residence from 401(k) are a bit different (longer repayment).

No offense, but how are you set to close on a property and are seemingly short $10K?

Thanks, @Bill Gulley , for your response.  If I understand you correctly, the will essentially expedites the probate process and, therefore, a living revocable trust is not truly necessary?  

My understanding is that the living revocable trust avoids probate entirely, which is the goal.  I am not doing this for asset protection purposes.  

Hey Guys,

I would like to place my primary residence into a revocable living trust in order to avoid probate in the event of my premature death.  I don't want to leave a mess to my heirs.  Most of my other property will pass outside of probate with the exception of my house.

I am a young, single guy with no dependents. I have a mortgage on my home. Is this possible since it would be going into a trust (versus, say, an LLC) without having to worry about the due-on-sale clause, or am I SOL?

Thanks in advance.

Thanks, @Flavio Zanetti 

@Brandon Turner , thanks, man.  After clearing the cookies, it works.  

I'm a Plus member and I cannot access the Rental Property Calculator.  Is anyone else having this issue?

Just to see if it was a website issue, I tried to access the Flipping Calculator and that worked, but not the Rental calculator.  I first noticed this last night and then tried again this afternoon and it's still not working.

Please advise.

@Dwight Crocker , congrats on your decision to do what it takes.  I recently convinced myself that it's okay to lower my 401k contributions to only the amount of the employee match (for now).  I am anti-cash, because cash is trash, but I need to be able to accumulate some for down payment, possible rehab, and reserves.  We gotta do what we gotta do sometimes.  Congrats!